Financial Briefs

Email This Article To A Friend

Should You Move To A Different State?

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.