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May 28, 2008 9:24 am US/Pacific

Where To Live In Retirement?

QUESTION:   I've known may people who move when they retire? Are there places that are financially better in retirement?

ANSWER:  Yes, there are states that don't have any state income taxes, or in their desire to attract retirees have decided not to tax pension income. As examples, Florida and Texas both are without income taxes. However, make sure you look at your entire tax burden, as these states have higher property taxes. I would encourage looking at your entire tax
burden, which would include state, local, property, car registration, etc in determining whether a move for purely financial reasons in merited.

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Money Matters is provided by:

David Schauer, CFA, MSFA, CFP®
Financial Planner
Hanson McClain
E-mail questions to moneymatters@kovr.com

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