Myth No. 4: Your taxes will be lower

Not sure about taxes but your income will surely be lower. According to Stein Olavsrud, a certified financial planner and portfolio manager at FBB Capital Partners in Bethesda, Maryland, just because you don’t earn as much it doesn’t mean you don’t have to pay other taxes. For instance, you may not be required to pay an income tax in Florida but with fewer federal deductions and dependents to claim, the IRS might even take a bigger chunk of your income. “Some people believe no income tax equates to savings,” Olavsrud says, “but sales and property taxes could be higher, as could the cost of living.”