For those who have done an in depth evaluation, please give me the major financial factors/considerations when evaluating moving for tax reasons.
I’m within 5 years of being financial able to retire (not sure if I’ll be emotionally ready) and wonder if I should at least “consider” moving for retirement tax reasons as part of the planning. The only reason I’ve even thought of it is because a couple of recent company retirees; whom I respect, have both set up residences in other states (Florida and Hawaii). While at first glance Florida (with no state tax) seems reasonable, Hawaii with high cost of living doesn’t. Both of these retirees own +$3 million in company stock, so I wonder if capital gains may be the driving tax factor.
My wife and I have lived in Iowa our whole lives. We each have extended family living near us and both have parents which play a part of our decision making while they are still alive. I do a fair amount of international travel for work which I enjoy, but I do admit I like being home. I consider our current small town location to be quite reasonable for cost of living and a primary reason we can afford to retire early.
While I would be willing to consider living in another state or even another country, I don’t think my wife would until the kids are thru college which is 8 years minimum (youngest just started high school) and her mom has passed away. It doesn’t look likely that her mom will be passing away anytime in the next 10 years (late 60s and in good health, wife’s grandmother still in reasonable good health at 95).
Since most of you seem to be planners, I'm sure you understand the "need" to consider and evaluate the option even if you don't see it as being a probable option.
I’m within 5 years of being financial able to retire (not sure if I’ll be emotionally ready) and wonder if I should at least “consider” moving for retirement tax reasons as part of the planning. The only reason I’ve even thought of it is because a couple of recent company retirees; whom I respect, have both set up residences in other states (Florida and Hawaii). While at first glance Florida (with no state tax) seems reasonable, Hawaii with high cost of living doesn’t. Both of these retirees own +$3 million in company stock, so I wonder if capital gains may be the driving tax factor.
My wife and I have lived in Iowa our whole lives. We each have extended family living near us and both have parents which play a part of our decision making while they are still alive. I do a fair amount of international travel for work which I enjoy, but I do admit I like being home. I consider our current small town location to be quite reasonable for cost of living and a primary reason we can afford to retire early.
While I would be willing to consider living in another state or even another country, I don’t think my wife would until the kids are thru college which is 8 years minimum (youngest just started high school) and her mom has passed away. It doesn’t look likely that her mom will be passing away anytime in the next 10 years (late 60s and in good health, wife’s grandmother still in reasonable good health at 95).
Since most of you seem to be planners, I'm sure you understand the "need" to consider and evaluate the option even if you don't see it as being a probable option.
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