One of the highly publicized stories of the last couple of years in the realm of retirement planning is the unpreparedness of the baby boomer generation. Massive numbers of these individuals are reaching the typical retirement age, and many of them are finding that they are not in a financial position to retire.
If you are someone who will have to budget carefully to be able to put your working years behind you, it is useful to enter into retirement with limited expenses. If you are saddled with high taxes that you can expect to continually rise while you are on a fixed income, you may be standing on shaky financial ground.
Selling your home and purchasing something smaller that comes with a lesser tax burden is an option. There are also those who choose to relocate to states that offer tax advantages.
Back east a lot of people head to Florida for these reasons, and because of the fact that the weather is so mild compared to the populous areas in the Northeast.
Here on the other side of the country there are those who move from California into the state of Nevada in search of lower property taxes, and another advantage is the fact that there is no state income tax in Nevada.
With some creativity and openness to change, you may well be in a position to retire in comfort if you prepare intelligently in advance. If you are interested in discussing your vision for the future with a professional, simply take a moment to set up an informative consultation with a licensed, experienced Campbell CA retirement planning lawyer.
- Generational Wealth is Key to Leveling the Playing Field - November 24, 2020
- Fair Isn’t Always Equal and Vice Versa - November 19, 2020
- Staying Current is Especially Important in the Pandemic - October 28, 2020