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.
Hottest Inventions of 2017
Hottest Inventions of 2017 Wow, believe it or not 2017 is almost over. How can that be possible? Where does the time go? We’re now less than two months away from 2018. That means a new batch of innovative gadgets will soon be making their debut at trade shows and retailers all over the country.…
Add These Historical U.S. Sites to Your Bucket List
Add These Historical U.S. Sites to Your Bucket List Are you a history buff? There are so many places in the country to see if you want to experience some of the things that helped make this country what it is today. Of course, there are many well known sites that would make any history…
How to Build Emotional Intelligence
How to Build Emotional Intelligence IQ vs. EQ and how that affects you Throughout childhood teachers are quick to pick out students who are “high performers” and have a high IQ. With society giving such a larger emphasis on IQ, it is inferred that only those who have a high IQ will be successful financially…
Leadership Through Crucial Conversations
Leadership Through Crucial Conversations Think of a time where you had a difficult conversation with someone, the kind where emotions are strong, and the stakes are high. It could be on a variety of topics: negotiating a raise at work, having to fire an employee, or even how to tell your spouse that you don’t…