When you are planning ahead for retirement you should try to see a 360° picture. If you think creatively with all of your options in mind you may be able to maximize your position.
Many people decide that they would like to relocate during their retirement years. Others would prefer to stay put, oftentimes because they want to be able to remain close to their families.
Obviously this is a personal decision, but there are economic realities to consider if you actually want to stop working. Taxes are something that you should take into account.
If you were to move to a place that has a favorable tax environment you may be able to retire and enjoy a higher quality of living. For example, here in Connecticut we have a state income tax, a state estate tax, and a state gift tax. Property taxes are also quite high in Connecticut relative to the rest of the country as a whole.
Many people choose to retire to the state of Florida. When you hear about Florida retirement the first thing that may come to mind is the fact that the weather is mild year around in the Sunshine State.
However, there are financial advantages that go along with relocating to Florida for your retirement years. There is no state income tax, property taxes are reasonable for the most part, and there is no state-level estate tax.
Where you choose live during your retirement years is not exclusively a financial decision. However, you would do well to consider the tax climate in each state you are considering when you are involved in the decision-making process.
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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