Will Moving From New York to Florida In Retirement Save You Taxes?

We often get the question much more frequently from clients – “When I retire, does it make sense from a tax standpoint to change my residency from New York to Florida?”. In this video, Mike Ruger, CFP® and Managing Partner of Greenbush Financial Group explains how the taxes work between New York and Florida. You have to consider:

How Social Security is taxed in NY
The $20,000 NYS exemption on the distributions from retirement accounts
How state pensions are taxed
The property tax breaks in NY once you are over 65
Hidden Medicare cost if you leave New York
How much your NY tax liability would be in retirement
Cost of Living
Estate tax laws

Video – Medicare Advantage vs Medicare Supplemental: https://youtu.be/G8itP5HU7HM
Video – Changing Your State of Residency: https://youtu.be/eMjW3F_jicM
Contact Us: https://www.greenbushfinancial.com/contact-us/

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