Retirement Digest: Where You Retire Matters

Retirement Digest: Where You Retire Matters

Most people approaching retirement generally retire where they spent their working years. But for some, whether you are a snowbird or just looking to relocate, the issue of state taxation can really move the needle when it comes to spendable income.

At times, this can be the difference between having 10% or more in spendable income. Some states tax Social Security benefits and IRA distributions leading to a large increase in tax-outflow. Choosing your retirement state wisely can be a significant boost to your overall spendable income depending on the state – especially when you have a large portion of your investments in tax-deferred accounts.

In other words, it pays to be knowledgable about this. I came across a great resource for state taxation below. It’s worth a look.

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Thanks for reading!

This is not advice. Please see additional disclaimers.

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