Published Sunday, July 21, 2013 at: 7:00 AM EDT
Are you happy where you’re living now? You may be comfortable in your location because it’s close to where you work, it’s a great place to raise your kids, and it’s close to your friends and family. But it doesn’t have to be forever. In fact, you might contemplate a move in the near future, especially if you’re nearing retirement or are already retired.
Why would you move? For starters, there could be personal issues. You might enjoy living in a warmer climate, getting away from congestion, and living closer to a golf course or by water. But economic considerations, especially with regard to taxes, also may be part of the equation. Depending on your situation, it may be far less costly for you to live somewhere else when you take state and local taxes into account. Consider the following:
All of these tax considerations could affect what you’ll spend during retirement. With a little homework, you may be able to find a place with low taxes and one that appeals to you for other reasons.
This article was written by a professional financial journalist for NFI, LLC. and is not intended as legal or investment advice.
© 2024 Advisor Products Inc. All Rights Reserved.
With Stocks Breaking Records And Crises Unfolding, What’s An Investor To Think
This website uses cookies for navigation, content delivery and other functions. By using our website you agree that we can place cookies on your device. I understand