A Relocation Might Be Your Best Retirement Move

Where do you want to live in retirement? For sunseekers, the warm states are an obvious destination. Some may simply want a change of environment within the place they already live. I know a couple who sold their Bronx co-op and moved to Manhattan’s Lincoln Center area. They enjoyed a retirement filled with theater and concerts, without the commute. Others may want to age in place or downsize to a condo or apartment that’s easier to manage.

More people are moving in retirement. Nearly 20% of people who moved in 2021 pointed to retirement as the reason, up from 13% in 2015, according to The Annual United Van Lines National Movers Study. One reason for the increase could be that more folks are retiring earlier than they planned. Pew Research Center found the percentage of people 55 and older who are retired has hit an all-time high of 50%.

Dreams of a perfect retirement aside, the biggest advantage in moving just might be the savings. For starters, a lower cost of living might be a real consideration. United Van Lines also found that 77% of New Jersey residents nearing retirement age planned to move out of state — a full 23% of them to Florida. It’s not hard to see why. Florida has no income tax, no estate tax, and no inheritance tax.

For more on how moving can net you extra cash, read our reporter Pete Grieve’s story on how moving can net you substantial cash in retirement. For help finding the right company to move you, consider our picks for the best moving companies and long-distance moving companies.

— Jill Cornfield, deputy editor

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How to invest tax-efficiently

When you think about taxes, it’s time to think beyond the yearly deadline.

Evaluating your investments through a tax lens could help improve your after-tax returns. Tax-smart investing techniques, such as tax-loss harvesting, monitoring holding periods, and investing in municipal securities, may help you defer near-term taxes or reduce your tax bill so that your money can stay invested and has the potential to grow.

While your financial picture includes much more than just taxes, being strategic in how to manage, defer, or reduce your taxes can help your bottom line. Keep reading for more tax-smart saving techniques that can help you save more in the years to come.

LEARN MORE TAX-SMART TECHNIQUES

• Retirees share strategies to safeguard their nest egg from market fluctuations and their wallet from health issues.
• Who’s the best professional to help you plan retirement? Here’s how a tax pro, or a financial planner can help.
• An 85-year Harvard study on happiness found the No. 1 retirement challenge that “no one talks about.”

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