Home » Resources

How To Find Your Own Retirement Tax Haven

22 February 2017 No Comment

Thinking of leaving a high-tax state for a low-tax state in retirement?

You need to know that states differ dramatically on tax: whether to exploit millionaires, shower breaks on retirees, go after non-residents and even the dead. They even differ on whether to tax Social Security benefits; just 13 states do.

If you’re a pre-retiree planning out how taxes will impact your retirement, keep in mind that it makes a big difference what your total income is, and what kind of income you’re receiving. And don’t plan too far ahead. “Nothing in taxes is ever permanent; legislators are always changing the tax law,” warns James Wetzler, former New York state commissioner of taxation, who concluded in a recent review of state migration studies that there is little evidence to discourage an extension of the New York’s millionaire’s tax.

Read full article below:

How to Find Your Own Retirement Haven

Comments are closed.