{"id":21115,"date":"2024-06-26T00:40:58","date_gmt":"2024-06-26T06:40:58","guid":{"rendered":"https:\/\/woodriverweekly.com\/?p=21115"},"modified":"2024-06-25T08:42:11","modified_gmt":"2024-06-25T14:42:11","slug":"oh-the-places-youll-go","status":"publish","type":"post","link":"https:\/\/woodriverweekly.com\/index.php\/2024\/06\/26\/oh-the-places-youll-go\/","title":{"rendered":"\u2018Oh, The Places You\u2019ll Go!\u2019"},"content":{"rendered":"

BY SUZANNE HAZLETT, MBA, CIMA\u00ae, CFP\u00ae<\/em><\/p>\n

\"\"
Suzanne Hazlett, MBA, CIMA\u00ae, CFP\u00ae, founder of HAZLETT WEALTH MANAGEMENT, is a Certified Investment Management Analyst\u00ae and CERTIFIED FINANCIAL PLANNERTM professional.<\/figcaption><\/figure>\n

Dr. Suess said, \u201cYou can steer yourself in any direction you choose.\u201d Retirees last year were doing just that as more than 338,000 Americans relocated for retirement \u2013 a 44% increase from 2022 \u2013 and about a quarter of those retirees moved to a different state. According to the online moving-services marketplace Hire A Helper\u2019s latest annual report, Florida is the number one destination for retirees, claiming 11% of movers across state lines. South Carolina comes in at a close second and New Jersey third, with Texas and Washington rounding out the top five. Let\u2019s explore what\u2019s drawing retirees to these destinations.<\/p>\n

TAXES<\/b><\/p>\n

Three of the five states \u2013 Florida, Texas, and Washington \u2013 don\u2019t tax residents\u2019 income, which is an obvious draw for people whose earnings may decrease significantly in retirement. While many states don\u2019t tax Social Security benefits, these three won\u2019t tax investment income or 401(k) distributions. New Jersey enables retirees to shield up to $100,000 from state income taxes and offers property-tax relief programs for seniors and people with disabilities.<\/p>\n

CLIMATE + ENVIRONMENT<\/b><\/p>\n

Washington has a relatively high cost of living. Still, it boasts some of the country\u2019s leading healthcare systems, a strong economy, scenic diversity, and various recreational activities.<\/p>\n

While Florida has long been known for its affordability, its cost-of-living index has steadily increased as more people flock to its warm climate and white-sand beaches\u2014including younger people who, thanks to remote working, can live in their chosen environment. South Carolina and Texas offer miles of beachfront and mild temperatures but with a significantly lower cost of living.<\/p>\n

HOUSING COSTS<\/b><\/p>\n

Financial concerns were less of a factor in retiree moves in 2023 than the year before. Just 6% of retirees reported moving to find more affordable housing, down from 12% in 2022. This makes sense, considering the median household income of retirees who relocated last year was $88,347 \u2013 35% higher than in 2022 and 17% higher than that of the typical U.S. household.<\/p>\n

If you\u2019re considering moving for retirement, consider talking to your financial, legal, and tax advisors about the most essential factors and develop a plan. Each state has different laws and regulations regarding moving. Research your new state, including state income and estate taxes, driver\u2019s licenses, vehicle registration, and business licenses, if applicable.<\/p>\n

Sources: HireAHelper.com, Worldpopulationreview.com, AARP.com<\/i><\/p>\n

Suzanne Hazlett, MBA, CIMA\u00ae, CFP\u00ae, is a Certified Investment Management Analyst\u00ae and CERTIFIED FINANCIAL PLANNERTM professional. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Securities are offered through Raymond James Financial Services, Inc., member FINRA\/SIPC. HAZLETT WEALTH MANAGEMENT, LLC is independent of Raymond James and is not a registered broker\/dealer. 675 Sun Valley Road, Suite J1 + J2, Ketchum, Idaho, 83340 208.726.0605 HazlettWealthManagement.com<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

BY SUZANNE HAZLETT, MBA, CIMA\u00ae, CFP\u00ae Dr. Suess said, \u201cYou can steer yourself in any direction you choose.\u201d Retirees last year were doing just that as more than 338,000 Americans relocated for retirement \u2013 a 44% increase from 2022 \u2013 and about a quarter of those retirees moved to a different state. According to the […]<\/p>\n","protected":false},"author":1,"featured_media":15233,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","_pvb_checkbox_block_on_post":false,"footnotes":""},"categories":[2,16],"tags":[],"class_list":{"0":"post-21115","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-commentary","8":"category-finance"},"_links":{"self":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/21115","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/comments?post=21115"}],"version-history":[{"count":1,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/21115\/revisions"}],"predecessor-version":[{"id":21116,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/posts\/21115\/revisions\/21116"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media\/15233"}],"wp:attachment":[{"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/media?parent=21115"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/categories?post=21115"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/woodriverweekly.com\/index.php\/wp-json\/wp\/v2\/tags?post=21115"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}