Financial Benefits of Moving to Tennessee
Many people wonder if moving to Tennessee is a good move to make, whether they work remotely and have the freedom to live anywhere or are looking for the best state in which to retire. There are pros and cons of living in Tennessee that everyone has to weigh depending on the lifestyle they prefer. For example, a great music scene and lots of tax advantages compared to some unpleasant weather.
If this kind of move has been on your mind, start by watching this quick video that discusses the basic need-to-know points of relocating to a tax-friendly state.
Taxes and Cost of Living in Tennessee
Those who are looking for more information on Tennessee taxes came to the right place. Nine states in the U.S. are considered tax-friendly, and Tennessee happens to fall on that list.
Tennessee is an affordable state to live in with reasonable property taxes, a low cost of living and no state income taxes. With life necessities like utilities, groceries and transportation coming in at a low cost, those wanting to make the move will also find additional benefits. For example, the cost of homes in the state is much lower than the national average, with property taxes ranking similarly.
However, the biggest factor that draws people in is that Tennessee does not have a state income tax. This means individuals are able to take home more with each paycheck, and retirees don’t have to worry about being taxed on retirement accounts, Social Security or pensions.
For more information, take a look at our blog about strategies on saving taxes.
Weather in Tennessee
Being close to the Appalachians, you may wonder if the weather in Tennessee is different from the weather where you live now. While snow is more common closer to the mountains, you’ll find that the rest of the state has relatively mild winters and enjoys all four seasons throughout the year.
During the summer, you’ll find that the mild winters lead to hot and humid temperatures during peak summer months. Rain is common throughout the spring and turns into a dry spell in the late summer through early fall. While hurricanes and earthquakes aren’t an issue here, you’ll come to find that it can be vulnerable to high winds, cyclones and thunderstorms.
Moving to Tennessee for tax advantages requires research beforehand and not just into climate. Read about what a domicile is and the steps for relocating to a tax-friendly state here.
If you are considering a move to Tennessee, be sure you understand what you need to do to establish domicile in Tennessee by downloading our checklist.
The views expressed are for commentary purposes only and do not take into account any individual personal, financial, legal or tax considerations. As such, the information contained herein is not intended to be personal legal, investment or tax advice. Nothing herein should be relied upon as such, and there is no guarantee that any claims made will come to pass. The opinions are based on information and sources of information deemed to be reliable, but Mariner Wealth Advisors does not warrant the accuracy of the information.
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