Reply to 2023: where will you move when your kids leave home?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The real trick is to have a couple of residences that you can bounce between during your retirement years. If you keep residency days below the statutory threshold, you can conceivably also eliminate any state taxes. When not staying in a home, you rent it out as a furnished unit.

Lets say you had a 1BR in NYC, house in Chevy Chase MD, and a home in San Diego CA. With enough documentation and staying below the 183 day/six month rule, you could conceivably pay no state income tax other than that related to rental income of the home in the jurisdiction.[/quote]

That only works if one of the jurisdictions is a state income tax free state and you have actively established your residence in that state (voting registration, car registration, etc.). You've listed 3 high tax jurisdictions - you have to pick one of them for state tax purposes. So make one of those Florida or Texas or Wyoming (or TN or Washington state) and establish that as your primary residence and that model works, as long as you want to move around a lot, or ultimately settle in the no income tax state.[/quote]

+1. I would do kennebunkport, ME; Chevy Chase, DC or Greenwich, CT (avoid NYC tax stuff altogether); and Palm Beach or Miami FL. Would ideally establish residency in FL for tax reasons (and yay warmer winters) and then spend time between Kennebunkport and other property during summer/spring/fall. All on the east coast, so travel between properties isn’t crazy. Kids can use other properties when we’re not there. Climate change is an issue in all areas, unfortunately. But in the world we live in that is inescapable. [/quote]
Miami is getting stupid expensive. Locals are moving out. [/quote]

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