Retiring in Illinois vs. Missouri: Which Saves You More Money?

If you're planning to retire in the St. Louis area, one of the biggest questions you'll face is whether to settle in Illinois or Missouri. In this episode, Joe Allaria, CFP ®, breaks down seven key categories, including retirement income tax, estate tax, personal property tax, real estate tax, gas and sales tax, and home prices, to score each state and find out which one comes out ahead.

But the results come with a twist. While Missouri wins more categories overall, the two biggest factors, income tax and estate tax, can pull retirees in opposite directions depending on your specific financial picture. Joe walks through how to figure out which state makes more sense for you based on your own retirement income and estate size.

Topics covered in this episode:

-Retirement income tax differences between Illinois and Missouri
-How Illinois estate tax could impact larger estates
-Personal property tax and real estate tax comparisons
-Gas, fuel, and sales tax differences
-Home price considerations across Metro East and Missouri suburbs
-Why the "best" state depends on your personal financial situation

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Resources
Retirement Planning for Pre-Retirees in the St. Louis Metro East: What to Focus on at 55+

Disclaimer: All material discussed on this podcast is for educational purposes only and should not be construed as individual tax, legal, or investment advice. Investing involves risk of loss, and investors should be prepared to bear potential losses. Past performance may not be indicative of future results. Joe Allaria is an Investment Adviser Representative of CarsonAllaria Wealth Management, Ltd., a Registered Investment Advisory firm. The information discussed on this podcast may be derived from third parties that are believed to be reliable, but CarsonAllaria Wealth Management does not control or guarantee the accuracy or timeliness of such information and disclaims all liability for damages resulting from such sources. Any references to third parties are provided as a convenience and do not constitute an endorsement. Learn more about CarsonAllaria Wealth Management at https://carsonallaria.com/

Invest Wiser & Retire Better!

Invest Wiser & Retire Better!