Is Massachusetts A Retirement Friendly State?

What is the wealthiest town in Massachusetts?

When it comes to the wealthiest places in Massachusetts, a new town can claim top dollar, according to U.S.

Census Bureau data.Dover has the highest estimated median household income in the Bay State, at $212,574.

Last year, the data showed that Wellesley was the wealthiest place in Massachusetts.More items…•.

Where do millionaires live in Massachusetts?

The number of millionaires in Worcester, the state’s second-most populous city, declined from 47 in 2014 to 45 in 2015. Tewksbury, Revere, Melrose, Harwich, Dracut, Chelmsford and Bridgewater all increased the number of millionaire residents by at least 100 percent over the three-year span.

What is the poorest town in Massachusetts?

Springfield1. Springfield. Springfield, unfortunately, ranks as the poorest place in Massachusetts thanks to combination of low pay and and a lack of jobs. The city of 154,139 people averages the lowest median household income in Massachusetts and the 2nd highest poverty rate.

What is the most common job in Massachusetts?

Top 100 Jobs Relatively More Common in Massachusetts Than ElsewhereRankJobLocal Popularity Index1Nuclear technicians27.72Oral and maxillofacial surgeons19.53Psychiatric aides7.34Biomedical engineers7.294 more rows

What states do not tax pensions or Social Security?

States without pension or Social Security taxes include:Alabama.Alaska.Florida.Illinois.Mississippi.Nevada.New Hampshire.Pennsylvania.More items…•

Is Wisconsin a retirement friendly state?

Wisconsin is moderately tax-friendly toward retirees. Social Security income is not taxed. … Public pension income is not taxed, and private pension income is fully taxed.

What’s the richest town in Massachusetts?

Weston1. Weston. The richest town in Massachusetts earns a per capita income of $105,217 and has a dramatically higher median family income of $250,000 or more compared to the other towns.

What is considered upper class in Massachusetts?

That group of upper class households had a median income of $187,872. In order to be considered “upper class,” according to CNBC, a household must earn over double the median household income.

Where is the cheapest place to live in Massachusetts?

These are the 10 most affordable places to live in Mass., according to a new studyRankCityAffordability Index1Athol, MA36.642Bellingham, MA36.083Longmeadow, MA32.534Palmer Town, MA31.776 more rows•Jun 17, 2020

Is Massachusetts a good state to retire in?

Often overlooked for warmer and less expensive climates, Massachusetts is a hidden gem of retirement locales. In fact, Bankrate has rated the Bay State number seven on their best states to retire list.

Does Massachusetts tax federal retirement income?

Almost all retirement income including IRA withdrawals, pensions, annuities, and federal pensions are taxable. Social Security payments are not considered taxable income in Massachusetts so you can deduct them from your state tax return. There is an exemption for retirement income but it is only $2,000.

What is the nicest town in Massachusetts?

Best Towns to Raise Families in MassachusettsAmherst. Amherst is in Hampshire County and has a population of 40,000 people. … Bedford. Bedford is an American historical hub located in Middlesex County. … Springfield. Springfield is the third largest city in Massachusetts. … Lexington. … Brookline. … Medford. … Hull. … North Adams.More items…•