Published: May 13, 2017 11:33 a.m. ET
If there’s one financial task that causes many of us to stick our heads in the sand, it’s taxes.
Planning ahead to reduce a tax bill is not most people’s idea of a fun time. But for those on a fixed income, keeping taxes low is one of the key ways to reduce retirement expenses. And for people who plan to relocate when they retire, it’s crucial they understand the tax implications of that move.
For example, if you’re keeping an eye on your retirement expenses, you probably should rethink any plans to move from Nevada—which levies no individual income tax—to New Mexico, which taxes Social Security benefits and, to some degree, income from pensions and retirement accounts, according to an analysis by Wolters Kluwer Tax & Accounting, a research and software company. (Keep in mind that states frequently change their tax laws.)
not in ridgewood , or in bergen county.
or New Jersey.
Nobody forgot to check about the taxes. It’s literally all anyone ever thinks or talks about.