Conclusion
The majority of retirees have a retirement home in mind for their superannuation.
It might be a picturesque beach house, a log bungalow deep in the woods, or a penthouse.
But whatever and wherever the dream home is, make certain that all the local tax situations in your ultimate destination are cross-checked before you pack your life and relocate to a new state.
State and local taxes can have a substantial impact on retirees.
The taxes retirees pay during superannuation can fluctuate significantly depending on where they decide to move. Similarly, income taxes on things like Social Security retirement reimbursements and retirement account withdrawals differ extensively in every state, as mentioned above.
What do you think about these tax-friendly states?
Also, there are massive variances between the property and sales tax rates across the country, so to make sure that you’re always informed, check out this amazing book here: Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes!
