A Wiser Retirement®

217. What are the best and worst states to retire to?

• Wiser Wealth Management • Episode 217

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Have you thought about moving to a new state when you retire? On this episode of A Wiser Retirement™, Casey Smith is joined by Michaela Dowdy to talk about the 5 best and worst states to retire to. The states on the list might surprise you!

Podcast Episodes Referenced:
- Ep 184: What It’s Like Traveling Full-Time in Retirement with the Retirement Travelers
- Ep 77: Tips for Moving to Lower Tax States
- Ep 192: Estate Planning for Those that Travel Frequently or Live in Multiple States

YouTube Videos Referenced:
- Where should I pull income in the first years of retirement?
- What kind of taxes should you expect to pay during retirement?

Other Links:
- Bub's Run: Click here to learn more or to register for the race.

Learn More:
- About Wiser Wealth Management
- Schedule a Complimentary Consultation: Discover how we can help you achieve financial freedom.
- Access Our Free Guides: Gain valuable insights on building a financial legacy, the importance of a financial advisor for business owners, post-divorce financial planning, and more!

Stay Connected:
- Social Media: Facebook | Instagram | LinkedIn | Twitter
- A Wiser Retirement® YouTube Channel

This podcast was produced by Wiser Wealth Management. Thanks for listening!

Speaker 1

Hey, before we get started, I want to talk about a special event coming up and, just to be clear, I typically don't run unless someone has a gun pointed at me.

Speaker 1

Most people don't, and I haven't had a gun pointed at me ever. So I don't do a whole lot of running, but I want to talk to you about the fourth annual Bubz Run. So we're calling all runners, walkers and sponsors. But before we talk about the event, let's talk about why we are running, and with me today I have Becky. Becky, why don't you tell your and Andy's story?

Speaker 2

I would love to. It's a long one, so we'll shorten it up a little bit here, but our son, kelson, was born in 2011. And he was born, much to our surprise, with a lot of medical complications and challenges, which we really didn't have any idea what that was going to look like. When he was born, his first, his first diagnosis was, uh, called Pierre Robin sequence, and that meant he had a little, a little tiny chin, and our biggest fear in 2011 was oh my gosh, we're going to have a child with a little tiny chin.

Speaker 1

Right.

Speaker 2

And, um, how great it would have been if he had a little tiny gin. And that was it. So, um, throughout his uh, his life, he uh endured a lot of different medical complications, a lot of diagnoses. We saw countless doctors trying to figure out what was going on with him. He was never given kind of an overarching diagnosis as this syndrome or that condition. He just had a really long, watery list of challenges.

Speaker 2

So he was quite a character. He was nonverbal but he communicated very much with us through his eyes. He clapped a lot for us to communicate with us, but he, he was nonverbal. He, he was non-ambulatory. He was learning to sit up when he was about six, which was pretty awesome, but he was kind of learning to communicate with a communication device a little bit. But mostly he communicated with us by clapping or growling at us or throwing things at us. But he got his point across.

Speaker 2

And unfortunately, when he was six years old he was diagnosed with a brain tumor on top of all of his other challenges. His biggest challenge up until that point was he had a. He doesn't have it anymore, but he had a nerve condition of demyelinating neuropathy which basically meant that all the nerves in his whole body were surrounded by kind of scar tissue which made him live in constant pain. So we put up with his growls and his throwing because he'd hurt all the time and we knew that. So when he was six he was diagnosed with a brain tumor and underwent chemo for a full year. Unfortunately, the tumor grew during that time, but we were taken care of so wonderfully by the Aflac team at CHOA Cure Childhood Cancer, who is actually our beneficiary this year for Bub's Run. We actually benefited Aflac last year and he just receives amazing, amazing care. But it was another year after that, after he finished chemo, that he earned his wings.

