As you get a bit closer to your retirement, you’re probably realizing that some things change after retirement. In Pennsylvania, you’ll want to keep a couple of things in mind.

1. Retirement Income Isn’t Taxed

Pennsylvania is one of the few states that do not tax retirement income—including income from your 401(k), IRA accounts or your Social Security—after you turn 59½. If you’re still working, the income tax rate here is a flat 3.07 percent.

2. Low Cost of Living

The cost of living in Pennsylvania is roughly one percent above the national average—which is much lower than that of neighboring New York (27 percent) or New Jersey (35 percent). That’s why so many people from neighboring states choose Pennsylvania to retire in. It’s also important to remember that the cost of living varies enormously from city to country and even from town to town. When choosing your retirement home, keep cost of living top of mind.

3. Medical Requirements

Unfortunately, retirement is a time when many healthy individuals experience their first real health challenges. It’s important to be prepared for long-term health issues and the accompanying costs. While it’s more fun to plan for a healthy, active retirement, make sure you’ve got contingency plans in place for illness.

An Investment Advisor Representative can help you think through all the opportunities and challenges of retirement. No matter how close you are to retirement, or how far away, it’s a good idea to review your plan with a professional and discuss your options.

MIRUS Financial Partners
110 E. King St.
Lancaster, PA 17602
717-509-4521
mark@mirusfinancialpartners.com
www.mirusfinancialpartners.com

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Mark A. Vergenes is President of MIRUS Financial Partners, 110 E. King St., Lancaster. Investment Advisor Representative offering securities and advisory services offered through Cetera Advisor Networks LLC., member FINRA/SIPC. Cetera is not affiliated with any other named entity. MIRUS Financial Partners nor Cetera Advisor Networks LLC. give tax or legal advice.