As you approach retirement, taxes take center stage. Finding ways to lower your tax bill — now and in the future — becomes a priority.
We often hear that a good way for retirees to save money is to move to a lower-tax state. Relocating from New York or Connecticut to, say, Tennessee or Wyoming can cut your state tax burden in half — from roughly 16% to 8%.
Financial advisor Felix Kwan cautions saving money isn’t always worth the trade-offs and shares the financial— and nonfinancial– things you need to consider.
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The post Retiring to another state for lower taxes? The hidden costs you need to know. appeared first on Prime Capital Financial.
