3 Steps to Prepare for an Out-of-State Retirement

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@ScottinValbom Ай бұрын

Great video, James. Raising awareness is so important and you did so with solid, relatable examples that can be absorbed and understood succinctly without the need to dive deeper into every possible detail. A few folks have asked about those who move out-of-country. I imagine that these same issues would apply. Housing, cost-of-living, taxes, healthcare costs... Something for those folks to keep in mind is that Roth IRAs (tax-free distributions) are a fully US-based concept. Many countries will not likely recognize those distributions as tax-free. Something to think about when planning for large-scale conversions.

@noelrutherford6321 Ай бұрын

What about if you plan to retire in Europe?

@SP-xs6nh Ай бұрын

New Hampshire repealed its Dividend and Interest Tax.

@larryjones9773 Ай бұрын

I'm moving from Texas to California in three years, after I finish up my thirteen years of Roth conversions. My California income taxes will be close to zero. I LOVE Roth conversions (but, it's taken hundreds of hours of planning).

@cdd4530 Ай бұрын

Thanks James, I’m planning to retire at some point next year and I found this to be super helpful.

@kersting13 Ай бұрын

Appreciate the content as always I have been considering a move to another state, as I considered moving out of the City (Portland, OR) for some more space. Being from the southern suburbs of Portland, that was my first thought, but the financial benefits of moving to Vancouver, WA have intrigued me. Especially as I know I'll have incentives to do Roth conversions after retirement. As I understand, when selling a home, you can also deduct improvement costs that have been put into the house. Between an addition, replacement windows, new patio, solar panels, kitchen remodel, appliances, AC unit, furnace, water heaters, etc, I must have at least $200k into the house beyond my purchase price. It's just a matter of how well I can document all of those expenses over the last 20+ years to offset any capital gain. Anyhow, you always seem to put out interesting and relevant content. I've learned a lot from your channel. :)

@woodsparker7902 Ай бұрын

Tax arbitrage is overlooked by many planners. It makes for a good sound bite to promote ROTH contributions as a go to strategy without taking a closer look at what the individual's tax bracket will be in retirement. Way to go, James!

@mkmac9539 Ай бұрын

Great video. Thanks, James.

@hPAO-v5h Ай бұрын

What about retirement out of the country?

@larryjones9773 Ай бұрын

4:30 Broker fees should be significantly lower than $50,000/$60,000 due to the successful Sitzer/Burnett v. NAR lawsuit. These fees were a rigged, price fixing SCAM that lasted for decades. A good negotiator who gets multiple bids should be able to reduce this cost by at least 75% (my prediction). To settle the lawsuit, the industry agreed to follow new rules, which cripples the ability to price fix.

@rolandosouffrain7957 Ай бұрын

Lucky me. I live where a lot of people and I want to retire to. Miami, FL baby 🎉🎉🕺🏾🕺🏾

@EJJ-EvArms Ай бұрын

I'm surprised that you didn't mention that home improvements increase one's tax basis when one sells a home. Also, while you do mention it later,I'm surprised you didn't mention that there's no state income tax in Texas in the context of the move there from Colorado.

@janemuses3031 Ай бұрын

At some point, can you talk to how the new administration might impact our retirement plans for the next 4 years or changes we should think about?

@JanetAllan-cd1zs Ай бұрын

Is there a master list of all the states and their tax rates?

@mizzmolly7649 Ай бұрын

But if you're moving to Texas From Colorado, you're no longer being taxed by the state on Social Security income, pension, and capital gains. Sounds like a good deal to me if you have a very high retirement income.

@scottbaker9066 Ай бұрын

Not enough attention is paid to the taxes on capital gains. Jeff Bezos moved his residency to Florida to avoid California capital gains taxes. Just move your residency, easy if you have a retirement or investment property ie a condo. the 'return to work' idea is a non-starter if your residency moves and your assets then become subject to capital gains taxes in a high tax state.