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However, Texas offers a unique solution.
Its significant financial relief can make you feel more secure and less burdened.
The average monthly cost for expenditures is $1,895.39.
The total average annual cost of living after Social Security is $25,025.62.
Here are four compellingreasons why retiring in Dallas costs less than $50,000 a year.
The Lone Star State is one of the few nationwide that does not charge astate income tax.
Texas also practices a pickup tax regarding your estate planning.
Instead, property taxes are determined by local taxing units such as the city or county you reside in.
Alocal taxing unitcan also be a nearby school district.
However, Texas still offers a tax break known as a homestead exemption if you own your property.
This can equal major savings for you when it comes to housing.
Depending on the situation, you could even claim the exemption starting at age 55 if youre a widow.
Who says getting older doesnt come with perks?
Texas is thesecond biggest stateafter Alaska, meaning there is no shortage of available space to build homes on.
Its why there is a healthy balance of supply and demand regarding housing.
Another reason is the low cost of living.
More competition means lower rates for residents than in other states where utility companies have a monopoly.
Signing up for loyalty programs and taking advantage of senior discounts can also help you stretch your income.
The more ways you’re free to cut your expenses, the less youll need to retire.
Dont rule out Dallas, Texas, when it comes time to retire.
The locals will be happy to have you.
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