Thursday, June 26, 2014
The amount of people moving locations for retirement is skyrocketing, and so are the tax bills for those moving to in-demand locations like Florida. Moving rates for retirees saw a downturn after the market crash in 2008, but now as portfolios are recovering, more retirees are moving. However, with this boom for retirement communities causing cost-of-living to go up, many are choosing to move away from the most popular retirement communities to newer retiree targets, such as South Carolina and Texas. Many retirees moving are from colder climate states trying to find a relaxing warm place for retirement, and when the cost is too high they are finding lower cost options that are still warm.
See Tim Henderson, Retirement Moves Make a Comeback, USA Today, June 16, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.