Sunday, January 25, 2009

Low-Tax Retirement Locations

Our parent's worked hard their entire lives and dreamt of retiring to MECCA -- which for them meant either Arizona or Florida.

Today, Boomers are considering more than just warm weather and a beach when exploring retirement cities. A primary consideration nowadays is low taxes. Frankly, I'd love it if our pensions were tax-free, but that'll never happen. Wouldn't you agree that by the time we've reached 60 we've paid enough in Federal Income Taxes?

While you can't control what you have to pay in Federal Taxes, you certainly can reduce your cost of living by moving to a State where there are no income taxes --Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. Two others, New Hampshire and Tennessee, tax only dividend and interest income.
You also can reduce your tax burden by moving to a state with low sales taxes and reduced property taxes because you're living in a community without schools.

An excellent article can be found at:

After all, if you can find a way to reduce your tax burden, it's the same as giving yourself a pay raise!!

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