Things To Know If Moving To A Low-Income Tax State For Retirement He advises viewers to look beyond income tax rates and assess the total tax burden, including local and state taxes, and whether the new state taxes Social Security. Property taxes should be reviewed for their potential impact on cost savings, while home affordability in the new state is also a key factor due to the associated costs of a higher-priced home. Insurance costs may rise with property values or different local requirements in the new state. Quality of life is essential, as social connections and access to preferred activities can greatly affect happiness in retirement. Infrastructure, such as trails or lakes that contribute to lifestyle, might be different in the new location. The overall cost of living, healthcare access and costs, and different expenses for essentials like utilities and groceries also need to be factored in. Lastly, be aware of any state-specific tax implications for income earned in another state. Struthers emphasizes the importance of making an informed decision to ensure a retirement that is not only wealthier but also healthier and happier. Key Themes: Relocating to Low Income Tax States (00:00:31–00:08:49) – Total Tax Burden and Other Taxes Beyond Income Tax (00:01:59–00:02:18) – Property Taxes and Other Cost Considerations Such as Housing (00:02:58–00:04:30) – Quality of Life and Social Connections (00:04:44–00:06:25) – Infrastructure and Local Amenities (00:06:25–00:07:15) – Employment Opportunities for Retirees (00:07:29–00:07:51) – Cost of Living, Including Health Care and Groceries (00:07:51–00:08:14) – Tax Implications on Various Forms of Income (00:08:49–00:09:12) – Making an Informed Decision (00:09:13–00:09:45) Contextual Connections: a. The introduction sets the stage for a comprehensive view of retirement planning, emphasizing the integration of financial, social, physical, and emotional factors (00:00:00–00:00:31). b. Mark Struthers swiftly moves on to discuss the trend of retirees relocating to states with lower income taxes, a subject he closely links to financial planning and the necessity of informed decision-making (00:00:31–00:08:49). c. He delves into the intricacies of tax burdens, urging listeners to consider not just income tax but also property tax, potential tax benefits, and the cost implications related to housing in different states (00:01:59–00:04:30). d. Struthers raises the critical aspect of quality of life, exploring how social relationships and having a community can profoundly impact individual happiness and overall well-being in retirement (00:04:44–00:06:25). e. Infrastructure and amenities are discussed as factors that contribute to quality of life, possibly affecting the decision to relocate based on the availability of trails, lakes, and other recreational facilities (00:06:25–00:07:15). f. Touching on job opportunities for those contemplating part-time work in retirement, Mark highlights the importance of assessing local labor markets and economic stability in the region (00:07:29–00:07:51). g. The cost of living theme expands to consider the affordability of healthcare, the influence of location on health insurance costs, and the price differences in utilities and groceries across states (00:07:51–00:08:14). h. He concludes by addressing the complexity of tax implications on different forms of income, emphasizing that potential retirees need to be aware of how specific income could be taxed in the state where it was earned (00:08:49–00:09:12). Insights: The primary purpose of the conversation centers around the strategic considerations of relocating to a low-income tax state in the context of retirement planning. Speaker Mark Struthers systematically reveals various factors beyond mere tax savings that can impact the decision, such as total tax burden, housing costs, social fabric, infrastructure, job opportunities, cost of living, and specific tax obligations tied to income sources. He repeatedly emphasizes the need for thorough research and informed decision-making to achieve a truly holistic and satisfying retirement experience. Disclosure: Investment advisory services are offered through Sona Financial LLC (DBA Sona Wealth Advisors, Sona Wealth, Sona Wealth Management), an investment adviser registered in the state of MN. Sona Financial only offers investment advisory services where it is appropriately registered or exempt from registration and only after clients have entered into an investment advisory agreement confirming the terms of engagement and have been provided a copy of the firm’s ADV Part 2A brochure and document. This video is for educational purposes only. Nothing discussed during this show/episode should be viewed as investment advice. If you have questions pertaining to your specific situation, please consult your own financial professional.