Скачать или смотреть State Income Taxes do we move

Thinking about moving to lower state income taxes, or eliminate them?
Do the math before you start packing.

1. State income taxes should NOT be the primary decision-making point when considering moving in retirement

2. When comparing New Jersey vs Florida costs, the total estimated average annual savings is about $4,500 ($13,393 in NJ vs $8,892 in FL) when considering state income taxes, homeowners insurance, and property taxes

3. Florida has no state income tax, but has significantly higher homeowners insurance and may have high HOA fees

4. New Jersey has a retirement income exclusion that may allow retirees to exclude pension and retirement account income from state taxes

5. Personal factors like proximity to family and quality of life should be more important considerations than tax savings

Timestamps:
00:38 State Income Taxes as a Decision Factor
01:40 Example: New Jersey vs. Florida
02:52 Retirement Income Considerations
03:45 Hidden Costs to Consider (HOA fees, etc.)
05:15 Making a Holistic Retirement Relocation Decision

Link to Wall Street Journal article:
Retirees Who Move To Lower-Tax States May Not Save As Much as They Think
https://www.wsj.com/personal-finance/...

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1971 State Route 34
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