16. Don’t Move Solely for No Income Tax
While it’s important to keep an eye on taxes, basing your decision on taxes alone could be your financial downfall. A lot of retirees chose to move to Washington, Florida or Texas. Why? Because of the states’ lack of income tax. But how important is that, really?
If you don’t have a high taxable income, then this shouldn’t truly be an issue for you. But if you’re settling down in Florida and are planning on taking many lengthy vacations to California to visit your family, you might end up spending more than you’d save on income tax. See, all of these factors have to work together!
