Do You Have to Relocate For Retirement? – Annapolis and Towson Estate Planning

Whether to relocate for retirement is a difficult question for some people and a snap to answer for others. Relocating in retirement, says The Motley Fool in the article “4 Reasons to Relocate in Retirement,” can make for a far more relaxed, financially easier lifestyle.

Take a look at these four reasons and see how they line up with your current and future living situation.

It’s Expensive to Live Where You Are. If you live in a city like New York, San Francisco, Chicago or Los Angeles, you know about the high cost of living. Food, gas, and housing are just more expensive. While living in an expensive city usually means your paycheck is also high, once you stop working, that higher cost may no longer be affordable. If you can’t live without the amenities of a big city, consider a neighborhood nearby where you can easily access the world-class museums, theater, medical care, etc., but costs are a little lower.

Local and state taxes are high. People who live in high tax states know who they are. Taxes take an even bigger bite out of your budget at retirement. You will have income from Social Security and retirement savings or maybe a part-time job or a business. However, the less taxes you have to pay, the more money you’ll keep.

Property taxes can be a problem, even if you enter retirement with a paid-off mortgage. When you are on a fixed income, high property taxes are a problem. Moving somewhere with lower property taxes could help your fixed income stretch further.

You live in a state that taxes your Social Security benefits. Most states do not tax Social Security benefits, but there are 13 that do. The good news is that some of them offer exemptions for low-income to middle-income households, so you may be able to avoid these taxes. Some also offer a far lower cost of living than others, so that should be only one factor in your decision. Here are the states:

Colorado, Connecticut, Kansas, Minnesota, Missouri, Montana, Nebraska, New Mexico, North Dakota, Rhode Island, Utah, Vermont and West Virginia.

You live in a place where you must have a car. The annual cost of car ownership is estimated at $8,849 on average, according to AAA. If you live in a walkable city, or one with good public transportation, you could save a fair amount of money. Living somewhere walkable will also keep you moving as you age, which is a good thing. At some point, there comes a time when it is necessary to hand over the keys. Losing your independence because there is no public transportation, is a difficult transition.

The idea of packing up and moving from a community where you have friends and family is not an easy one. However, the idea of having more money to enjoy your retirement years may make it worthwhile. Take your time considering how you’ll manage where you are and what you could do in a less expensive location.

Reference: The Motley Fool (Sep. 1, 2019) “4 Reasons to Relocate in Retirement”

Sims & Campbell, LLC – Annapolis and Towson Estate Planning Attorneys

For Immediate Release

Contact: Jane Frankel Sims

410-828-7775

Contact: Frank Campbell

410-263-1667

Sims & Campbell Estates and Trusts

Frankel Sims Law and Holden & Campbell
Merge to Form Sims & Campbell

Firm will offer comprehensive Trusts & Estates services through offices in Towson and Annapolis

TOWSON, Md. (April 26,2019)  Frankel Sims Law and Holden & Campbell have jointly announced the merger of their firms to create a boutique Trusts & Estates law firm providing comprehensive services in the fields of Estate Planning, Estate Administration, Trust Administration and Charitable Giving. The combined firm will be named Sims & Campbell and have offices in Towson, Md. and Annapolis, Md.  Jane Frankel Sims and Frank Campbell will lead and hold equal ownership stakes in the firm.

Sims & Campbell will have 9 attorneys and 15 legal professionals that handle every facet of estate and wealth transfer planning, including wills, revocable living trusts, irrevocable trusts, estate and gift tax advice, and charitable giving strategies.  The firm will focus solely on Trusts & Estates but will serve a wide range of clients, from young families with modest resources to ultra-high net worth individuals.  This allows clients to remain with the firm as their level of wealth and the complexity of related estate and tax implications change over time. 

“By joining forces, we have expanded our footprint to conveniently serve clients in Maryland, D.C. and Virginia” said Jane Frankel Sims.  We are seeing some of the greatest wealth transfer in our country’s history, and we want to continue to be on the leading edge of helping our clients maintain and enhance their family’s wealth.  In addition, we aim to serve our clients for years to come, and the new firm structure will allow Sims & Campbell to thrive even after Frank and I have retired.”    

“Jane and I have always admired each other’s firms and recognized the need to provide even greater depth and breadth of focused expertise to help families amass and protect their wealth from generation to generation,” said Frank Campbell.  “Now we have even greater capabilities to make a real difference for our clients.” 

The Sims & Campbell Towson office is located at 500 York Road, on the corner of York Road and Pennsylvania Avenue in the heart of Towson.  The Annapolis office is currently located at 716 Melvin Avenue, and is moving to 181 Truman Parkway in August, 2019.  For more information, visit www.simscampbell.law.