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.