Escape Illinois Should I Stay Or Should I Go(1st Edition)
Authors:
Scott Tucker
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Book details
ISBN: 979-8386198701
Book publisher: Independently published (March 7, 2023)
Escape Illinois Should I Stay Or Should I Go 1st Edition Summary: Should You Escape Illinois? I don't want to see you Escape Illinois only to end up worse off than you are now. After we talk, you may end up deciding to stay put, or you may make a better-informed choice regarding another state.For clients considering states that tax retirement account withdrawals (Wisconsin, Colorado, and North Carolina, among others), we can help engage you in retirement tax planning strategies. At the same time, you’re still an Illinois resident, as Illinois doesn’t currently tax things like Roth conversions; you’ll owe federal taxes only.You save 4.95% in Illinois state income taxes right there! And if you move to that state where they may tax retirement withdrawals, those funds are already “off the grid,” so to speak.That can give you potentially better results than waiting until you’re a resident of one of those “retirement income taxed” states.FYI: Arizona taxes most retirement account withdrawals as ordinary income!My hope for you after reading this book is that if you decide to Escape Illinois, you'll have a less expensive, less taxing, and more tax-efficient retirement in that other state.Or, if you decide to stay put, this book can help show you how to potentially have tax-diverse income here!
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