[1]If you are nearing retirement age, a move to warmer climates or nearer to relatives might be in your plans. While lists of the “best” places to retire and rankings based on how states tax retirees [2] are plentiful, and can be useful guides to help retirees pick a destination for their golden years, there are other financial and lifestyle considerations to take into account.
Certainly, the cost of health insurance and medical services become more critical as you age. But what about the cost to insure a vehicle, own or rent a home, or dine out and participate in leisure activities frequently in your new community? Beyond these financial aspects, retirees should find a community that reflects their values and offers a network of support should they need it, including good senior transportation and nearby healthcare facilities.
Of course, weather and proximity to family and friends may be part of the calculation as well, meaning that the “best” places to retire based on tax rates might not be the best fit for you. If you need help predicting how a potential retirement destination might affect your financial and lifestyle plans, contact a ShindelRock tax professional [3].