Chester County Home to One of Pennsylvania’s 10 Most Tax Friendly Places for Retirees
Chester County is home to one of Pennsylvania’s 10 most tax-friendly places for retirees, according to a recently released report by SmartAsset.
To find the most tax-friendly places for retirees in the Keystone State, SmartAsset analyzed how the tax policies in each place would impact a retiree with an annual income of $50,000. The study assumes that the theoretical retiree gets $15,000 from Social Security benefits, $10,000 from a private pension, $10,000 in wages, and $15,000 from a retirement savings account.
Paoli ranked in seventh place with a Retirement Tax Friendliness Index of 65.58.
In Paoli, as in the rest of the state, Social Security is not taxed. Income tax paid comes out to $6,602 per year, while the property tax rate is among the lowest in Pennsylvania at 1.08 percent.
Meanwhile, a retiree living in Paoli pays $911 in sales tax and $473 in fuel tax per year.
Read more about the state’s most tax-friendly places for retirees at SmartAsset.
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