When it comes to picking a retirement location, many retirees dream of living someplace sunny and warm. Considering the population in the Las Vegas Valley has exploded over the past decade from under 2 million people to more than 2.7 million today, there must be some good reasons why people are moving to this area.
If you’re asking yourself if retiring in Las Vegas is a good idea, there are quite a few reasons to put the City of Lights on your shortlist. And, once you do decide to relocate to Las Vegas, you’ll want to find the right financial advisor to help manage and protect your wealth.
Why Retiring in Las Vegas Is a Financially Wise Choice
If you like to stay active, there’s more than enough to keep you busy in Las Vegas — on and off the Strip. The obvious draw is the famous casinos, with their high-stakes games, celebrity shows, and live sporting events.
Foodies will love the city’s world-class restaurants. And don’t forget the outdoor opportunities for golf, hiking, swimming, and biking.
But, if you’re going to retire in Las Vegas, you’ll also want an environment that will protect your wealth. Fortunately, this city and state will do just that.
Las Vegas Cost of Living
The housing market in Las Vegas was hit hard during the Great Recession. While it has made a significant recovery, it’s still incredibly affordable to buy a home in Las Vegas compared to many other parts of the country.
Prices of homes in the Las Vegas area vary greatly by ZIP code. Despite these fluctuations, it’s tough to beat Nevada’s property tax system, which is based on 35% of the property’s fair market value. In comparison, most other states use 100%. Qualified residents over the age of 62 can apply for a rebate of up to 90% of their annual property tax payments.
Las Vegas Taxes
Nevada is considered a “tax-friendly” state, making it an ideal retirement destination. When you become a resident of Nevada, you will not pay state taxes on:
- Personal income
- Pension income
- Social Security income
- Withdrawals from retirement accounts
Nevada will also not impose an estate or inheritance tax, unlike some other states.
Where to Find a Financial Advisor in Las Vegas
If you decide that retiring in Las Vegas is the right choice, you’ll want a trusted financial advisor in the area that can help manage and grow your wealth. While there are plenty of options, not all services and providers are equal.
Nevada has strict rules about who can call themselves a CERTIFIED FINANCIAL PLANNER™ (CFP®) or a registered investment advisor (RIA). The requirements involve having the right level and type of education, industry experience, and state licensing.
SkyOak Capital, Inc. is a Las Vegas-based financial advisory firm that puts the client first. We offer a comprehensive suite of full-service wealth management services that includes investment management, financial planning, asset protection, family office services, and specialty assets. We maintain complete independence from any partner or parent companies, allowing us to provide conflict-free and unbiased investment advice.
Las Vegas might be calling your name as a retirement destination. Contact us to learn how we can help protect your assets while you enjoy “America’s Playground.”