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Will Moving From New York to Florida In Retirement Save You Taxes?

We often get the question much more frequently from clients – “When I retire, does it make sense from a tax standpoint to change my residency from New York to Florida?”. In this video, Mike Ruger, CFP® and Managing Partner of Greenbush Financial Group explains how the taxes work between New York and Florida. You have to consider: How Social Security is taxed in NY The $20,000 NYS exemption on the distributions from retirement accounts How state pensions are taxed The property tax breaks in NY once you are over 65 Hidden Medicare cost if you leave New York How much your NY tax liability would be in retirement Cost of Living Estate tax laws Video - Medicare Advantage vs Medicare Supplemental:    • Medicare Supplemental Plans ("Medigap...   Video - Changing Your State of Residency:    • How Do I Change My State Residency Fo...   Contact Michael Ruger with Questions: 518-477-6686 or [email protected] Visit our website: https://www.greenbushfinancial.com/ Subscribe to our channel for more financial planning tips:    / @greenbushfinancialgroup   #retirementplanning #financialplanning #greenbushfinancial