Speaker 2

So it was May 5th 2020, right at the height of COVID, which was a challenging time for our family. Obviously, losing someone is difficult, no matter when it is. Losing your child is miles more difficult than losing your child in a time when you really cannot even be around your family or friends or loved ones is markedly more difficult was a challenging time. And, um, a year after that, um, as we you know, just we actually a few months after that, we decided we were going to celebrate his birthday. His birthday was in July. He would have turned nine, um, that July of 2020.

Speaker 2

And, um, we decided to celebrate his birthday with a little little kindness campaign that we called seven days of Kelson's kindness, and we just decided, the week leading up to his birthday, we were gonna do random acts of kindness to people all around town. And our daughter actually came up with that. Her name's emma sue. She's now 15, she was 11 at the time and um, and so we started that and um, and then it just kind of snowballed from there. We just decided, you know, you know, we're going to, we're going to honor him and remember him in any way that we can, and so we'd, we'd, we'd started talking about doing a run a couple of years before when he first was diagnosed with his tumor and um hadn't really talked much about it, um, and it was just a couple of months before the anniversary of his passing in 2021. And my husband, andy, said well, I mean, are we doing this buzz run or what?

Speaker 3

Right.

Speaker 2

I said you know, andy, I mean that's that's very, andy, and.

Speaker 2

I said not this year, babe, you know, it's COVID, we can't do. I mean still, covid was still very much alive in 2021. And, um, he's like I think we can, I think we can do it. So we figured we'd have about 20 folks come together in our neighborhood and just do a little walk in our neighborhood and we had about 75 people show up, we had some sponsors, somebody donated water, we had some friends make amazing delicious muffins and someone donated T-shirts and we raised $8,000 that year for Must Ministries and kind of blew us away. So we're like, okay, and it was a beautiful day. I mean, it was just a wonderful gathering of friends and family. And it ended that day. Actually it was a beautiful blue sky and a beautiful morning and, um, and ended with a little sprinkle of rain, um, which I know was our guy coming by to say hi and and uh, just kind of give his blessing to our day and um, and so, as the as the year went, the year went by, um, I just we decided to approach our daughter's school.

Speaker 2

She goes to north cop christian school and up in kennesaw where she's been since kindergarten right and we approached them, um, to see if they would be interested in partnering with us for year two, and they welcomed us with open arms. I, I mean, we've been there forever and they've seen us through this whole journey and so we partnered with them the next year to benefit Now I lay me down to sleep who had taken photos of Kelson when he was about six months old and given a pretty grim diagnosis and prognosis in life, and so that year we actually we raised about $40,000 for them, which blew our socks off.

Speaker 2

And so it's just kind of grown from there. And last year, as I said, we benefited the Aflac Cancer and Blood Disorders Center at CHOA. Just a phenomenal organization. Doctors, nurses, cleaning people, everyone there is just top notch and just the most caring, wonderful individuals. And so it was nearly 48 grand last year, which was that's awesome.

Speaker 2

It's just every time, it's just mind blowing. So this year we chose Cure Childhood Cancer and we're super excited to be partnering with some new organizations, esp, which is called Extra Special People. They serve families of adults and children with special needs, so we're partnering with them to just help create joyful experiences for um, for folks with disabilities and um I don't think I mentioned Bob's buddies, which we introduced our second year Um. We provide um volunteers to, to push, to push folks um and uh, let people with disabilities who couldn't typically participate in a 5k experience that joy. So we're growing that participate in a 5k, experience that joy. So we're growing that Um and it's just, it's just, it's just a joy to see it grow um in front of our eyes and and it really does say to us each time um, someone registers, someone sponsors, someone donates, something that our little guy is is still here with us and people remember him.

Speaker 1

Caring for a person with special needs is a is a full-time job.

