Should You Retire to a Different State?

Many retirees consider relocating to another state upon retirement. Whether it is to be closer to children or grandchildren, to move to a different climate, or simply for a change of scenery, relocating to another state can be a great way to make your life easier and healthier while making your retirement savings last longer. Here are some of the things you need to evaluate before deciding to move:

  1. Can you afford to relocate? It’s not cheap to uproot your life and make a long-distance move. Make sure you can afford the initial outlay and that the overall cost savings are worth it.
  2. Does your state have income and/or sales tax? If you can move to a state that doesn’t have income tax or sales tax, your retirement savings will be able to go further. Just make sure the ultimate savings isn’t eroded by a higher cost of living.
  3. Does your state have a high cost of living? It’s very difficult to sustain a long retirement in an expensive area. But many states have lower-cost areas within them, so you don’t necessarily have to move to another state to cut your budget.
  4. Does your state have high quality medical care? The quality of medical care can vary from state to state. If you’re in a state with top-notch medical options for general health and any special medical conditions you have, it may not be a good idea to move.
  5. How are the senior resources in your state? The older you get, the more likely you are to need assistance from a public program. If your state doesn’t have solid, accessible programs in place to help the senior population, then it may be a good idea to move.
  6. What’s the weather like where you live? It’s very difficult to deal with extreme weather conditions at all ages, but especially as you grow older. Shoveling snow, driving over ice, or prepping your home for a hurricane are all challenges you might not want to face anymore.

At Kramer Wealth Managers, we can help you assess how a move to another state might affect your overall WealthPath. Contact us today to find out more about how we can help.

Adrianna Environmental B&W

Adrianna Rocha

Client Relations Representative

240-379-6929 V
240-439-6889 VP
512-379-6909 FAX

Adrianna Rocha joined Kramer Wealth Managers in 2021.

Adrianna is responsible for client experiences and service. As part of the customer service team, she strives to help and provide top-notch service to our clients. As part of her role, she communicates with clients through videophone, schedules client meetings, prepares and processes forms, and gathers information for our advisors.

Adrianna Rocha graduated with a Bachelor of Arts in Communication Studies from Gallaudet University in 2017. Before she joined our team, she worked in the customer service industry for nearly a decade. She excels in human-to-human relations and takes pride in not only her own accomplishments, but her clients’ as well. Adrianna enjoys chatting about her slight obsession with dogs, houseplants, essential oils, and food: especially Mexican food! She is also a proud fur-mama to her beautiful Aussie-mixed pup, Ziva.

Adrianna is not registered with Osaic Wealth.