People are living long lives these days with the average life expectancy in the United States standing at 78.2 years at the present moment. Of course this is in fact an average and your life expectancy rises as you get older. Many people are surprised to hear that the segment of the population that is 85 years of age and older is the fastest-growing group among us.
The reason why we are mentioning this longevity is to underscore the fact that you have to plan for the long haul when you are looking forward toward retirement. You may have to pay your way for 20 years or more after putting your working years behind you and this can take some careful planning.
There are various different dimensions to this, but the one that we would like to highlight here involves your retirement location. Yes, you can simply stay put here in Connecticut and this is certainly a personal decision. However, there are some states that have especially favorable laws with regard to retirees and this is something to take into consideration.
Some states such as Florida do not have a state income tax, and the Sunshine State also has a homestead law that limits the possible percentage of property tax increases. Rising property taxes can certainly be a problem for people who are on a fixed income.
Another thing to consider is the fact that Florida does not have an estate tax on the state level.
As you can see, there are more reasons to consider Florida as a retirement destination than the weather.
This is simply some food for thought and not an endorsement of any particular retirement destination. The point is to be aware of the possibilities that are out there and plan ahead for the future in a fully informed manner. The best way of doing this is with the assistance of a licensed and experienced Hartford retirement planning lawyer.
Mr. Horowitz was awarded his Juris Doctor degree with honors from the University of Connecticut School of Law. While attending law school, Mr. Horowitz received the American Jurisprudence Award in Legal Ethics and the Nathan Burkan Award.
After graduation from law school, Mr. Horowitz continued his legal education at New York University School of Law where he received a Post Doctorate Law Degree in Taxation. He has also recently received a national achievement award.
Mr. Horowitz is admitted to practice before all the state courts in the State of Connecticut and the United States District Court.
Mr. Horowitz was selected for Super Lawyers in 2021.
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