Where To Retire

The portfolio you need is your annual costs divided by your withdrawal rate, so anything that lowers your costs lowers the target. Moving changes two things at once: what your lifestyle costs and what the state takes from your retirement income.

Nine states charge no income tax at all, and Illinois, Iowa, Michigan, Mississippi and Pennsylvania do not tax money taken out of retirement accounts. But housing usually matters more than tax, and the two do not always agree. A state with high taxes and cheap houses often beats one with no tax and expensive houses.

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