Speaker 1

You don't you don't you don't get a break. No, uh, and that's hard, uh, and I think a lot of times as planners we think about okay, how are we going to care for this person Once mom and dad have passed away at their old age? You don't fathom uh, maybe you, you fear it, uh, but losing a child, uh, so young, and then while you're still very, very able to take care of that person, that that's a whole different level of pain and it's it's been um, um, you know just watching Andy and and and how he's dealt with that and, but yet he's still so positive, at least, at least in our eyes.

Speaker 2

Yes, he is.

Speaker 1

And so it's, it's, and I'm sure that we have listeners that have gone through this themselves, but I think what you're doing is you're taking something that's very painful for you and you're turning it into something very positive. Thank you.

Speaker 3

That's our goal.

Speaker 1

That now benefits one life can benefit so many other lives, and so Wiser is very excited to be sponsoring this with you guys this year for the fourth annual. It's called the Bubz Run. It's going to be May 4th.

Speaker 2

Yes, sir.

Speaker 1

You're going to start it at North Cop Christian School, I assume.

Speaker 2

Yes, we begin on the Jacob Dennis Field. It's the football it at North Cop Christian School, I assume. Yes, we begin on the Jacob Dennis Field. It's the football field at North Cop Christian. Okay, we run around campus. There is one decent-sized hill on campus.

Speaker 3

Right Disclaimer Right right.

Speaker 2

And then we run. We have to stay at the sidewalks. We have an agreement with the Ackworth Police Department that we'll stay on the sidewalks. So we take the sidewalk up to, uh, north star church, where we attend church, and then we run a nice loop through the North star campus, which is also quite beautiful, um, and then we hoof it back down 41 and finish back on the football field. So, it's uh a succinct little course.

Speaker 2

Yeah, Um and course, um, and lined with lots of cheerleaders and um, and it's just a, I said it's a great, great little great little course.

Speaker 1

That's awesome. It sounds like you have a heavy participation.

Speaker 2

We do. We registered almost 300 people last year and we're well on our way to do that this year. We're looking at um, hopefully hopefully a few more than that this year Um, that's awesome we were planning for 300, but I think we're going to exceed that.

Speaker 1

Well for our business owners or families that are listening. If you'd like to sponsor this, I love your sponsor titles the Smile Sponsor, the Google Sponsor, the Side Eye Sponsor Everyone with little kids knows the Side Eye or teenagers, I should say.

Speaker 2

Kelson was exceptionally skilled at the Side Eye. The Side Eye.

Speaker 1

The Friends of Bub Sponsor kelson was exceptionally skilled at the side. The friends above sponsor um, but anyway, uh, uh, we, um. We will link to all this uh on our on our podcast today. Uh, these documents, if you'd like to as listeners, if you'd like to reach out and and participate, may 5th uh, uh, 24, uh, and this year they're benefiting cure childhood cancer right.

Speaker 1

And it can learn more about that organization as well. But uh, Becky, thank you for stepping up and doing a podcast with us today to share your story and we hope it resonates with our listeners, and this is a great opportunity to benefit children with special needs and cancer in our community.

Speaker 2

Casey, thank you so much for your support. It means a lot to our family. Thank you for having me here this morning. Happy to do it.

Speaker 1

Welcome to a Wiser Retirement Podcast, where we believe the best financial advice should always be conflict-free. I'm your host, Casey Smith, guiding you to financial freedom. Today is my co-host, Michaela Dowdy.

Speaker 4

Hey, Michaela, Hi.

Speaker 1

Casey. So today we are going to talk about the best and worst states to retire to, and we always see these little clickbaity advertisements on Facebook or Instagram. And don't click on them, you get all the advertisements right, definitely and you never figure out which states are the best ones.

Speaker 4

Yes, so you have done some research and broken this down for us, yes, yes.

Speaker 1

Well, you might wonder why we talk about best state to retire to because, honestly, more than 338,000 Americans are have moved to retire in 2023. So that's a lot of moving.

Speaker 4

It is One of the top groups that moves actually is retirees.

Speaker 1

Retirees. You always wonder are they trying to get closer to kids? Are they trying to get away from kids?

