Personal Finance 87
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.
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.
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.
The 15 cities where Americans work the hardest
Americans work a lot.
According to the Organization for Economic Co-operation and Development, Americans logged on average 1,783 hours of work in 2016. That’s at least 100 more hours a year than the average worker in other OECD countries like the UK, France, Germany, or Sweden.
And when looking at US census data, that number could be higher, since the average working American logs almost 40 hours a week.
So where do people work the hardest?
To find out, personal-finance site WalletHub recently analyzed and ranked 116 of the most populated cities based on six metrics related directly or indirectly to work, including average workweek hours, average commute time, and average leisure time per day. To read more about the study’s methodology, check out the full report here.
It may come as a surprise to some that New York did not make the top 15. Overall, the city ranked as the 29th hardest-working city in the US. According to WalletHub, New Yorkers commute the most, clocking an average of 39.9 minutes on their commute to work. And they put in almost 40 hours a week, which puts them in the top 25 for average hours worked a week. But New Yorkers also play as hard as they work – on average, they spend about 345 hours a week on leisure. Only 11 of the other cities WalletHub analyzed spend more time on leisure.
Click through to see where some of the hardest-working Americans live.
Sometimes retirement isn’t all it’s cracked up to be. Maybe it’s boredom, loneliness, or just too much time on your hands — or the money runs short. There are plenty of reasons a job — especially part-time, flexible work (perhaps done remotely using a phone or computer) — can start to look good to a retiree. And there are plenty of jobs that seniors can pursue (with median hourly wages, where applicable, from PayScale).
Accounting skills and experience don’t just go away at retirement. Payroll, tax advice, or as-needed consulting can be done part-time. Accountemps has guidance for taking on temporary or part-time accounting jobs.
There’s money to be made buying and selling antique furniture, maybe doing some refurbishing along the way. Knowledge, experience, and contacts can make a difference in profits, and online sales channels such as Craigslist, eBay, Etsy, and Krrb help move merchandise.
Pottery, needlepoint, painting, sewing, and other arts and crafts shouldn’t be confined to gifts for friends and relatives. Consider selling at fairs (particularly around the holidays) and on websites such as Etsy, ArtFire, and others.
Writing can be creatively rewarding, and there many options for inexpensive self-publishing. Amazon is one of the most high-profile and has a simple how-to guide from its Kindle Direct Publishing group.
Especially for parents and grandparents, taking care of other people’s kids should be easy and familiar. Retirees near tourist attractions such as Disney World can explore “fairy godmother” hotel child-care services.
Styling hair for everything from corporate events to weddings takes someone with patience, skill, and strong nerves — people paying to look great can be quite picky. A makeup artist can charge a higher rate, according to PayScale, which puts the median pay at $17.25 an hour.
CUSTOMER SERVICE REP
Ideally, customer service should be more than just listening to complaints — it can be more like detective work to help resolve issues.
Driving packages and documents around can be less work than driving people around. One interesting option for part-time delivery is with Amazon, which promises flexible hours and pay rates from $18 to $25 an hour.
Avon, Tupperware, and Mary Kay still use “sales consultants” but are not the only game in town. When exploring “multilevel marketing,” in which people are encouraged to sell to relatives and friends and sometimes recruit them to sell, look to the Federal Trade Commission for guidance on how to ensure the work is legitimate.
Dog walking doesn’t just pay — it adds fresh air and exercise into the mix. Put up fliers in local coffee shops, community centers, pet stores, and animal shelters to bring in work, or sign up with Rover.
Work editing and rewriting other people’s work can come from Craigslist, Indeed, or a number of other sources and sites, and involve anything from real estate brochures to restaurant menus or small newspaper ads.
Ever wonder where websites that answer questions get their information? Many employ people part-time to find the answers. JustAnswer pays for expertise answering questions in specific areas — up to $706 a week on tech issues, according to the site.
FAST FOOD WORKER
No one’s going to get rich working in a fast food restaurant, but it’s one way to make some extra money working part-time.
FOCUS GROUP MEMBER
For as long as there has been market research, there have been focus groups. These days, many focus groups don’t meet physically; the work is done online, making some focus groups little different from online surveys. Focus group sites worth a look include Focus Pointe Global, SIS International, and Luntz Global.
GARAGE SALE CONSULTANT
You can run your own garage sale a few times, but after a while there won’t be much to sell. To make a part-time job out of it, use your experience to help others. The money you can make depends on your ability to negotiate every last cent for a pair of wooden salad tongs that would otherwise go to Goodwill.
Florists work with beautiful products all day, make people happy — or at least feel better — and get to use their creativity. It helps if applicants walk in with some knowledge of plants and flowers, innate talent, and customer service and time management skills.
Design brochures, websites, menus, and other products for individual clients, or do work delivered online through sites such as Creative Market and Big Cartel.
Are friends and relatives always coming around for help with odd jobs such as building fences or fixing furniture? Get the certifications, licenses, and insurance described by the Association of Certified Handyman Professionals and start making money off those skills.
HOME HEALTH CARE AIDE
These health-care workers look after people in their homes — typically working with elderly patients or those with disabilities, doing everything from checking vital signs to helping with physical therapy.
This is a good job for someone with interior decorating skills who can handle tight deadlines and is good at working with others. Home staging typically involves partnering with real estate agents to help them inexpensively redecorate for-sale homes. The Staging Diva has tips for getting started.
