Published by FOX Business | December 20, 2022
Making a move in the 2023 new year could save some folks a bundle in taxes
The work-from-home trend brought on by the pandemic caused many Americans in high-cost-of-living areas to uproot and move to more affordable states, using the flexibility to create more room in their budgets.
With inflation now however months near a 40-year high, retirees and those who will soon exit the workforce are looking for ways to cut costs themselves – and a similar migration might make sense for those unencumbered by the burden of heading to an office.
Retirement Living senior content manager Jeff Smith told FOX Business the publication found that roughly half its readers would consider moving to another state if it meant saving more money and decreasing their tax burden.
“One consistent theme we’ve noticed when polling our readers is that many retirees are paying closer attention to the taxes levied on them by the state—especially now, as their income is increasingly affected by the macro economy and inflation,” Smith explained.
Earlier this month, the outlet released its rankings of the most tax-friendly states for retirement in 2023, for those considering a move in the new year. Click here to see the list.
