Should You Move States for the Tax Benefits?

When is it worth it to make a big move based on your finances or taxes? Do you need to have it all figured out before meeting with an advisor?

Honest Takes:

If the state you live in has high taxes, should you simply move? Some states tax more than others, but is there a better way to manage our tax liability?

Right now, Texas is a hot spot for people to move to for lower taxes and fewer business regulations. It can be a lot of money if you have a high income or are running a business. Brian talks through some of the different amounts in each state for both taxes and the cost of living. What is keeping you or moving you to a particular state.

Have you ever left a job and forgotten your 401(k) or pension behind? Congress is proposing a lost-and-found database for people to find these accounts. American workers have left behind billions of dollars doing this. It’s important to rollover your accounts when you leave a job. Otherwise, this could be an even bigger mess when you pass away and your heirs have to sort through it.

Some clients feel like they have to clean up these messes before meeting with their financial advisor. Remember that a financial advisor is here to help you. Sometimes, doing it on your own before you get there can be to your detriment. Just like working with a personal trainer, you aren’t expected to already be in perfect shape.  

Listen to the entire episode or click on the timestamps below to skip ahead.

[0:12] – To save money, some are moving to another state.

[4:55] – Congress is considering a lost-and-found database for retirement accounts.

[9:05] – Does Brian have to clean up a lot of financial messes?

Today’s Truth:

“Let’s chip away at the first thing that’s important to you.”

Brian Bowen

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Brian Bowen – Contact