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Thought leadership series
What's the best state to retire in? Don't just look at taxes.
What’s the best state to retire in? If you’re asking strictly from a tax perspective, Florida, Texas, Tennessee and Nevada usually get a lot of attention because they don’t have a broad individual income tax. But I wouldn’t choose where I’m spending the next 20 or 30 years based on taxes alone. There are other states worth looking at depending on where your retirement income is coming from. Pennsylvania, for example, generally doesn’t tax qualifying IRA and pension distributions once you meet its retirement requirements. Georgia offers a sizable retirement income exclusion for people who qualify. But before I start comparing tax rates, I’d probably draw a circle on the map. Where can I get the weather I want? Where am I close enough to family and the people I actually want to see? Where can I get really good medical care, and what does that care cost? Where can I afford the house and lifestyle I want? Then, once I know where I’d actually enjoy living, I’d compare the tax consequences of those choices. Saving money on taxes is great. Saving money on taxes while living somewhere you’ll hate isn’t. Taxes should absolutely be part of the decision. They just shouldn’t make the entire decision for you. We can help you model all of that out. #RetirementPlanning #FinancialPlanning #RetirementTaxes #RetirementIncome
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