Speaker 4

A mix of both maybe Looking for a warmer climate?

Speaker 1

Yes, or is it the house with the golf course? You know all the cliches about retirement.

Speaker 4

A little bit of everything, I think it's a little bit of everything. I feel like you have people that move for grandkids and then you have people that move for they want to be on the water. So it just depends.

Speaker 1

We have that episode with the retirement travelers that we did over last summer and I remember them moving. They consolidated, they had two homes consolidated to the one in Florida and they decided just to get rid of their house completely and they're permanently on the move all year long. I think they went to what 100 something countries or something like that. They just got picked up by People Magazine.

Speaker 4

Oh, no way, I hadn't heard that.

Speaker 1

So obviously we watched the stats on our downloads and things like that and we noticed an uptick in that particular podcast and that makes sense because people were searching for the People magazine article.

Speaker 4

I guess Definitely. Well, it's incredible what they do for sure to be able to travel that much.

Speaker 1

I'm still stuck on the fact that they sold everything and they put everything into a backpack and that's all they have. I guess they just wear the retirement travelers t-shirt every day. I didn't ask about that. I should have.

Speaker 4

Go to the laundromat every night.

Speaker 1

Well, maybe have the backpack and probably hold a couple of t-shirts.

Speaker 4

That's true.

Speaker 1

So yeah, so more than 40% of people plan to move in retirement and they say lowering living costs is the top consideration. According to some of these studies that we've looked at, cost is the top consideration. According to some of these studies that we've looked at. I would say that when we do financial planning, I feel like with our group it's about 25% say they would probably move, but we're already in a lower retirement state. Maybe if we're in the Northeast or out West California mostly Portland they might feel a little differently about that. What was the number one state that people moved to in 23?

Speaker 4

Florida, of course.

Speaker 1

Florida. Everyone wants to go to Florida, everybody wants to go see Mickey retire with Mickey. That's interesting. But yet Florida doesn't really show up in our top five best states to retire to.

Speaker 4

No, it doesn't. Which is interesting, which is very interesting. I had to do some digging on that one because I was fascinated that so many people are moving there but it's not in our top five, right?

Speaker 1

You know Atlanta, real estate prices have gone through the roof in the last few years and there's just not enough housing supply really, which has helped boost home values. I've always wondered where are they coming from, Because if they're coming wherever they're coming from, home prices ought to be declining. That doesn't seem to be the case necessarily. So where are these people moving?

Speaker 4

to Florida from. Mostly we're seeing a lot are coming from California, which we've seen that over the years. California in general not even just retirees but for retirees 18% of those were moved from California. And then New York followed that up with 11% of retirees moving. So those are two of our most expensive States though as well. So cost of living there is pretty outrageous compared to the rest of the United States. So that is makes sense. Once people are getting on fixed incomes they need to go somewhere that is more aligned with that.

Speaker 1

I mean, California has good weather. It does Florida. I can understand why you wouldn't want to have any more harsh winters, or New York, rather that's why you'd want to move to Florida. All right, so let's get started. Let's go in reverse order, Starting with number five. What is the best state to retire to?

Speaker 4

Yes, so according to our research, it was Mississippi of all places.

Speaker 1

What Mississippi I?

Speaker 4

know right.

Speaker 1

I was so surprised. Trailer parks, why Mississippi?

Speaker 4

So their biggest thing on this one that we looked into, this comes from where we are weighting affordability at 40%, so that is why Mississippi is actually the second most affordable state in retirement, and so that really makes it really high up there for being one of the top states to move to. They also have nice weather a majority of the time. What I know? I've only been there when it was hot.

Speaker 1

I really don I know, I've only been there when it was hot.

Speaker 4

I really don't know. I've only been there once. Yeah, I've only been there once, and it was very warm. It was like Alabama, georgia, weather.

