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Retiring in Dallas, TX

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If Dallas is poised to be your retirement destination, congratulations—you’ve picked a winning spot to enjoy the outdoors and one-of-a-kind charm. 

Whether you are a local or planning to become one, read our insights for a fruitful Dallas, Texas, retirement, including tax-related and housing details you may not have considered. 

The Pros and Cons of Retiring in Dallas, Texas 

Pros: Besides the warm weather and thriving culture, here is what you have to look forward to when retiring in Dallas, TX: 

  • Tax Benefits. Retirees flock to Texas because there is no personal or corporate income tax, meaning your Social Security and pension won’t be taxed. You also get to enjoy life without estate or inheritance taxes.
  • Tax Relief Programs for Seniors. One of the most noteworthy of these is Texas’ homestead exemption for seniors. Seniors 65+ can claim $35,o00 of their property’s appraised value exempt from property taxes. (Homeowners who use their Texas property as their primary residence can only claim $25,000). 
  • Affordable Housing. While the Dallas-Fort Worth area has a competitive housing market, home prices have not increased as much as in other cities (Austin, for example). The average home in Dallas costs $394,399, only slightly above the national average of $365,616. 

Cons: We would be remiss if we did not highlight less desirable elements of a Dallas, Texas retirement. After all, adequate preparation can help you avoid surprises.  

  • Higher Property Taxes. Texas’s average property tax rate is 1.6% — the 7th highest in the nation.
  • Higher Sales Taxes. Dallas’s sales tax is 8.25%, compared to the national average of 6.88%. (A silver lining: groceries, prescription, and over-the-counter medications are not subject to sales tax.)  
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Navigate Dallas’ Tax Policies With Expert Help

Understanding and taking advantage of Texas’s tax policies, especially benefits designed for seniors, can be tricky, especially if you are new to the state. Luckily, Trajan Wealth fiduciaries are well-versed in Texas taxes and can help you find the optimal ways to use and grow your financial assets. Perhaps more importantly, we can help you avoid or mitigate a costly mistake or missed opportunity. 

Learn more about our approach to financial planning and how it differs from our competitors. 

Enjoy a Successful Dallas, Texas Retirement

Strategically planning for Texas retirement taxes puts you in a good position for your future, especially if you’re new to the state. Turn to our expert fiduciaries to guide you through life’s financial ups and downs. Trajan Wealth works with our clients to set them up for success. Being prepared and knowledgeable is half the battle—we will take care of the rest. 

You can find our main Dallas, Texas office located at: 

5285 Dallas Pkwy.
Frisco, TX 75034

Have questions about Texas retirement taxes and how they could impact your future financial well-being? Schedule your complimentary consultation and work towards the Texas retirement you envision and deserve.  

Call us at (469) 579-3500, email [email protected], or send a note to our team.

© 2024 Trajan® Wealth LLC. Nothing in this blog is intended as investment advice, nor is it an offer to buy or sell any security. Please consult your financial advisor for questions about your personal financial situation. All investments involve risk, including the potential for loss. Trajan Wealth clients and employees may have a position in any of the securities mentioned. Portfolio holdings and other data are subject to change at any time and without notice. Additionally, the above links provided as a convenience and for informational purposes only; they do not constitute an endorsement or an approval by Trajan Wealth, L.L.C., of any of the products, services or opinions of the corporation or organization or individual. Trajan Wealth, L.L.C., bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. These materials are for informational and educational purposes and are not designed, nor intended, to apply to any person’s individual circumstances. It does not take into account the specific investment objectives, tax and financial condition, or particular needs of any specific person. Please consult with your legal and/or tax advisor before making any tax-related decisions.