Whether you're rapidly approaching retirement or are already there, it’s always smart to find new ways to boost your bank account. One strategy for improving your bottom line is to move to a city that is tax-friendly for baby boomers.
With low income taxes, property taxes, and even sales and gas taxes, these cities are a retiree’s dream. Instead of wasting precious pennies on Uncle Sam, you can keep more money in your pocket to enjoy another round of golf or a trip to see the grandkids.
Want to start planning your move? Here are 10 cities that are particularly tax-friendly for baby boomers.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
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Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Cheyenne, Wyoming
With a modest cost of living, low property taxes, and no state income tax, you will have more money in your bank account and less flying out the door in taxes. That can help you get ahead financially.
Portland, Oregon
Baby boomers who love to shop might want to check out Portland, where there is no sales tax.
Oregon also has no tax on Social Security benefits. That makes this Pacific Northwest hub a great place to move after you are done working.
Florence, South Carolina
South Carolina’s property taxes are some of the lowest in the country, making it a great spot to buy a retirement home.
Want to avoid the more expensive retirement spots such as Charleston and Hilton Head? Explore Florence, which gives you the charm of a small city with access to bigger urban areas.
Resolve $10,000 or more of your debt
Credit card debt is suffocating. It constantly weighs on your mind and controls every choice you make. You can end up emotionally and even physically drained from it. And even though you make regular payments, it feels like you can never make any progress because of the interest.
National Debt Relief could help you resolve your credit card debt with an affordable plan that works for you. Just tell them your situation, then find out your debt relief options.1 <p>Clients who are able to stay with the program and get all their debt settled realize approximate savings of 46% before fees, or 25% including our fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for various reasons, including their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period of time. We do not assume consumer debt, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. Not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. Depending on your state, we may be available to recommend a local tax professional and/or bankruptcy attorney. Read and understand all program materials prior to enrollment, including potential adverse impact on credit rating.</p>
How to get National Debt Relief to help you resolve your debt: Sign up for a free debt assessment here. (Do not skip this step!) By signing up for a free assessment, National Debt Relief can assist you in settling your debt, but only if you schedule the assessment.
Houston
You don’t have to worry about state income tax in Texas, and that means baby boomers who live in Houston catch a break.
Combine that with low gas taxes, and you will enjoy taking road trips all over this large state. In fact, it might become your retirement adventure.
Tyler, Texas
Living in Tyler means you won’t have to pay a state income tax and will enjoy a lower cost of living than the national average.
This city is consistently mentioned as one of the best places to live in Texas.
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Memphis, Tennessee
Tennessee is another state with no state income tax, which makes it a favorite spot for baby boomers and younger generations alike.
Because Memphis has a lower cost of living than the national average, you will not only have more money in your bank account, but likely will also spend less.
Las Vegas
Baby boomers love Las Vegas for more than just the casinos and shows — it’s also a tax-friendly place to call home.
There is no state income tax here, and the sales tax is low.
Nashville, Tennessee
Need a good reason to check out Nashville? Start with the fact that there is no income tax in Tennessee.
You will also love that Nashville offers walkability, parks, and — of course — music and restaurants.
Montgomery, Alabama
Buy a house in Montgomery, and you won’t need to worry about sky-high property taxes. This capital city has some of the lowest property taxes in the country.
Alabama boasts low sales tax rates, too. Add in a low cost of living and a mild climate, and there is good reason to look South for your golden years.
Earn cash back on everyday purchases with this rare account
Want to earn cash back on your everyday purchases without using a credit card? With the Discover®️ Cashback Debit Checking account (member FDIC), you can earn 1% cash back on up to $3,000 in debit card purchases each month!2 <p>See website for details.</p>
With no credit check to apply and no monthly fees to worry about, you can earn nearly passive income on purchases you’re making anyway — up to an extra $360 a year!
This rare checking account has other great perks too, like access to your paycheck up to 2 days early with Early Pay, no minimum deposit or monthly balance requirements, over 60K fee-free ATMs, and the ability to add cash to your account at Walmart stores nationwide.
Don’t leave money on the table — it only takes minutes to apply and it won’t impact your credit score.
Boise, Idaho
If you love to ski or get outdoors and hike, Boise should be near the top of your retirement wish list.
Idaho has a flat 5.8% income tax. It also does not tax Social Security benefits, making it easier to build wealth while you sleep in the Gem State.
Bottom line
Even if you struggled to build wealth throughout your career, there are opportunities to catch up in your later years. With planning and strategic moves, you can put yourself in situations to make the most of your money.
Moving to a tax-friendly location is one of the most efficient ways to stretch funds and make money go further for longer.
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