Speaker 1

So my son's headed to Starkville for college so I will get more acquainted with Mississippi and Starkville is a neat little town so I could see the draw there and cost of living for sure. I mean, they have two really nice golf courses in West Point Mississippi. I think they're ranked. One of them is ranked number one in the state of Mississippi and I think the initiation fee was like $5,000 and a couple hundred bucks a month.

Speaker 3

Oh, wow.

Speaker 1

And you compare that caliber, of course, to what like Cobb County in Georgia, where it could be $60,000, $1,500 a month.

Speaker 4

Yes, minimum.

Speaker 1

yes, I could see right there that the cost of golf is going to be a lot cheaper. Yes, exactly.

Speaker 4

The only thing that they kind of struggle in is definitely healthcare, one part of that being that they are such a rural state. So in order to travel, to get to those emergency rooms and urgent care is, you're going to have to travel a long ways, which makes that overall quality of health care not as great. So if you're someone with a lot of health concerns, then maybe this isn't the best state.

Speaker 1

Yeah, but affordable is nicer to maybe higher quality of life there.

Speaker 4

All right, number four Four we have is Missouri, following the M's Again for affordability. Their biggest thing is that they are fifth in affordability, so definitely we'll get a lot of bang for your buck in that state. Only struggle they really have is their crime. Overall Everything else is pretty midway ranged, but their crime is a little high for what you would anticipate for a state. So it depends on if you want to take the risk, jeez.

Speaker 1

Okay, crime in all areas of the state, or are we just talking about?

Speaker 4

St Louis yeah, really just St Louis for the most part. So stay out of St Louis and you'll be okay, and the rest of it should be good Okay interesting, but they also have a lot of great culture in Missouri. It was what they were talking about was one of the big draw points in St Louis. You have a lot of arts and entertainment in that area, so you will have a lot of activity to be a part of there.

Speaker 1

So, as we're ranking these, affordability was given a higher weight than anything else really.

Speaker 4

Definitely.

Speaker 1

In today's age. I could see that where it's just expensive to be existing pretty much Okay.

Speaker 4

number three Number three is West Virginia and they rank number one for the lowest cost of living as well as a light tax burden, so you definitely are going to have a lot of opportunity there. I believe they're also doing a current running for wanting to get people to move to West Virginia where you can actually take part in a program and they will like set you up with housing and all kinds of different things and I think you even get like $10,000 to move there.

Speaker 4

Yeah, because they're just trying to get more people in the state and it is beautiful of a state.

Speaker 1

It's a very pretty state.

Speaker 4

And just really a rural area to be a part of and really great small towns there. So they're trying to really revive the West Virginia area. It seems like at least their new governor is. So there's a lot of different programs to take part in.

Speaker 1

A lot of people just think coal mines yes, but yeah, but no, it's a very pretty state. You could get probably a very nice home with long range mountain views.

Speaker 4

Yes.

Speaker 1

It'd be very pretty there.

Speaker 4

Yes.

Speaker 1

Okay, number two.

Speaker 4

So Delaware is number two and they have decent quality healthcare and a lighter tax burden and, honestly, their biggest draw is that they have one of the nation's highest percentages of residents over the age of 65. So if you're looking for a great community, this is a great place to be.

Speaker 1

If you want to hang out with people older than 65.

Speaker 4

Yes, if you want people your own age to hang out with at 65, to have your own little community, like college again, you know, then maybe Delaware's for you and you'll be able to have good quality health care, as well as the way that they do their taxes and everything. You are getting benefits there as well.

Speaker 1

But the negative here is affordability, so evidently high quality healthcare. The overall lower tax rate outweighed the just it's expensive to live there still.

Speaker 4

Yes it is Because they are still on that Northeastern side of things, so they're still getting that little skyrocketed price because of that. So definitely something to consider if you do decide to go there.

Speaker 1

All right, so best state to retire in, according to our waiting system, is where.

Speaker 4

Iowa. I never would have guessed this Iowa.

