Free retirement calculator tailored for Texas (TX). Calculate instantly with state-specific rates and rules.
Texas's no-income-tax environment is one of the primary drivers of retiree in-migration. However, Texas has relatively high property taxes (among the top 10 nationally), which is a meaningful offset for homeowners. Property tax exemptions for homeowners 65+ provide partial relief.
| Data Point | Value |
|---|---|
| Average Retirement Savings (55-64 age group) | $165,000 |
| Median Household Income | $64,034 |
| Texas Tax on Retirement Income | Texas has no state income tax. |
Texas has no state income tax. All retirement income — Social Security, pensions, 401(k) distributions, IRA withdrawals, rental income, and investment income — is completely free from Texas state income tax.
The average Texas household nearing retirement (ages 55-64) has approximately $165,000 in retirement savings. Financial planners commonly recommend having 10-12x your final salary saved by retirement age. For the median Texas income of $64,034, that suggests a target of roughly $640,340 to $768,408.
Use CalcuWealth's retirement calculator to model your specific situation — including your expected Social Security, any Texas pension, and your investment portfolio — to find your personal retirement number.
Data: US Census Bureau ACS 2023, Zillow (2024), Vanguard How America Saves (2023), NCES. Updated 2024–2025. Figures reflect state averages — consult a licensed financial advisor for personalized guidance.
More from TUDITOOLS