Considering the tax burden that you will be carrying after you put your working years behind you is important if you want to be intelligently prepared.
Most people who retire are going to be living on a fixed income and the fewer expenses you have the better. Rising taxes could continually erode your discretionary income.
Property taxes are something to evaluate. Of course the amount that you must pay is tied to the value of your home, so you may want to consider downsizing if you have a lot of excess space in an effort to lower your tax bill.
There are those who have spent their working years here in the state of South Carolina who are looking for new experiences during retirement. If you do want to relocate you should consider more than just the weather, but you may be able to have the best of both worlds.
One of the reasons why Florida is a popular retirement destination other than the mild climate is the fact that it is a tax friendly state. There is no state income tax in Florida and this is certainly a big plus. Property tax increases are limited by homestead laws, and in fact property values in the state are down and this has positive property tax implications.
The best way to go about things when you are planning ahead for the future is to discuss all of your options with an experienced professional. If this make sense to you, don’t hesitate to pick up the phone to arrange for a consultation with a seasoned and savvy South Carolina retirement planning lawyer.
John Kuhn, Estate Planning Attorney
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