Saturday, December 21, 2013

Making a Move after Retirement

Now a day’s most of the retired people move to warm or low taxes areas like California and Belize. There are many people who ask the same questions repeatedly to themselves, should we move or not. Sometimes decision to move makes sense; however, it’s important to prepare for your retirement beforehand and move to somewhere else.

Here I have shared some tips to consider while moving to some other states or country.


Reasons:


If someone has decided to move after their retirement, there will be several reasons to move. The reason can be low taxes on houses, lower cost of living, small houses, less maintenance and more retirement benefits. There are many areas with a lot of benefits for retired people like Belize. They offer a wide range of benefits to people who have moved or are living in Belize after their retirement.

Some of the benefits are:

  • Free from all receipts and income taxes
  • Free from import duties
  • Free from import duties on vehicles such as motor vehicles and boats
  • Can start their own business within the Belize or outside the country


Who is eligible?


  • You must be a citizen of US, UK , Canada or Belize
  • People 45 or above are considered as retired
  • Your monthly income should be at least $2000

Other reasons may include moving to an area with a better climate or to be closer to family, and to move to a smaller house -- perhaps a one-level home or one where others maintain the house.

There can be other reasons as well for moving such as being closer to friends and family. The climate can also be an important reason to move. Crime rate is another reason, which attracts many retirees due to the safety of their families.


Save Money:


After moving you can save money by avoiding expenses like yard care, snow removal and moving up and down stairs. Your own self can handle small problems or you can get some help from the internet where you can find everything within few minutes without paying a single penny.

Whenever you decide to move, make sure to get all the required information beforehand. If there are lower taxes, you can save that money as well and increase your deposited income.

If you move to small house then you’ll have less expenses and this will help you increase your income. By saving money, you will be able to start your own venture or invest in some business.


Important Note:


Naturally, taxes should be a consideration. Some states tax only a portion of retirement benefits, and others fully exclude retirement income from tax. Certain states include a portion of Social Security benefits in the calculation of taxable income. Therefore, although the state tax rate may be lower, if a larger amount of income is taxed, then the overall tax liability may be greater in one state than another.

Every state or country has their own policies regarding the taxes. Some states had many taxes which mean you can save too much money their but some states offer no taxes for retiree. If you are earning good then you can pay those taxes without any problem but It cause if you are not earning a good amount. Therefore, you have to be careful when moving to any state or country after your retirement.

As previously mentioned, a state with a lower cost of living will be more attractive to retirees, as long as it is not offset by reduced services, such as health care and safety.

Author Bio:

Stella Fin is a professional writer; currently she is writing for Serenity Paradise Retirement in Belize which is offering Land and Lots for sale in Belize near Corozal. Find Stella Fin on Twitter, Facebook and on Google+.

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics