Two Key Points to Consider if Contemplating Moving During Retirement
For generations, Americans have chosen to relocate during retirement. The reasons tend to be for better weather or quality of life, or simply to be closer to loved ones. Last year alone, almost 340,000 people moved when they retired, according to AARP. If you’re planning to join those ranks, GOBankingRates says there are two key points you need to consider:
- Taxes. Do not overlook the tax implications of a possible move. Beyond a state income tax, the combination of property, local, and sales taxes can drastically eat into your retirement income. When retiring, you might want to consider tax-friendly states that either reduce or eliminate taxes.
- Cost of Living. There are more expenses during retirement than just taxes, housing and healthcare. It’s important to look at the cost of everyday expenses such as utilities, clothes, food, transportation, etc. Run the numbers and make sure the total cost of living is still affordable for your retirement budget.
The Seniors Trust is committed to improving the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and this bill will ensure the long-term solvency of the Social Security program.
