One of the fun things that I hear from most ‘pre-retirees’ is that they have several options to consider while they are deciding where they will eventually light. They can stay where they are, sell and downsize in another part of town, sell and move out of state or the country. The answer right for you may not be for your retired friend. Here are things to consider when you are dreaming about your life in retirement.

How does your state handle retirees and taxes? If you’re considering a move closer to the grandkids in another state – take a good look at pension, property and Social Security taxation. No state has zero taxes, but several have no state income tax. Some states don’t tax retirement benefits or pension income. Others don’t tax Social Security and a handful have very low property taxes.

As we age, we’ll need more healthcare. Find a locale that has great healthcare facilities nearby that match to your Medicare supplement plan coverage. 

Can you find a suitable home or development that’s close to a major airport or main highways? This is particularly important if you travel a lot. Even if you don’t travel – having roads and airports close by helps people who visit you.

For your heirs, does the state you may (or already) live in have an estate tax? Most states do not levy taxes on estates. The states that do, may hit the mass affluent – not just ultra-wealthy residents. 

At some point in retirement, you may choose to sell the car and stop driving yourself. If we have autonomous vehicles… you’ll be fine. But before then, you may need to rely on other forms of transportation. Check that there is adequate public or private transportation available in the locale where you decide to live. Or you may want to live within walking distance from your primary activities.

Questions?