Yet another life-changing decision that pre-retirees need to ponder – Where to retire? Stay at home? Move far away? Go south? Go north? Move to the city? Move to the country? In response to this question, William P. Barrett writes an article in the August 1 issue of FORBES Magazine that looks at a less common option: moving to a suburb in another state.
In his article he proposes a list of the top 25 suburbs for retirement. They cover 22 states and were evaluated based on home prices, tax advantages for retirees, the availablility of hospitals and universities, cost of living, crime rate, air quality, and public transportation. Although none of the places listed has all the attributes, all of them have some.
In some cases, there can be real savings and value created by moving as a result of different tax environments among the states. For example, Florida and Texas have no income tax and Florida and Pennsylvania have special tax incentives for retirees.
In this article the top 25 places are: Allen, TX; Beaverton, OR; Brentwood, MO; Broomfield, CO; Cary, NC; Davis, CA; Edmond, OK; Fayetteville, GA; Fishers, IN; Ft. Thomas, KY; Friendswood, TX; West Chester, PA; Gilbert, AZ; Henderson, NV; Lauderdale, MN; Meridian, ID; Munster, IN; Naperville, IL; Overland Park, KS; Plano, TX; Rio Rancho, NM; Roswell, GA; Smyrna, TN, South Jordan, UT; Tamarac, FL. For details on each area, follow this link to the article.
For more information on other options to consider before retiring, call our office (781-237-2815) to request a copy of our latest DVD entitled, “Life-Care Planning and the Elder Care Continuum.” To learn more about planning and asset protection options, register online or call 800-964-4295 (24/7) to attend one of our Trust, Estate & Asset Protection workshop.