#1 There’s a high chance you will be paying more in taxes
As humans, it’s normal to long for things that we don’t have or to want different things. Maybe that’s why you are considering moving away from your home state: to trade the cold winters of Minnesota for the beachy Hawaii or California! Or maybe some other warm states. Or maybe you’re the exact opposite type and are longing for more subdued weather and crave to see the changing of the seasons.
You should then be very careful about where you are moving since you may end up having your retirement income taxed. If you’re thinking about relocating to the sunny state of Hawaii, be prepared to pay a hefty 11% in individual income taxes (rumor has it that this will be increased to 16%).
The starting point is to thoroughly research the taxes in the state to which you intend to relocate. It may turn out that staying at home is the best thing for your pockets.
I take issue with several of these comments as being relevant for only a small number of people. For instance, many of us have children elsewhere, and we move to get closer to them. We move because the weather is better somewhere else; we move because the house is now way too big and hard to take care of; and sometimes we move because we can find better medical care.
I AGREE WITH YOU.
For another perspective, my wife and I moved 15 months ago from our home (of 27 years) in Glenside, PA, to a Continuing Care Retirement Center just 30 minutes away in Ambler, PA. Our church and doctors have stayed the same and many of our long-time friends are close enough for a visit – three will be joining us for Christmas dinner tomorrow night. We see this is THE BEST of all the options. Our care is assured and our surroundings are familiar. I believe that your article would have been stronger if you had mentioned this option.
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I already have a very difficult time finding a good internist……VERY DIFFICULT
This list must have been developed by someone living in a liberal high tax cold weather state with poor doctors. Does not apply to most of us.