Where Should You Call Home in Retirement?
Are you planning on retiring soon? There are a lot of things to consider and prepare for when you’re ready to call it quits and start enjoying the so-called “golden years,” especially when it comes to your financial future. One of the most important matters to take care of is how your taxes will affect your retirement. There are many different factors to consider, but one of the most important is simply where you live.
The Best
So what are the best states to call home after you hang up your working shoes for good? There’s a reason that Florida is the butt of many senior citizen jokes, but perhaps surprisingly, according to Kiplinger’s Personal Finance, the Sunshine State is only the tenth most tax-friendly state to live in for retirement. Other states in the top 10 on Kiplinger’s list from nine to one include South Dakota, Louisiana, Arizona, Delaware, Georgia, Mississippi and Nevada at number two. Taking home the top spot is Alaska.
The Worst
On the other end of the spectrum these 10 states scored the worst as far as being tax-friendly goes. In order from 10 to 1 they are: New York, New Jersey, Nebraska, California, Montana, Oregon, Minnesota, Rhode Island, Connecticut and Vermont. So there you have it. If you’re looking for a new tax-friendly place to call home when you decide to retire then consider these lists closely.
Tax-wise Gifts for Loved Ones
Tax-wise Gifts for Loved Ones One of the great joys of parenting (or grand parenting) is watching your youngsters reach milestones, large and small. Nurturing these loved ones. Offering them the emotional and financial support that they need in order to thrive. From an estate planning perspective, making gifts is an excellent way to accomplish…
10 Things Every Taxpayer Needs to Know About the Pension Law
10 Things Every Taxpayer Needs to Know About the Pension Law The Pension Protection Act, signed into law on August 17, 2006, is designed to address the nation-wide problem of under-funded pension plans. The law penalizes noncompliant companies and encourages employee contributions, but many of the changes directly impact taxpayers of all ages, regardless of…
Planning for Retirement
Planning for Retirement Unfortunately, Social Security’s assets are being rapidly consumed and the number of workers supporting it is shrinking. For us, this means we will have to rely heavily on our personal savings when the time for retirement finally comes. While there are a number of options to help each of us create a…
Ten Tax Tips for Individuals Selling Their Home
Ten Tax Tips for Individuals Selling Their Home The Internal Revenue Service has some important information for those who have sold or are about to sell their home. If you have a gain from the sale of your main home, you may be able to exclude all or part of that gain from your income.…