States to Avoid when Retiring

States to Avoid when Retiring

Are you on the verge of retirement, or perhaps just a few more years away but you’re ready to start making some retirement plans? There are many things to consider when it comes time to retire, not the least of which where you choose to call home. For many people, the choice is easy; they just stay put where they’ve always called home. However, there are a lot of factors that go into this choice including children, grandchildren and of course taxes.

Speaking of taxes, if saving money is one of your top priorities, or the top priority, then you might want to consider closely where you live after you clock out for the last time. According to a report from Kiplinger you may want to avoid these 15 states if you want to save money and avoid more retirement expenses. These locations are not necessarily a bad place to live, but their tax and health care bills lack something to be desired, which is never easy for retirees.

15. Minnesota

14. West Virginia

13. Maine

12. Kentucky

11. Indiana

10. Wisconsin

9. Vermont

8. Montana

7. Rhode Island

6. Massachusetts

5. Illinois

4. Connecticut

3. California

2. New Jersey

1. New York

For most retirees, taxes are just one factor when it comes time to choose a place to live, but if you are serious about keeping your tax bill and your health care costs down then perhaps consider some other locations than the 15 states listed here.

http://www.kiplinger.com/slideshow/retirement/T006-S001-worst-states-for-retirement-2016/index.html

 

We hope you found this article about “States to Avoid when Retiring” helpful.  If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page  or our website at www.GROCO.com.  Unfortunately, we no longer give advice to other tax professionals gratis.

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Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com.  GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.

Alan L. Olsen, CPA, Wikipedia Bio

 

 

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