Location, as they say, is everything. In retirement, that's especially true. You might be looking for a place with favorable weather, a bevy of amenities and low cost-of-living that allows you to stretch your fixed-income dollars until they squeak.
But how much you pay for a house or a loaf of bread in Boston, Massachusetts, vs. Boone, North Carolina, is only one factor in the total cost-of-living equation. Another is taxes, which vary wildly from one place to the next. Alaska's typical tax burden is 6.3 percent, according to the nonpartisan Tax Foundation, and almost twice as much in New Jersey (12.2 percent). Types of taxes vary from state to state, but here are a few of the big ones to consider:
If you are thinking of making a move for your retirement years, you'll also want to weigh your options for selling your existing home and buying or renting a new one. Your SunTrust advisor, along with home mortgage experts, can help you with a comprehensive plan for retirement and relocation. To meet with the retirement specialist in your neighborhood, just call or stop by the branch to make an appointment. Call 800.511.2276 to learn more.
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