People who are living on a fixed income can have a difficult time reacting to ever rising expenses. This is something to take into consideration when you are engaged in your retirement planning efforts.
Planning ahead for your retirement years involves making accurate projections regarding your future debits and credits. With this in mind, you should certainly evaluate your anticipated property tax responsibilities.
There is a certain confluence that can be troublesome when you have achieved senior citizen status. Many people endeavor to improve their standard of living by moving up and into more expensive homes over the years. As a result, at the time of your retirement you may have reached a pinnacle with regard to the value of your property.
On the downward slope you are in possession of a piece of real estate that comes along with a hefty annual property tax bill at a time when your income is probably going to decrease significantly. Taxes tend to rise over the years, so perhaps 10 years into your retirement the tax burden could be significantly greater.
Taking all of this into account is important as you are evaluating your anticipated retirement finances. Tax liens take a toll on many Americans, with annual delinquencies estimated at up to $10 billion so this is something to guard against.
It can be difficult to make accurate long-term financial projections as a layperson. If you would like to tap into some expert guidance, don’t hesitate to pick up the phone to arrange for a consultation with a highly qualified San Jose estate planning lawyer.
- Assisted Living: What is It, and is It Right for You? - October 7, 2021
- Is Your Married Joint Living Trust Too Complicated? (VIDEO) - September 27, 2021
- Litherland, Kennedy & Associates Law Firm Team Joins 2021 Walk to End Alzheimer’s - September 20, 2021