Some find a zen-like peace in cleaning. Part-time house cleaning can be lucrative, with flexible hours, and work might be just as easily found independently as by visiting websites for housekeeper recruiting such as Care.com.
Home inspection requires training, and can be tough — done properly, it may displease the homebuyer, seller, or both. But it can make a real difference in people’s lives at an important moment.
Offering to take care of people’s houses while they are away means often staying somewhere new, but not all placements pay — some people look at it more as a way to save money, since they’re not paying rent, and travel. Explore the possibilities on sites such as House Sitters America.
If mowing the lawn and trimming the trees in the yard seems more like fun than a chore, it can be a route to making a little extra money. Compensation for taking care of a few lawns and gardens in the neighborhood depends a lot on location.
Working at a library generally involves listening to people describe the kind of information they want and helping them sift through possible sources — like a human search engine. The work is usually quiet and suits those who enjoy working with people.
MEDICAL RECORDS CLERK
Those paper forms that must be filled out at a doctor’s office are just some of the complex sets of information health-care professionals need to have quickly and accurately entered into electronic record storage systems.
MENTOR OR JOB COACH
To stay close to a profession without the hassle of a full-time job, consider mentoring or career coaching someone just starting in the business. LinkedIn has advice on becoming a career coach.
Modeling isn’t just for teenagers. After all, the magazine, website, and TV ads featuring those vigorous-looking older people don’t use kids in makeup and wigs. To find out more, visit the websites of agencies specializing in senior models.
Musicians working local dances, weddings, or live-music nights at bars and restaurants may not make a ton of money, but they get to make music and be paid for it. Despite the relatively high hourly rate, PayScale shows musicians and singers making less than $40,000 annually (reflecting the limited number of hours typically booked).
You don’t have to sign up with Uber or Lyft to help people in the neighborhood with transportation, whether they be young parents wanting to get kids to after-school activities, seniors who can no longer drive, or others who don’t own a car. Sites such as Monster can be a resource for finding clients.
OnlineCollege.org has a guide to get people started teaching online, and the National Education Association has advice on teaching secondary school students online. Sites such as Udemy and Teachable allow instructors to create their own courses and earn money based on their success.
Fresh air, scenery, and wildlife — sound like an appealing workplace? Some park ranger jobs require a degree in a related field such as forestry, and sometimes emergency training as well.
For people who enjoy cooking, a gig as a part-time personal chef may be a good fit. Cooks must be able to accommodate personal needs and tastes and meet deadlines.
Like house-sitting, a lot of pet-sitting opportunities offer a place to stay instead of money. But with so many owners who spoil their pets like children, there is money to be made by building up clientele and courting word-of-mouth referrals, especially.
Photographers who do weddings, baptisms, graduations, and baby showers need specialized equipment as well as skills and experience, but selling work to stock photography websites such as Shutterstock and iStock is an easy way to get your feet wet in the industry.
It’s not only university professors with master’s degrees who can create and teach college classes. Community adult education centers and community colleges often use people with bachelor’s degrees and life experience.
If most of your career has been spent managing projects, don’t leave that behind entirely. Stay connected in your industry and offer your services for contract project management work. The website Upwork can help find work.
Give back with public service. The part-time compensation for serving on a school board or city council counts for more knowing you’re doing something worthwhile for the community.
Sites such as LinkedIn and Monster advertise jobs and find applicants, but there is no substitute for experienced people who know what a company needs. Recent retirees may be in the perfect position to help recruiters and headhunters. PayScale has insight into what it’s like to work in recruiting.
For those who understand how things tick, literally as well as figuratively, there’s money to be made fixing everything from watches and clocks to lawnmowers and sewing machines. The U.S. Bureau of Labor Statistics sees modest growth in the sector through 2024.
Research assistant is a good job for people who love finding and evaluating information. LinkedIn reports more than 5,000 open research assistant positions in towns and cities nationwide in academic and corporate settings. Pay can depend a great deal on qualifications, experience, and sector.
Yes, retirees can still be winter resort ski patrol members. The job often comes with perks such as a heavily discounted ski pass, on top of knowing you’re helping keep people safe and providing aid when there’s trouble.
There’s more to busking than having an instrument, a pleasant singing voice, and patience — street performing is legal and safe only in certain places, and a permit might be needed. In New York City, using a “loudspeaker, megaphone, or stereo in a street performance” requires $45 for a sound device permit. Balloon animal artists, magicians, and sketch artists can do this too.
Being a part-time swim instructor and lifeguard is a way to get paid to stay in shape and meet community members.
If you’ve spent another tax season being asked by friends and relatives for help, you probably have the skills and experience to be paid for it. Anyone can be a tax preparer, so long as they have a preparer tax identification number from the Internal Revenue Service.
Being a tour guide is a good way to explore a community and share knowledge. It takes work, study, perseverance, and being good with people. One way to ease in is by volunteering at a local museum, art gallery, zoo, or aquarium.
Writing or speaking another language is a huge asset in many sectors, including tourism, government services, and business services. The BLS shows strong growth for translation through 2024.
Creative types can find a number of easy, low-cost ways to get into clothing design. Using websites such as Teespring and Teechip, it’s simple to get shirts (as well as other clothing items) custom-made for you to sell. Zazzle and Etsy can take a designer even further.
There are lots of tutoring services in need of people, including Kaplan, Gold Voice English, and Chegg.
If you believe you have the pipes to do voiceover work, such as for audiobooks or training videos, VoiceBunny has advice. Although the median hourly rate is very respectable, PayScale lists the average annual pay at below $35,000.