Financial Benefits of Moving to Wyoming
You may not be sure what’s out in Wyoming besides land, but you’ll soon learn that living in Wyoming comes with great benefits in real estate, retirement, taxes and health care. This is the ideal state for anyone who loves the outdoors and is looking to save some money. The state offers a lot of natural beauty, with national parks to enjoy year-round and four seasons to experience. The best part is that Wyoming is a very tax-friendly state with low tax burdens across many categories. Watch our Q&A video that answers questions about relocating to a tax-friendly state here.
Living in Wyoming offers many tax advantages. The state does not levy a personal or corporate income tax, which means residents can expect to pay zero in Wyoming state taxes related to wages, allowing them to take home more with each paycheck.
On top of savings in state income tax, there are also tax-friendly regulations in inheritance taxes, estate taxes, intangible taxes, mineral ownership, excise taxes and gift taxes. As a result, you will not be required to pay taxes when you fill up your gas tank, gift real estate or own financial assets.
Life in Wyoming becomes much more affordable not only from money saved in these taxes but also because the state has one of the lowest property taxes in the country. These property taxes are assessed based on the value of your home, but the average tends to hover around 0.61%, making it extremely low compared to other states.
Retiring in Wyoming
This state has been climbing the ranks in post-work life as well. Retiring in Wyoming is a dream for many, and it checks all the boxes with the state’s increasing senior population, because state income taxes are zero. This means you will not be taxed at the state level on income from any retirement accounts (401(k), IRA, etc.), Social Security or pensions.
Another tax benefit that Wyoming residents enjoy is that the state does not enforce taxes on out-of-state retirement income. For example, those living in Jackson Hole who use Wyoming as a second home rather than their primary home will not be charged a tax on retirement income that is earned in another state. The bonus to this is that if you’ve already established domicile in Wyoming (learn more about establishing a domicile here) and call it your permanent home throughout the year, the original state can’t tax the retirement income either.
Health care is a top concern, especially among senior populations. Health care access is one thing that retiring seniors do not have to worry about in this state, which has invested heavily in home-based and community-based medical care, as well as other senior welfare services like senior centers and aging-in-place programs.
If you are considering a move to Wyoming, be sure you understand what you need to do to establish domicile in Wyoming 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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