Should I Move to Another State to Save Money on Taxes & Expenses?

Click the play button to hear the episode or skip around to certain topics!

Many retirees bounce around the idea of moving states in retirement with the goal of saving money on taxes and expenses. It makes sense on the surface but will it benefit you as much as you hoped?

 

Many retirees bounce around the idea of moving states in retirement with the goal of saving money on taxes and expenses. It makes sense on the surface but will it benefit you as much as you hoped?

Over the past decade and more so the last few years, there’s a big migration shift taking place across the country. The states with the largest migration include Florida, Texas, North Carolina, South Carolina, and Tennessee while California, New York, Illinois, Massachusetts, and New Jersey have been losing population.

Taxes and cost of living play into a lot of the decision but there are some other factors you need to consider as well. Today we’ll dive into the numbers, talk through some of the costs that blindside people, and help you better understand what needs to be evaluated before you make the move.

Here’s some of what we discuss in this episode:

  • The migration trend and what’s behind the move to different states. [2:20]
  • Here are some of the advantages. [5:31]
  • What you should consider if you’re approaching retirement and considering a move. [6:59]
  • Costs that often blindside people. [13:15]
  • A few more factors to pay attention to. [17:40]
  • The 3 big taxes you need to assess before moving. [20:40]

If you have any questions about what we discussed in this episode, please reach out and we’d be happy to provide answers.

 

Share the Show, Share the Knowledge!

Facebook
LinkedIn
Email

ABOUT YOUR HOST...

Donald W. Cash – CPA, CFP®, is an independent advisor. After graduating from Rutgers University, he began his career in 1985 as an accountant. In 1990, he entered the field of Estate Planning, concentrating on long-term care planning. Don has been advising clients in the baby boomer and retirement market for 20 years. He has helped over 1,000 families with their planning needs.

Don advocates for a holistic approach to Estate and Financial Planning and has relationships with other professionals including Attorneys, CPA’s, Mortgage Specialists, Insurance Specialists and Asset Managers.

He is married to Cathy and they have 4 children, Carly, DJ, Nick and Tori. They live in Freehold, NJ.

Don't Stop Here...

The Tax Pitfalls Of Gifting Your House To Your Family

With the rising costs of homeownership and the looming concerns of long-term care, it’s no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…

Get Your House In Order – Retiree Insurance

What types of insurance coverage should you be considering for your golden years? What do you need to keep in mind as you prep for the transition? We’re going to walk you through the fundamentals in today’s episode.

WAYS TO CONTACT

(732) 784-2867

don@donaldcash.com