Consider property taxes, insurance costs and why you're inclined to relocate.
Many people are moving to U.S. states with little- or no income tax. In the first quarter of this year, for example, more than 10,000 New Yorkers moved to Florida.
For everyone who actually relocates, it’s safe to assume many others are considering it and discussing their options with a financial adviser. People who move to a different state to save money may regret their decision if they miss the lifestyle, scenic beauty and friends they leave behind. Conversely, they may love starting afresh and savor the regional differences — from food to politics to weather — of their new home.
“They may be a worrywart,” he said. “Or they may be underprepared for retirement and need to cut spending.” Advisers are finding that as clients see the headlines of people flocking to low-tax states, they want to join. The allure of low- or no state income tax can be hard to resist. Like Bunio, Elson runs projections to help clients understand how much money they’d actually save by moving. She considers variations in income tax and the overall cost of living. For those who are still working, “there’s also the issue of whether your employer will expect you to take a pay cut if you move,” she said.
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