Monday, October 6, 2008

Retirement Dollars Go Farther in Louisiana

With all the attention on troubles in the financial markets, Louisiana retirees can find some good news with word that retirement funds go farther in Louisiana than in many other states. According to an article in The Good Life, a Louisiana publication focusing on issues affecting retirees and soon to be retirees, overall living costs, including housing, food and entertainment, are reasonable throughout the state.

In the important area of taxes, Louisiana compares even more favorably with the rest of the nation. According to the TAX Foundation in Washington D.C., which annually compiles tax data from every state, Louisiana ranked better than at least 80 percent of the states in recent years in terms of keeping individual tax burdens to a minimum.

In analyzing combined local, state and federal tax liabilities as a portion of income, the foundation found that Louisiana residents, on average, will pay taxes this year at a rate almost 4 percent below the national average. Assessments the foundation examined included personal income taxes, contributions for government social insurance, and estate taxes.

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