It is important to be proactive about saving money for retirement, and unfortunately a significant percentage of Americans have been remiss in this regard. A high profile study that was conducted among baby boomers last year found that about one fourth of them had no retirement savings at all, and the mean savings among those who participated was just $40,000.
In addition to putting away a nest egg you must also consider your retirement expenses. Taxation can present a great deal of difficulty to people who are on a fixed income, so it is not uncommon for some individuals to retire to locations that offer tax advantages.
The taxes in the state of New Jersey are among the highest in the country. If your income stays about the same as your taxes continually rise during your senior years you may find yourself in a difficult situation.
As we all know many people retire to Florida, and your first thought may be that they are retiring there because of the weather. While this is certainly a consideration, the state of Florida has no state income tax, a homestead property tax provision, and no estate or inheritance tax on the state level.
So, in addition to the sunshine Florida also provides some tax savings for senior citizens who are looking for a cost-effective retirement destination.
Regardless of where you would like to live during your retirement years advance planning is the key to reaching your goals. If you?re ready to get started, right now would be a good time to pick up the phone to arrange for a consultation with a good Somerset County NJ retirement planning lawyer.
The Augulis Law Firm is a member of the American Academy of Estate Planning Attorneys.
Source: http://www.augulislawfirm.com/blog/estate-planning/tax-considerations-impact-retirement-decisions/
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