Taxes
So many seniors out there need to realize that they might need proper help to pay their taxes on their retirement income. Depending on your sources of income, you could owe federal and state taxes and a series of other local taxes. You could work with a financial advisor to create a tax-efficient retirement plan and minimize your tax expenses. Consider moving to a state with lower taxes during retirement.
Debt
Debt can represent a real burden, especially during retirement. If you are carrying debt into retirement, your monthly payments could also eat away at your savings, leaving you with less money for other types of expenses. Before you retire, make sure you create a plan to pay off as much debt as you can. Consider downsizing your lifestyle, reducing some expenses, and saving money for debt repayment.
4 Responses
The worst cost is the ridiculous property taxes that the blue states have! NJ is the worst. That is a total waste of $$$!
Do not move to Palm Beach County in South Florida…..everything is more expensive insurance, both car and homeowners; higher rates than NJ!! HOA monthly fees are through the roof, entertainment, parking, food ..they are trying to gentrify the county for only the rich…; something Miami, Ft. Lauderdale and the like have been doing for years!!! Unless you have lots of $$$$…it’s not your “grandparent’s retirement ….and be most wary of your healthcare!!!
I will sell my house in a split second. Worst decision I ever made was buying a house. Even though I have a low interest rate, I am sick and tired of being nickel and dimed to death with fees by my mortgage company.
Curious on how your mortgage company can charge you more fees since owning the house.
Did you apply for an equity line credit, or refinance the mortgage? My experience has been when I closed on my house, there weren’t any more fees other than what I agreed to pay each month.