Consider Taxes and Choose Your Retirement Location Carefully
Last week we discussed the best and worst states to retire in when it comes to taxes. So what kinds of factors actually play a role in coming up with those numbers? Choosing a place to call home when you retire is important and there are many factors that can play a role in where you end up. However, speaking strictly in regards to taxes, these are the top four taxes to consider when you’re ready to hang it up and retire.
Of course, your federal income tax will be the same wherever you end up so that is not relevant, but these four other taxes are:
- State income tax – most states charge income tax, but the rates vary. There are seven states, however, that don’t charge any state income tax, which could greatly reduce your retirement taxes.
- Social Security tax – the next tax to look at is the SS tax. There are 13 states that will tax your Social Security benefits; so avoiding these states will reduce your tax bill.
- Sales tax – all but five states have a sales tax but every state’s sales tax rate will differ, so that is another important tax to keep in mind when you retire.
- Property tax – your property tax will also affect your total tax bill so keep this tax in mind when choosing your final home destination, as well.
The bottom line is you should enjoy retirement, no matter where you live. So make sure you choose your location wisely and consider all of these different taxes and how each will affect your personal situation before you make your choice.
Top Moments in Space Exploration
“Remember to look up at the stars and not down at your feet.” – Stephen HawkingThere is no question that space exploration has progressed technology, increased our understanding of the world around us, and inspire us to new heights. Space travel continues to inspire us today. Here is our list of 10 inspiring moments in space exploration. Please share what other inspiring space moments you think should be on the list.10. Space X Falcon Heavy LaunchSpace X Falcon Heavy launch was a big deal for
How to Become a Global Business Leader
Not everyone that wants to become a global business leader is going to reach that goal. That’s because it takes serious commitment, hard work, and a relentless desire to succeed in order to become a successful global business leader. But don’t despair; nothing is impossible if you’re willing to do the work. But you will need to make certain decisions to get there.Don’t be afraid to take chances – taking risks is important, but you don’t want o be reckless. It’s best to take educated risks
Is Bitcoin Ready for Another Surge?
Is Bitcoin Ready for Another Surge? If you’re lucky enough to own a stake in the cryptocurrency Bitcoin, then you’re already aware of it’s extreme volatility. The ultra popular digital currency has experienced massive jumps and slides during the last year, which have seen it reach as high as $19,783 back in December, only to…
How to Start a company with $101
“How can I get my company started if I don’t have any money?” If you are asking this question, you are not alone. The solution is Bootstrapping.Bootstrapping is starting a business with little resources; this includes, money, skills, and a vast array of knowledge. Businesses are starting all around the world and succeeding with very little money. Here are some ideas for you to consider and some guidelines to follow. Reduce cost for things that don’t matter to your customers. The internet has