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Pre-retirees need to consider a lot more than snow days and tradition, according to a recent Bankrate report and Investor Ideas article.
“During their careers, the ‘acquiring wealth years,’ many people live in places that have lots of jobs – and the higher cost of living that goes along with that,” the article says.
“In retirement, many of them want to move to a state where they can enjoy the same or an even better lifestyle with less money.”
States have different tax laws and other regulations that can significantly affect your retirement funds. Be aware of these as you plan for where you want to live and how you want to live.
Take note my fellow Virginians: Our state is listed as number five and is the only coastal state included in the top rankings of Best Places to Retire 2016 by Bankrate.
If you’re planning to settle in one of the other top five “best states to retire”—Wyoming, South Dakota, Colorado or Utah (in descending order)—or elsewhere, here are some tips to consider:
In fact, all of your existing estate planning documents should be reviewed by an experienced estate planning attorney in your new state because of the potential for new and different laws and requirements.