Speaker 1

I've been to Iowa once. There's lots of room to run.

Speaker 4

Yeah, it honestly really comes down to it just being a low cost of living. They're ranked third, and then they also have affordable but very high quality health care, ranking 11th and very low crime being in 12th place with that.

Speaker 1

So low cost of living, high quality health, healthcare and low crime makes this a winner.

Speaker 4

Yes, it does, because a lot of our States that you'll see as we continue to go through this it is. If you're getting a low cost of living, your healthcare is struggling.

Speaker 1

Yeah.

Speaker 4

And if you're getting high quality healthcare, then your affordability struggling. So um, it's definitely. You're kind of having to pick your choice on those, and Iowa does a great job of getting the best of both.

Worst States for Retirement

Speaker 1

So we're all headed to Des Moines, apparently Okay, all right. Well, that's cool. So let's take the look at the losers. Because I was optimistic, I went with the winners first, but let's take a look at the losers. Worst state to retire in.

Speaker 4

Worst state. Our number one pick is Alaska right now.

Speaker 1

Yeah, yeah, I would. I mean, doesn't it, doesn't it just like completely dark there for a part of the year, or something?

Speaker 4

Yes, I think like three or four months. It's just dark the entire time. Great place to take a cruise Um you can live in Iowa and take a cruise to Alaska. You're not going to get that, Um. And then they have one of the highest violent crime rates and, um, the second worst internet access. So if you're trying to stay connected to people here in the lower 48, it's going to be a struggle.

Speaker 1

Interesting. Okay, um, I would say that's probably worse than our second to worst pick, which would be where.

Speaker 4

New York.

Speaker 1

Yeah right.

Speaker 4

New York. So I mean.

Speaker 1

New York, new York, I mean, who'd want to live in that right Unless? That's just all you know? But the countryside of New York is very pretty, yes, but it's expensive, isn't it?

Speaker 4

It is. So they have a really high cost of living, but they don't tax your social security benefits, so that is a plus, um, but they do have a state income tax, um, so they are partially taxing your retirement account withdrawals and some private pensions as well. Okay, um all right, third worst California, so where we're moving people out of everybody's moving from California.

Speaker 4

Yes, um, they have a high cost of living, which I'm sure you've all heard over the last few years, um, and high taxes with that Um. But they do rank really well with healthcare. So they are number six in healthcare. So that's kind of getting back to that point of you're not as great on affordability. You might have great health care, so they do that well, but otherwise they give you some sunny days as well. It seems like everyone that goes to California is like 70 degrees all the time.

Speaker 1

True, and then, continuing on the West Coast, our fourth worst.

Speaker 4

Yes, so we have Washington as our fourth one.

Speaker 1

It's so pretty there, though that's a shame. Washington is our fourth one. Um so pretty there, though that's that's a shame it is.

Speaker 4

It's so beautiful, but they do have a very high cost of living, um, and they do have a high crime rate near their larger cities like Seattle. But again, they have great healthcare. So, um, the West coast is doing well in the healthcare. But as far as the cost of living and um crime rates, you're really going to have to kind of decide if that's what you're looking for and whether that's affordable for you. And then also the weather in Washington can be a little hairy. They rain a lot in.

Speaker 4

Washington so if that's not something that you enjoy and you're a sunshine. I need vitamin D.

Speaker 1

So talk about this. Um Well, the worst state to retire in, so that's going to be Massachusetts.

Speaker 4

Yes.

Speaker 1

And I see here in the notes so they're taxing your investment withdrawals. So so, um 5% state long-term capital gains tax and a 12% on short-term capital gains. That's in addition to what the federal government taxes yes, government taxes, yes, capital gains that wow, that's crazy. So so, like in georgia, it just kind of flows through to the state return. So you'd be like it'd be the same rate, like five percent or something like that, but there you're going to pay five percent state long-term cap cap gains and plus 12 short-term.

