Making the most of your nest egg is the key to your retirement lifestyle. One of the first things my clients look at is their financials when making a move. A lot of my clients when retiring consider moving to other states. So I thought it would be a good idea to share with you a tax chart of nearby states so you can see first hand what a great place PA is to live in. Taxes can be overwhelming. You have to pay income tax on your pension and on withdrawals from any tax-deferred investments—such as traditional IRAs, 401(k)s, 403(b)s and similar retirement plans, and tax-deferred annuities—in the year you take the money. The taxes that are due reduce the amount you have left to spend. And living here in Pennsylvania means you won’t lose chunks of your retirement income to state taxes.
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