3 Steps to Prepare for an Out-of-State Retirement

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 5 November 2024

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have you thought about what moving to a new state might mean for your retirement budget and lifestyle? In this Ready for Retirement episode, the focus is on preparing for an out-of-state retirement. James outlines three essential considerations for retirees planning a move: 1. Housing Costs and Expenses: From property values and local property taxes to potential capital gains from selling a current home. 2. Overall Cost of Living: Everything from groceries to utilities varies widely between ...

Transcript

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0:00.0	It's common for people to want to retire out of the state that they currently live in.
0:03.8	The challenge is a lot of us have no idea what that's actually going to look like.
0:07.8	That's why in today's episode of Ready for Retirement,
0:09.5	we're going to walk through the three things that you need to be taken into account
0:12.0	before preparing for an out-of-state retirement.
0:16.6	This is another episode of Ready for Retirement. I'm your host, James Cannell, and I'm here to teach you how to get the most of the life with your money.
0:23.4	And now, on to the episode.
0:26.7	The three things that we're going to cover on today's episode is number one, compare the cost of housing, number two, compare the overall cost of living, and number three, dial in the right tax strategy.
0:37.2	These are the three most important
0:38.4	things that you need to do if you're going to consider an out-of-state move in retirement.
0:42.5	The common theme of all these before we actually start going through each of them individually
0:45.6	is they all have to do with your expenses. This is incredibly important because I've run so
0:50.2	many scenarios for clients in the past where we might run a retirement projection of what
0:53.3	does it look like if you spend, let's say, 7,000 per month in retirement. The projection looks totally
0:58.7	fine. We then increase that to say, well, what if your expenses are actually 8,000 per month
1:03.3	instead of seven? And all of a sudden, that really amazing looking projection looks horrible.
1:08.4	Things fall apart. You're not projected to make it anymore. Now,
1:10.8	obviously, that's not universal, but that happens quite frequently. And what it really highlights
1:15.0	is the importance of getting your expenses dialed in, first and foremost, but the number two,
1:20.0	keeping those down to the greatest extent possible without having to sacrifice quality of life.
1:24.9	That's what all three of the topics we're going to talk about today have in common, is they all have to do with the expenses you're ultimately paying in retirement,
1:31.5	and we're going to help you come up with a framework for how should you think about what those
	...

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