To be able to retire you have to plan ahead carefully with the future in mind. Contrary to the beliefs of some individuals, retirement is not an entitlement that simply lies in wait when you reach a certain age.
Yes, we do have Social Security and Medicare but these programs alone are not going to enable the retirement that most people ideally envision.
When you are planning ahead one thing to consider will be the location where you choose to retire. Choosing a place that has low taxes can be a good idea if you do in fact have budgetary restraints. The more you save by legally steering clear of the tax man the more money you will have to spend on good times.
As we all know many Americans retire to the state of Florida, and your first thought is going to be that they do so because of the nice weather. This may be a motivating factor for a lot of people, but there are also favorable tax laws in Florida. The same for Texas and a few other states.
One of the advantages of living in the Sunshine State, for example, is the fact that there is no state income tax. Property taxes are based on the value of the home in question and of course property values have gone down in Florida. Plus, there is a homestead law that limits property tax increases.
As for legacy planning, Florida does not have any type of a death tax on the state level and this is another part of the appeal.
Other states offer similar advantages.
With careful planning and intelligent decision-making you should be able to enjoy your senior years to the fullest. If you would like to discuss the future with an expert, simply take a moment to set up an appointment to speak with a good Oklahoma City retirement planning lawyer.
Since founding Parman & Easterday in 1985, Larry has led over 1,000 free, community-service education programs and helped more than 10,000 Oklahoma families go from putting off their estate plan to getting it done. His goal for every client is the same: to become the person their family calls "the one who took care of everything."
Larry is the author of three books: The Straight Shooter's Guide to Estate Planning; Estate Planning Basics; and Guiding Those Left Behind in Oklahoma. He served as Oklahoma's Secretary of State and Secretary of Commerce, and his firm is the only member of the American Academy of Estate Planning Attorneys in the state.
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