37 states that don't tax Social Security benefits Social Security benefits are not taxed in 37 states, but some of these states may not be tax-friendly for retirees, according to this article on Motley Fool. For example, although California doesn't tax retirement benefit, the state's average combined state and local sales tax bracket is 8.48%, while almost all types of retirement income, including distributions from 401(k)s, IRAs and pensions, are subject to tax.

Making a living as a freelancer? Here’s how to save for retirement A Roth IRA, a solo 401(k), a SEP IRA, and SIMPLE IRA are among the tax-advantaged savings vehicles that self-employed workers and freelancers can use to build their nest egg, according to this article on The Wall Street Journal. While retirement saving can be challenging, self-employed people should make it a priority and develop a long-term plan for building their nest egg. “Whether you are taking a gig or working full time for a corporation, you still need to have that same long-term plan. Your long-term plan doesn’t stop just because your source of income has changed,” says a certified financial planner.

Register or login for access to this item and much more

All On Wall Street content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access