Retirement is a chance to enjoy life without the daily grind of a career or full-time job. Many retirees seize their new freedom with both hands, opting to relocate to another state or even abroad.
With so many opportunities, it can seem challenging to know where to begin looking for a new locale. Here are some significant factors to consider when beginning your search for a retirement destination.
Tax Liability & Benefits
Tax liability varies based on the country, state and even municipality in which you reside. As a resident you’ll be responsible for any local sales, city or county taxes in addition to federal and state income taxes.
Tax rates — as well as how taxes are imposed — can result in a significantly heavier or lighter tax burdens depending on where you choose to live. States without income taxes might be a better choice for higher-income retirees. Other states have benefits such as lower property tax rates. Be sure you have a clear understanding of tax liability for any community, state, or country you’re considering.
Choosing a specific type of retirement community — such as a continuing care retirement community or CCRC — can offer financial breaks, too. Check to see what costs are included in the community’s monthly fee. Some CCRCs, like Paradise Valley Estates, include the cost of major structural insurance and the cost of property assessments within the fee. Also, a portion of the monthly fee is considered a pre-paid medical expense, making it tax-deductible. Paradise Valley Estates provides residents with the annual percentage to assist with their personal income tax preparation.
Are you a retiree who plans to stay close to home, and spend time working on the garden or playing golf? Perhaps you’re the type to pack your bags and add pages of new passport stamps. If you’re a traveler, your new home can be your doorstep to adventure.
Many RV travelers choose to locate their new home in a central area of the country so they can explore the countryside easily in any direction. Many frequent fliers opt to land close to a major international airport for convenient access to wider range of flight options. Where you make your home can make traveling easier, more convenient and less expensive if you do your homework.
Jerry and Judy Mulenberg, residents of Paradise Valley Estates, weighed additional considerations when evaluating their list of potential communities. “One of the items was square feet per unit,” he said. “Another item was the entrance fee and another was the monthly fee, and also the plan for how you paid over time.”
Judy added that Paradise Valley Estates was one of the only places they considered with a quieter, rural setting. “The physical setting itself was a big draw for us,” she said. She also added another important consideration. “Most places will say animals accepted but not PVE. They said pets welcomed and loved,” she laughed. “I said ‘What? Pets loved?’ That was an absolutely crucial deciding factor, believe it or not!”
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