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Moving for Retirement? Key State Tax Insights for HF Sinclair Employees

Healthcare Provider Update: Offers medical plans through Blue Cross Blue Shield of Texas (BCBSTX), with options for PPO and HDHP plans, plus dental (BCBSTX), vision (VSP), and virtual care via MDLIVE 1. As ACA premiums rise and subsidies expire, HF Sinclairs employer-sponsored plans with preventive care and wellness incentives may help employees avoid the steep out-of-pocket costs expected in the marketplace. Click here to learn more

'HF Sinclair employees weighing a move in retirement should look beyond just income tax and consider the full state tax landscape to support smarter long-term planning,'—Paul Bergeron, a representative of The Retirement Group, a division of Wealth Enhancement.

'HF Sinclair employees exploring relocation in retirement can benefit from understanding how different state tax rules may influence everyday expenses and long-term goals,'—Tyson Mavar, a representative of The Retirement Group, a division of Wealth Enhancement.

In this article, we will discuss:

How moving to a new state may influence income taxes in retirement.
The effect property and sales taxes can have on long-term living expenses.
Why estate and inheritance taxes matter for legacy planning.

Potential tax implications of moving

If you are thinking of moving to a new state when you retire, there are several factors to consider in advance. Beyond determining if the location suits your needs and lifestyle, it's important to find out how much you will owe in state taxes. That's because both your short- and long-term living expenses can be influenced by property and sales taxes. Additionally, certain states have estate and inheritance taxes that may affect your legacy planning.

Even if you plan to move to a state with no income tax after retiring from HF Sinclair, look closely at the full tax landscape before making the leap. In truth, income tax is just one piece of a larger equation. Here are four core tax categories to keep in mind:

1. Income taxes

As of 2025, wage income is not taxed at the state level in nine U.S. states: Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming. This can make these states attractive to HF Sinclair retirees who anticipate earning a higher income even after retirement.

If you plan to meet most of your income needs from pensions, traditional IRAs, and employer retirement plans, this income is generally subject to federal taxes and may be subject to state taxes. That said, most states do not tax Social Security benefits. Be sure to check if that's true in the state you'd like to move to. There are still nine states that impose income tax on Social Security, although they typically also offer exemptions or credits based on your income level. ¹

Comparing estimated state and federal taxes on retirement withdrawals can help clarify how your income could differ depending on where you live. State rules, exemptions, and formulas can vary widely.

2. Property tax

Property tax costs differ greatly depending on where you live. New Jersey, for instance, has an effective property tax of 2.23%, while Hawaii's property tax is only 0.27%. ² According to the U.S. Census Bureau, the national average is 1.02%. ³

In some states, eligible homeowners could see cost reductions through age-based or homestead exemptions. However, this is not universally true. This makes it important to understand the property tax landscape in advance of making any moves. Location and real estate values will heavily influence your total housing-related expenses in retirement.

3. Sales tax

Sales taxes can shape everyday spending, especially for retirees living on fixed income sources of revenue. As of 2025, 45 states impose a statewide sales tax, and 38 states have additional local sales taxes levied by counties or municipalities. ⁴ While exemptions for items like groceries or clothing may exist, they vary widely between states. And these exemptions typically do not mitigate sales taxes on other items, which average 7.52% nationwide. ⁴ Even in places without income taxes, the combined sales tax burden can noticeably impact the cost of living.

4. Inheritance and estate taxes

Other taxes you should consider before moving include those levied on estates and inheritances. These can be crucial as they may influence how much your heirs ultimately receive.

In addition to federal estate tax, 12 states and the District of Columbia impose estate taxes and five states levy inheritance taxes. And then there's Maryland, the only state that charges both. ⁵

Before relocating, be sure to review estate tax laws in both your current and future state of residence since rules and thresholds differ.

The bottom line

Taxes are only one piece of the cost-of-living puzzle. Housing, health care, and insurance may also factor heavily into retirement planning for those leaving the HF Sinclair workforce.

Taking a full view of a state’s tax environment can help you make sound, well-considered choices. Working with a financial planner or tax professional can help you evaluate how a move could influence your income, assets, and long-term goals.

Want help analyzing your retirement move?

The Retirement Group can help you explore how taxes and benefits might shape your retirement income and relocation decisions.

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Articles you may find interesting:

Sources:

1. Fidelity. ' Is Social Security still taxable? ' by Fidelity Viewpoints. 2025.

2. Rocket Mortgage. ' Property taxes by state: Ranked from highet to lowest in 2025 ,' by Joel Reese. September 12, 2025.

3. USA Today. ' These states have the highest property taxes ,' by Sara Chernikoff. July 18, 2024.

4. Tax Foundation. ' State and Local Sales Tax Rates, Midyear 2025 ,' by Jared Walczak. July 8, 2025.

5. Tax Foundation. ' Estate and Inheritance Taxes by State, 2025 ,' by Katherine Loughead. Oct. 28, 2025.

Other Resources:

1. Markowitz, Andy. “ Taxes on Social Security Are Based on Your Income .” AARP , 16 Apr. 2025, updated 12 Aug. 2025, www.aarp.org/social-security/retirement/federal-income-taxes/ .

2. “ Thinking of Moving to Another State? Before You Pack, Understand How Taxes Could Affect Your Finances .” Fidelity Viewpoints , 16 Oct. 2025, www.fidelity.com/learning-center/personal-finance/moving-to-another-state-taxes .

3. TurboTax Editorial Team. “ 9 States with No Income Tax .” Intuit TurboTax , 21 Sept. 2025, turbotax.intuit.com/tax-tips/fun-facts/9-states-with-no-income-tax/c9RZgthD3/.

