There are numerous reasons, such as the need to down size (living in a property that is too expensive to maintain); moving closer to family; seeking a better climate; and moving closer to needed ancillary services, such as hospitals and treatment centers.
Few people consider taxation as a reason to move, but it can enter the decision- making process.
Kiplinger’s has offered an excellent article about the 33 states that offer retirees a ‘tax bonus’. The article is titled: 33 States with No Estate Taxes or Inheritance Taxes (by Sandra Block, Senior Editor , April 16, 2018.)
Keep in mind that there is a federal estate tax. However, the majority of people would not be paying the federal estate tax, since the exemption was raised.
But, as noted above, besides estate taxes, there are many other logical reasons for retirees to move.
Here is just a short list of the considerations –
Cost of living – which can vary dramatically from state to state
Proximity to services – moving from a rural area to a more urban one and closer to needed services
Proximity to family
Climate
Availability of healthcare – to be closer to hospitals and emergency centers
Proximity to dining , shopping and entertainment/culture
Availability of public transportation or transportation services
Cost and issues of maintenance – e.g. moving from a single family home to a condo
The above are all considerations when planning a move.
Drilling down to a particular community and neighborhood, some issues to consider:
Mixed age versus age restricted community
Lifestyle – do you want a golf course; a waterfront community; a planned community
Single family vs. ‘other’; single story versus two
Renting versus owning
Security and crime rates
Proximity to continuing education options; cultural events; libraries and Internet access
The above is just a short list of considerations.
Discussions with a spouse, family, friend or trusted adviser can help organize the priorities before you decide on a move.
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