Speaker 4

That's crazy and that's going to be on those 401ks and your traditional IRAs and all of that as well, and they're taxing your private pensions as well. So not a lot of tax benefit there and you're still going to have a pretty large tax bill.

Speaker 1

So when we're thinking about moving somewhere for retirement, I think a lot of people are just trying to be near family or they just really like someplace that's. That's their spot right, yes. Like a lot of people, like Florida just because it's good weather year round and you just have what? Two really hot months.

Speaker 4

Definitely.

Speaker 1

And then it kind of cools down. So what, what are, what are things that you should be thinking about? Well, I guess really, how did you build this list, which is very interesting?

Speaker 4

Yes, Well, the biggest thing is cost of living. That is something that is a lot of people's top consideration already, and this will vary heavily between where you decide to move to, and it really can break your financial picture for retirement. So we do definitely need to be mindful of that, and this is something like we have in our software. If you already know you're wanting to move to Florida, then go ahead and let your advisor go ahead and put that in the plan so that then you're already getting what the tax implications of that'll be and what that'll look like in retirement already accounted for in your plan. So you can go ahead and know are we on track or not? Because that is something that can really make or break whether your retirement will be feasible in that space, and so, especially if you're moving from a very low cost place to a more higher cost, are you curious why annuities keep coming up as a potential investment option?

Speaker 4

People are often told that annuities can effectively mitigate investment risks and help secure their financial future. However, annuities often benefit the salesperson and might not be the best choice for you as a consumer To learn more about the various types of annuities, the negatives of owning them and better investment alternatives. We have a free ebook on our website just for you To download our ebook. Buyer, beware, why Do they Keep Trying to Sell you that Annuity? Simply click the link in the episode notes or visit wiserinvestorcom. Slash guides Now.

Retirement Planning Considerations for Seniors

Speaker 1

Let's get back to the episode guides Now let's get back to the episode Access to healthcare and quality of healthcare. I mean, obviously, I would think that that's really more city center focused. Yes, so you want to be closer to the major cities, probably to get the best healthcare, is that?

Speaker 4

a fair statement. Yes, I would say so Because really, if you're in a rural area and you know you're having to wait 45 minutes for that ambulance to come and get you, should someone have to call nine one one, then you're really going to struggle in that area for that quality Cause it is just really a timing thing.

Speaker 1

It's not necessarily professionals If you have to have a lot of doctor's appointments. Yes Hour drive.

Speaker 4

Exactly so. You just want to be mindful of that because that can be really extremely taxing on you and your body. And just another added stress, and it can be something, especially if you're going to the beach even during those high seasons. If you're going to be there during, you know, august, or really, I guess, may through August, then you're gonna have to take that into account, that things are gonna be very busy, and making sure that you're in an area where you will have that access that you may need.

Speaker 1

So taxes, obviously the state tax rate's important. The climate is it a climate that your body is used to or would like?

Speaker 4

Exactly, yes, exactly. Some people like the cold.

Speaker 1

Some people like the cold, some people like the snow. It's just what. It's just what they know. Uh, proximity, family's always important. And then, uh, you know, quality of life and activities. I will say that I I think that there's um with our clients, there's been a trend where there's a condo somewhere where they like to be a lot, and then there's a primary home that's near family, or vice versa. They move their primary home, but they still keep a condo near the family and they go, they go back and forth. So that's something that either people are aspiring to or they've already started executing that, uh, as part of their retirement plan. But that's something that you have to.

Speaker 4

You have to plan for it's really hard to have two homes on a whim for most people Exactly, and it's one of those things too, before you make the full move like maybe it's better to rent that first year or so, just to verify that you know, like this is actually where you want to be, before you're buying a home and spending that large amount of money in retirement Um, because the last thing you want to do is be stuck somewhere for well, you have to think about maintaining it too.

