Where would you like to spend your “golden” years?
Near your family? In a bustling retirement community? A condo by a golf course?
As you decide where your retirement haven will be, in addition to considering
these lifestyle questions, you should research the effects of state tax
structures on your projected retirement income. Consider your state tax
liability for the following: earned and unearned income taxes, pension income
taxes, Social Security benefit taxes, property taxes, sales taxes, and estate
taxes. No single tax consideration
should be used to determine the most favorable tax environment for your
retirement years. You need to analyze your overall financial situation and then look at all of your options.
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