Moving to a Low-Tax State for Retirement

Summary In this episode of Healthy and Wealthy Retirement, Mark Struthers discusses the considerations for relocating to a low-tax state. He emphasizes the importance of understanding the total tax burden, including property taxes and social security taxation. Mark also highlights the significance of home affordability, quality of life, job opportunities, and healthcare costs when making such a move. The conversation aims to guide listeners in making informed decisions for a healthier, wealthier, and happier retirement. Takeaways -Moving to a lower-tax state can be beneficial but requires careful planning. -Consider the total tax burden, including local and property taxes. -Home affordability is a key factor in relocation decisions. -Quality of life and social connections are essential for happiness in retirement. -Evaluate job opportunities and economic stability in the new location. -Healthcare costs and access can vary significantly by state. -Understand the implications of income taxation in the state of relocation. -Infrastructure and community resources should be considered when moving. -Make informed decisions to avoid surprises in retirement planning. -Utilize financial planning tools and professionals for better decision-making. Sound Bites "Quality of life is a big one." "Job opportunities matter, even in retirement." "Make sure you're making an informed decision." Chapters 00:00 Introduction to Holistic Retirement Planning 00:29 The Trend of Relocating to Low-Tax States 01:28 Understanding Total Tax Burden 03:24 Evaluating Home Affordability and Costs 05:20 The Importance of Quality of Life 07:23 Job Opportunities and Economic Stability 08:21 Healthcare and Cost of Living Considerations Curious about working with Mark: https://www.videoask.com/fd9svtp2l www.SonaWealthAdvisors.com   Disclosure: Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure and document.  This video or article is for educational purposes only and is not exhaustive. Nothing discussed during this show/episode should be viewed as investment advice. Diversification and/or any strategy that may be discussed does not guarantee against investment losses but is intended to help manage risk and return. If applicable, historical discussions and/or opinions are not predictive of future events. The content is presented in good faith and has been drawn from sources believed to be reliable. The content is not intended to be legal, tax, or financial advice. Please consult a legal, tax, or financial professional for information specific to your individual situation. This content has not been reviewed by FINRA