4. “ How Do State and Local Estate and Inheritance Taxes Work? ” Urban-Brookings Tax Policy Center , Updated Jan. 2024, taxpolicycenter.org/briefing-book/how-do-state-and-local-estate-and-inheritance-taxes-work.

5. “ Property Tax Exemptions .” Texas Comptroller of Public Accounts , n.d., comptroller.texas.gov/taxes/property-tax/exemptions/.

What is the 401(k) plan offered by HF Sinclair?

The 401(k) plan at HF Sinclair is a retirement savings plan that allows employees to save a portion of their paycheck before taxes are deducted.

How can I enroll in HF Sinclair's 401(k) plan?

Employees can enroll in HF Sinclair's 401(k) plan by completing the enrollment process through the company's benefits portal or by contacting the HR department for assistance.

Does HF Sinclair match employee contributions to the 401(k) plan?

Yes, HF Sinclair offers a matching contribution to the 401(k) plan, which helps employees boost their retirement savings.

What is the maximum contribution limit for HF Sinclair's 401(k) plan?

The maximum contribution limit for HF Sinclair's 401(k) plan is set according to IRS guidelines, which may change annually. Employees should check the latest limits for the current year.

When can I start contributing to HF Sinclair's 401(k) plan?

Employees at HF Sinclair can start contributing to the 401(k) plan after completing their eligibility period, which is typically outlined in the benefits documentation.

What investment options are available in HF Sinclair's 401(k) plan?

HF Sinclair's 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to choose based on their risk tolerance and retirement goals.

Can I take a loan against my 401(k) at HF Sinclair?

Yes, HF Sinclair allows employees to take loans against their 401(k) savings, subject to certain conditions and limits as outlined in the plan documents.

What happens to my 401(k) if I leave HF Sinclair?

If an employee leaves HF Sinclair, they have several options for their 401(k), including rolling it over to a new employer's plan, transferring it to an IRA, or cashing it out (with potential penalties).

How often can I change my contribution amount to HF Sinclair's 401(k) plan?

Employees can typically change their contribution amount to HF Sinclair's 401(k) plan during open enrollment periods or at any time as permitted by the plan rules.

Is there a vesting schedule for HF Sinclair's 401(k) matching contributions?

Yes, HF Sinclair has a vesting schedule for its matching contributions, meaning employees must work for a certain period before they fully own the matched funds.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

HF Sinclair provides both a pension plan and a 401(k) plan for its employees. The company's pension plan is referred to as the HF Sinclair Retirement Plan, and it generally requires employees to meet certain age and years of service qualifications to be eligible. The pension formula is based on a final average pay calculation, which considers the employee's average salary over the last few years of service. For the 401(k) plan, known as the HF Sinclair 401(k) Retirement Savings Plan, employees are automatically enrolled with a default contribution rate of 6% of eligible earnings. Employees have the flexibility to adjust this contribution rate from 1% to 75% of their eligible earnings. The plan includes a company match, enhancing the retirement savings for participants. Detailed information about the pension and 401(k) plans, including eligibility criteria, contribution limits, and specific terms, can be found in the HF Sinclair benefits summary documents from 2022 to 2024, accessible through their internal benefits portal. Please refer to the specific benefits document for exact details, including page numbers

Layoffs: In 2023, HF Sinclair implemented significant layoffs at its Sinclair refinery, affecting nearly 100 employees. The decision was met with concern from both state and federal officials due to the economic impact on local communities. This reduction aligns with the company's broader strategy to optimize operations in a challenging economic environment. The layoffs are important to address given the current economic pressures and the impact on the local workforce, emphasizing the need for strategic planning and support for affected employees.

HF Sinclair Corporation offers various employee stock options (ESOs) and Restricted Stock Units (RSUs) as part of its equity compensation program. These options and units are made available to employees to align their interests with the company's performance and long-term success. Stock Options: HF Sinclair provides employees the opportunity to purchase company stock at a predetermined price, known as the exercise price. This option typically vests over a period of time, allowing employees to purchase shares at the set price, regardless of the market price at the time of exercise. Restricted Stock Units (RSUs): RSUs are another form of equity compensation offered by HF Sinclair. Unlike stock options, RSUs represent a promise to deliver company shares at a future date, subject to vesting conditions such as continued employment or performance milestones. Upon vesting, RSUs are converted to actual shares of HF Sinclair stock. Eligibility: Both stock options and RSUs are generally made available to a wide range of employees within HF Sinclair, including senior executives, managers, and other key employees. The availability of these equity awards is typically tied to the employee's role, performance, and tenure with the company. In 2022, 2023, and 2024, HF Sinclair continued to issue these equity compensations as part of their incentive plans, adapting the terms and conditions based on the company’s financial performance and strategic goals. For detailed information on the specific terms and conditions, including vesting schedules and eligibility, you can refer to the company’s investor relations presentations and annual reports.

HF Sinclair offers a comprehensive range of health benefits aimed at supporting the physical, mental, and financial well-being of its employees. For the years 2022, 2023, and 2024, HF Sinclair's health benefits include medical plans with Health Savings Accounts (HSA), Health Reimbursement Accounts (HRA), and incentives like the "Go-to-Doctor" program, which offers premium discounts for completing an annual physical. Employees have access to various healthcare plans, including dental and vision coverage, as well as wellness programs that promote preventive care.

Additional Articles

Check Out Articles for HF Sinclair employees

For more information you can reach the plan administrator for HF Sinclair at , ; or by calling them at .

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