Speaker 1

We've had a couple of conversations with people uh, over the last um, last month or so at least. I have um some of my client meetings. They're wanting to buy a small second home somewhere, and the closer you get to that, to the ocean, the more uh, mother nature just beats up the property.

Speaker 1

You have to maintain that, and sometimes it's just better to rent a place for three months out of the year. No one really wants to be at the beach, I don't think when it's a hundred something degrees outside. So go rent it, um, you know, from like uh, september, october, november, november or something like that, and you're going to find that it's cheaper than the peak season where the families have to do it because of school, and if something breaks you pick up the phone and call somebody and you're probably not going to do that forever. So maybe that's something you do. You plan that out for 10 years or 15 years in your retirement.

Speaker 3

Then after that, you know you're probably not as mobile. True.

Speaker 1

Those are things to think about as alternatives to having a second properties, but ultimate is where you. It's where you live, primarily that. That equates to the taxes and and your, your primary care care providers for healthcare. That's very interesting. I you know I I never would have thought you would have come up with Iowa.

Speaker 4

I wouldn't have either. I was shocked by that. I was like oh wow, like this is really fascinating. But they ended up, you know, ranking really well in the two top categories, which was really like healthcare and affordability.

Speaker 1

So where did Florida everybody? If everybody's going to Florida, where did it rank?

Speaker 4

Florida's not bad. They're eighth, eighth overall, so they did pretty good. They're in the top 10. Well, georgia is let's see, actually georgia is 15th. Okay, so it's honestly very interesting. They did do a map of it all and the southeast actually has like everyone's within the top 20 okay so southeast which is why a lot of our clients aren't moving anywhere exactly because

Speaker 4

everyone wants, everybody wants to come here definitely, and so I mean you have your worst states off and that's normally kind of out west yeah with taxes, and then of course the northeast for affordability as well, but for the most part a lot of clients in michigan, a lot of clients in washington state, but the difference is they're all working. Yes.

Speaker 1

Whether they retire there or not is a different story.

Speaker 4

Yeah, yeah.

Speaker 1

That's very interesting. Well, michaela, thank you for uh for going through that. That's, that was very interesting.

Speaker 4

Of course, it's fascinating for me as well.

Speaker 1

So uh, we have some other podcasts that we referenced retirement travelers. Uh, now on people people magazine, pick them up. Um, episode one, 844. Episode 77, tips for moving to lower tax states. That was a long time ago. This is episode 216. Episode 192, estate planning for those that travel frequently or live in multiple states. That's important. If you're going back and forth, maybe you need to have medical directives for Georgia and Florida or Washington State and Florida, wherever it is that you're going.

Speaker 1

We also have a YouTube channel called A Wiser Retirement. We have two videos you can review there. Where should I pull income in the first years of retirement? What kind of taxes should you expect to pay during retirement? What kind of taxes should you expect to pay during retirement? These are all linked in the show notes of wherever you're listening to this podcast. Thank you for listening to episode 216. If you are interested in learning more about Wiser Wealth Management, I want to schedule a consultation and meet with one of our fiduciary financial advisors. You can do so by going to wiserinvestorcom or you can click the link in the episode notes.

Speaker 3

See you guys next week or you can click the link in the episode notes. See you guys next week. Questions about anything that was discussed today head to wiserinvestorcom and reach out.

Investment Disclaimer and Compliance Information

Speaker 2

This episode was produced by Edward Bersandes.

Speaker 3

This podcast is strictly for informational purposes only and is not to be considered as investment advice or a solicitation to buy or sell any financial products, securities, digital assets or any other investment vehicles or a basis to make any financial decisions. Wiser Wealth Management Incorporated is a registered investment advisor with SEC. The host and or guest may personally own securities, digital assets or other investment vehicles mentioned on this podcast. Neither the host nor guest of the show are compensated for their participation and no referral fees are paid to or received by any host or guest for clients, listeners or similar interests. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial advisor, tax professional, insurance professional and or legal professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.