November 2017 11
Best Cities for Retirement in These Income Tax-Free States
If you’re looking for a place where your retirement funds will go the furthest, consider moving to a state that won’t tax your income. Of course, taxes shouldn’t be one of the only factors to consider when deciding where to retire. But moving to a state with no income tax could leave you with more money to cover other costs in retirement.
There are seven states with no income tax on wages, earnings or investment income: Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming. New Hampshire and Tennessee also don’t tax wages but do tax investment income. If any of the no-income-tax states sound appealing, the question then is: Which city is the best to retire to in each of these no-tax states?
To pinpoint the best places to retire, GOBankingRates identified the three largest cities in each no-income-tax state and considered four factors:
Percentage of the population 65 and olderMedian monthly rentMonthly cost of basic utilitiesCost of a meal at an inexpensive restaurant
Click through to see the best cities to retire in states with no income tax. Choosing one of the best retirement cities in these states can help you keep more of your money and retire rich.
Buying a new or used car can be an intimidating experience. Many car salespeople may pressure you to leave the lot with a purchased vehicle, so it’s crucial you’re armed with information about the cars you are interested in, the budget you can afford, and the value of your trade-in—if you have one. With these details, you have all the tools you need to negotiate properly.
Here are 10 tips and strategies for making sure you get the best-quality vehicle at the lowest price.
Some people work 40 or more hours per week and then abruptly stop working altogether the day after they retire. But there are also a variety of ways to gradually reduce your hours as you transition into retirement. Consider these flexible work arrangements for people approaching retirement age.
Black Friday is known to be the best day of the year to score major discounts on appliances, electronics and clothes. But there are tons of other items that will be heavily discounted on Nov. 24 that should grab your attention. You can make the most of the biggest shopping day of 2017 by taking advantage of Black Friday sales on everything from mattresses to pet supplies.
There’s an old saying that money can’t buy happiness, but it can often feel like more money would make everything better. With social media feeds flooded with exotic getaways, even a well-planned but cheap staycation can feel underwhelming. Fortunately, there are plenty of tips on how to be happy that don’t involve doling out large sums of money.
When it comes to preparing for retirement, 50 can be a pivotal age. At that age, most people are just 10 to 15 years away from leaving the workforce, and time is relatively limited to save for retirement.
But with a decade or more of work still remaining, you have enough time to make changes to your retirement savings strategy to ensure you reach your savings goals.
“Add up all of your life savings—your 401(k), your investments, the money under the mattress—and then divide that by 25. Could you live on that amount comfortably for one year?” asks David Rae, a certified financial planner and founder of DRM Wealth Management. “If the answer is yes, then you may be on track for retirement. If it’s no, it’s time to sit down with a fiduciary financial planner to figure out what else you can do to secure your financial future.”
Rae’s formula of dividing by 25 is based on the assumption that people will withdraw about 4% per year from their retirement funds to live on after leaving the workforce.
With that in mind, here’s a look at what retirement and personal finance experts say you should do at age 50 to maximize the likelihood of achieving your retirement savings goals.
Whether it’s taking paternity leave, finding time to work out or making sure they get home in time for family dinner every night, leaders of prominent companies are setting examples by prioritizing themselves, their families and their health over spending long hours in the office.
Recently, after the birth of his second daughter in August, Facebook co-founder and CEO Mark Zuckerberg revealed he would be taking advantage of the company’s generous paternity leave policy by checking out of the office for two months. YouTube CEO Susan Wojcicki makes sure that she gets home by 6 p.m. every night to have dinner with her five children.
Whether it’s taking time off for vacation or quality time to spend with their kids, leaders around the world are setting positive examples for striking the perfect balance between work and play. Here are 10 ways leaders are setting the risk work-life balance examples.
From hurricanes to earthquakes to wildfires, several states have experienced the devastating impact of natural disasters — and taxpayers are now paying for it. In fact, extreme weather disasters cost American taxpayers more than $67 billion from 2000 to 2015, according to a 2016 report by the Center for American Progress.
Recent natural disasters — including Hurricane Irma, Hurricane Maria and the wildfires in Northern California — left millions of residents in need of disaster assistance and cities in dire need of repair. Here’s a closer look at how much natural disasters cost American taxpayers.
Whether its college kids binge-watching “The Price Is Right,” or quiz show connoisseurs playing along with “Jeopardy!” many Americans dream of making a million — or at least winning a trip or two — on a television game show. While there are winners every episode, the odds of a game show minting a millionaire are slim. Still, they aren’t zero. Here are 10 game shows that have made their contestants their first $1 million.
Just because you think you’re ready to retire doesn’t mean your bank account agrees. In fact, a recent GOBankingRates study shows that more than 50 percent of Americans will retire with less than $10,000 in savings.
If your current financial situation leaves something to be desired, it’s time to get on track by creating a savings strategy. Click through for essential tips to help you prepare for retirement.