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.

Posted in ,
Why Are The Wealthy & Family Offices Investing in Private Companies?

Why Are The Wealthy & Family Offices Investing in Private Companies?

Why Are The Wealthy & Family Offices Investing in Private Companies? Well, it’s true that many private companies would gladly accept significant investment from a venture capitalist. However, there is a new trend emerging among wealthy investors that goes against the norm. Increasingly, private companies are turning to private investors and family office wealth to…

How to Lead in the Age of Agile During a Pandemic

How to Lead in the Age of Agile During a Pandemic

How to Lead in the Age of Agile During a Pandemic Have you heard of agile? It’s often a buzzword in the workplace. Agile started as a philosophy related to software development. But in the past few years, it has morphed into an entire work philosophy. It’s generally viewed as the ability to create and…

mutual respect, improve workplace

4 Ways to Improve Workplace Mutual Respect

Does workplace mutual respect matter during a pandemic?  Yes, it’s important with or without a pandemic, just like it is at home!  The new social distancing rules prompted by the COVID-19 pandemic have resulted in a proliferation of remote workers.  How do business leaders and organizations adjust to extraordinary circumstances never taught in business school? …

Possible PPP Legislation | 1099-B & W-4P

Update on Possible PPP Legislation Hello and welcome. This is Ron Cohen. And this is a tax updates podcast. I’m with the firm of Greenstein Rogoff, Olsen and company. My phone number is 510-797-8661. Call anytime we’re happy to talk and chat with anybody a little bit to see if we can help. This episode…