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10 States That Won’t Tax Social Security Income in 2024

This article takes a look at the 10 states that won’t tax Social Security Income in 2024. If you wish to check out our detailed analysis on navigating Social Security, you may go to 41 States That Won’t Tax Social Security Income in 2024.

10. Florida

Insider Monkey Score: 52    

Cost of Living Index: 100.7  

Tax Friendliness: Very Tax Friendly          

Florida, the Sunshine State, is known for being very tax-friendly for retirees. There is no state income tax here, which means all retirement income at the state level goes to retirees tax-free. The cost of living is 0.7% higher than the national average. However, there are many cities and towns within the state that have a lower cost of living.

9. Michigan

Insider Monkey Score: 52    

Cost of Living Index: 90.6    

Tax Friendliness: Tax Friendly       

There is no tax on Social Security retirement benefits in Michigan, and there are deductions available on other types of retirement income. By tax year 2026, pensions and income from 401(k) and IRA withdrawals will be fully exempt from state income tax.

8. Tennessee

Insider Monkey Score: 53    

Cost of Living Index: 90.3    

Tax Friendliness: Tax Friendly

Ranking in the top ten in our list of States that won’t tax Social Security is Tennessee. With a cost of living that is almost 10% lower than the national average and a tax-friendly environment for retirees, moving to this state makes sense for seniors especially those on a fixed income.

7. Arkansas

Insider Monkey Score: 55    

Cost of Living Index: 89       

Tax Friendliness: Tax Friendly       

Next up on our list is the state of Arkansas. The state boasts a cost of living that is 11% lower than the national average and is also tax-friendly for retirees.

6. Alabama

Insider Monkey Score: 57    

Cost of Living Index: 88.3    

Tax Friendliness: Tax Friendly

The state of Alabama also doesn’t tax your Social Security retirement benefits. However, withdrawals from retirement income are taxed. Public and private pension income isn’t taxed.

5. Oklahoma

Insider Monkey Score: 59    

Cost of Living Index: 86.2    

Tax Friendliness: Tax Friendly       

Oklahoma doesn’t tax Social Security benefits, military pensions, or railroad retirement benefits.

4. South Dakota

Insider Monkey Score: 61    

Cost of Living Index: 92.4    

Tax Friendliness: Very Tax Friendly          

South Dakota does not have a state income tax. Therefore, retirees get to enjoy their Social Security benefits and other types of retirement income tax-free.

3. Wyoming

Insider Monkey Score: 61    

Cost of Living Index: 92.4    

Tax Friendliness: Very Tax Friendly          

Another very tax-friendly state, Wyoming doesn’t have an income tax, which is why all Social Security benefits and retirement income at the state level goes to retirees tax-free.

2. Georgia

Insider Monkey Score: 68    

Cost of Living Index: 90.8    

Tax Friendliness: Very Tax Friendly

Bagging the 2nd position, Georgia doesn’t tax Social Security retirement benefits, is overall tax-friendly, and also has a low cost of living.   

1. Mississippi

Insider Monkey Score: 75    

Cost of Living Index: 86.3    

Tax Friendliness: Very Tax Friendly          

Mississippi, the star state of many of our lists, is known for being very tax-friendly towards retirees. All forms of retirement income in the state are exempted from taxation. The state also flaunts a cost of living that is 13.7% lower than the national average.

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also take a peek at 15 Worst Places in Texas for a Couple to Live on Only a Social Security and 15 Best Places To Retire In Arkansas. 

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
  • And 55 Nvidias

And here’s the wild part — this $250 trillion wave isn’t tied to one company, but to an entire ecosystem of AI innovators set to reshape the global economy.

It’s a leap so massive, it could reshape how businesses, governments, and consumers operate worldwide.

Even if that $250 trillion figure sounds ambitious, major firms like PwC and McKinsey still see AI unlocking multi-trillion-dollar potential.

How could anything be worth that much?

The answer lies in a breakthrough so powerful it’s redefining how humanity works, learns, and creates.

And this breakthrough has already set off a frenzy among hedge funds and Wall Street’s top investors.

What most investors don’t realize is that one under-owned company holds the key to this $250 trillion revolution.

In fact, Verge argues this company’s supercheap AI technology should concern rivals.

Before I reveal the details, let’s talk about how some of the richest people on the planet are positioning themselves.

  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

When billionaires from Silicon Valley to Wall Street line up behind the same idea — you know it’s worth paying attention to.

Even as we admire what Tesla, Nvidia, Alphabet, and Microsoft have built, we believe an even greater opportunity lies elsewhere…

But the real story isn’t Nvidia — it’s a much smaller company quietly improving the critical technology that makes this entire revolution possible.

And judging by what I’m hearing from both Silicon Valley insiders and Wall Street veterans…

This prediction might not be bold at all:

A few years from now, you’ll wish you’d owned this stock.

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Buy This $3 Stock Now Before the 400% Surge Begins

Dr. Inan Dogan

Dr. Ian Dogan

Co-Founder and Research Director at Insider Monkey

My name is Inan Dogan. I’m the co-founder and Research Director of Insider Monkey. I have an important message for you today.

Since March 2017, my stock picks have returned 16.5% annually. Today, I’ve found an opportunity even bigger than my British American Tobacco call.

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We looked under the cover and realized they were wrong.

We alerted our subscribers, and BTI returned 90% in just 16 months.

Now if you had invested just $10,000 in BTI in June 2024, you’d be sitting on $19,000 in October 2025.

Today, we have identified a nearly identical pattern in a digital-first giant trading at $3.

While the market panics over a surface-level revenue decline, our PhD-led research shows management has actually surgically cut $100 million in waste to focus on high-margin growth.

This pattern is a hallmark of our 16.5% annual return track record. The current opportunity offers a 400% upside potential—dwarfing even our 90% BTI return.

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