
Mass. Retirees Are Choosing 2 New States To Live In
My mother is contemplating moving to Florida to be closer to her sister. She is very much retired now, plus my father passed away in 2018. Being tired of the snow and cold, she wants to migrate south. Is she alone in wanting to go to Florida?
Florida was always the to go to state for retirement for many reasons. It's warm, there are plenty of other retirees living there, the attractions are endless, and tax wise, it's fair.
Florida does not have state income, estate or inheritance taxes. It also has reasonable sales and property taxes. Seniors don't have to pay state Social Security benefit taxes in Florida, either. -usatoday.com
Mass. Retirees Are Choosing 2 New States To Live In
Two new states are popping up as places where retirees are landing, West Virginia and South Carolina.
West Virgina
The state was recently named one of the most affordable states in the country to live in. It's very tax friendly and you don't need much to live on.
But West Virginia’s appeal stretches beyond finances. Charleston offers laid-back, scenic mountain living with big-city amenities, as well as a thriving arts and culture scene. Nearby towns like Hinton and Point Pleasant are known for their tight-knit, welcoming retirement communities. -yahoo
South Carolina
Who doesn't love Myrtle Beach? The weather is amazing in this state, although it does get hot and hurricanes are always a risk. The median home price in SC is $238,000, while it's about $100,000 more in Florida. Landscapes, slow lifestyle, and overall affordablility are all reasons for uptick in retirees in this state.
What makes South Carolina stand out is its tax structure. There's no estate tax, Social Security benefits aren't taxed and 401(k) and IRA withdrawals are only partially taxed.
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