You’re thinking about downsizing and relocating but, before you do, you may want to check out Kiplinger’s list of the least tax-friendly states in the US for retirees. The list looks at states with a heavy tax burden for seniors.
The Kiplinger article says, “State and local taxes can vary greatly from one place to another. The difference can easily exceed $10,000 or more per year for some people, which is enough to break the bank for a lot of seniors if you wind up in one of the worst states to retire in for taxes. To avoid this kind of bombshell, do your homework before settling on a new location. You can start with our State-by-State Guide to Taxes on Retirees.”
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