If
you're thinking of relocating, compare the taxes in potential retirement states
to those in your current state. Wherever you retire, you may be eligible for
senior-related breaks on retirement income, property taxes and sales taxes.
Where do you want to spend your
golden years? Regardless of where you decide to retire, make sure you check out
more than the average weather forecast. Prepping for a retirement location goes
way beyond the temperature and scenery.
Each state is different when it
comes to the legal and tax environment a retiree or estate planner will face.
A recent Kiplinger article titled “States
Differ on Retiree Tax Burden” is well worth your read. Furthermore, you
will want to save it to your “reading file” for future reference.
Remember, you are planning for
that special place where you intend to spend your golden years. That means you
will need to consider the effect of location on both your retirement and your
estate.
The Kiplinger article provides a state-by-state run down on the tax
basics and a colorful map to guide you. Each state offers various perks and
challenges to the retirees that are well worth investigating and understanding.
Since choosing your retirement
location is one of those significant life events, you should follow the
carpenter’s rule of thumb: measure twice and cut once.
Please
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The archive on our website contains numerous blog posts on these legal
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Reference: Kiplinger
(September 2013) “States
Differ on Retiree Tax Burden”