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Voting with their feet

Voting with their feet

| April 22, 2019
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Florida is generally considered the nation’s top destination for retirees.  But in a survey by United Van Lines late last year it was revealed that, according to its data, New Mexico was actually the nation’s top retirement destination.  The relocation company polled 26,998 of its customers who moved last year and found that among those who moved to New Mexico, 42% did so because of retirement, while Florida came in second with 38% of people citing retirement.  Arizona rounded out the top three.  Low taxes and good weather were cited as the primary reasons.  Meanwhile, the number 1 state losing people in their golden years was New Jersey, which has the highest effective property tax rate in the country at 2.13%, and a top individual income tax rate of almost 11%.  “Voting with their feet” is a phrase that comes to mind.  The infographic below, from CNBC, shows the income tax burden for every state, ranging from $0 to more than $2,000 per capita.  No surprise that the states receiving retirees are in the low tier of taxes, and those losing the most are in the top tier.

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