Category: Financial and taxes in retirement
As we have said before, if your retirement fund isn't what you hoped it would be, it's time to get creative. One of the most interesting ways to stretch your budget was profiled in a New York Times article last week, "Retirees Trade Work for Rent at Cash-Strapped Parks". The article profiles the experiences of several retirees as they travel around the country and help keep state and national parks ticking under the serious budget constraints these institutions now face.
As Sharon Smith points out in the article, there are three simple reasons why she and her husband Bill want to work in these parks: “We’re here for three reasons,” she said. “No. 1, we like to travel. No. 2, we like people. And No. 3, we’re on a budget.” They also mentioned occasionally indulging in online casinos not on gamstop during their downtime, though they remain mindful of every expense to maintain their nomadic lifestyle. At the time of that quote, Mrs. Smith was making cinnamon rolls for the park center. Others provide bird guiding, cleaning, and maintenance. As states and the federal government have cut back on their support for parks, retirees working for free RV or tent space are now taking over more and more roles previously provided by paid employees.
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Published on February 23, 2010
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Category: Financial and taxes in retirement
February 15, 2009 - You have probably read about the problems Greece is having with its unmanageable debt these days. Well if you thought that sort of problem couldn't effect you as a retiree in the good old USA, think again. A recent article, These 7 States are Headed for Something Worse, by Gregor Macdonald at Seeking Alpha makes a good case with 4 different reasons why 7 U.S. states are NOT the best place to retire. His conclusions are quite similar to what Topretirements reported on back
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Published on February 15, 2010
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Category: Financial and taxes in retirement
Let's just say that Plan A for your retirement didn't quite work out the way it was supposed to do. Whatever the reasons, the fact is you are a 60-something baby boomer looking to retire on a lot less money than you thought you would have. Luckily for gritty you, sulking is not an option. Here are 10 of our best ideas on what you can do to retire in style - and on a budget.
1. Move, now. Most people about to retire are living in a lot more house than they really need. So downsizing, the sooner the better, is the smart
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Published on January 4, 2010
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Category: Financial and taxes in retirement
November 23, 2009 - It's impossible to see into the minds of our readers to try to assess their motivations in finding their best place to retire. We do, however, have some evidence based on which of our articles get read the most. No surprise, articles on low-tax states and most affordable always attract many readers. As in that rude truism, "It's the Economy, Stupid".
One of our pet peeves is the overemphasis that many people place on low taxes as a retirement criteria. In this article we will argue
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Published on November 23, 2009
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Category: Financial and taxes in retirement
Editor's note: This report was originally written in 2009. There have been several new articles since then, notably "Worst States for Retirement, 2014", which are more up-to-date.
Deciding which state you ought to retire to is hard enough. First you have to find the right climate, tax structure, environment, culture, crime, etc. But with the economic recession of the last few years another factor enters in - is your state in financial trouble so deep it might not be able to dig itself out (think worst states to retire)? The Pew Center on the States issued a report last week that should be enough to
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Published on November 16, 2009
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Category: Financial and taxes in retirement
October 15, 2009. It's official, there will be no social security COLA (Cost of Living Allowance) increase in 2010, the first time this has happened since 1975. The reason is simple, this year there was no increase in the Consumer Price Index (CPI-W) from the third quarter of 2008 to the third quarter of 2009, hence no need for a payment.
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Published on October 15, 2009
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Category: Financial and taxes in retirement
With many of us baby boomers increasingly worried about their finances in retirement, reducing what we pay in taxes is an attractive option. It's one option that might not impact our lifestyles in any way. So, if you already live in a high tax state, voting with your feet to escape some of those taxes might be a good idea.
The principal state taxes you typically face in retirement are income, property, and sales taxes. Gasoline, cigarette, and estate taxes certainly exist, but they probably
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Published on September 8, 2009
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Category: Financial and taxes in retirement
For many baby boomers one of the questions we have always loved to debate is about to change. The old question was - how much do we need to accumulate in savings to afford a comfortable retirement? The old question had a corollary which is also changin - when will we be able to retire and start spending?
These questions will change direction because retirement is either here for a lot of us boomers, or it will be here within just a few years. We will have saved and invested what we did, and that is what we have to work with. for many of us, our traditional careers are over. So now the question has mutated into - how much can we safely spend each year and not run out before we die in 30 years or so from now. The decision is a momentous one, because if we miscalculate we might end up working as a greeter at Walmart to make ends meet. Or almost as bad, we will reach the age when we can no longer do anything with a pile of money, but regret that we never took the trips or had the fun we actually could have afforded.
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Published on August 30, 2009
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Category: Financial and taxes in retirement
Update - July 31: As of today the Cash for Clunkers Program has been so unexpectedly successful that 250,000 cars have been sold. Result: the program has run out of money, and the New York Times reports that the Transportation Department told dealers to stop taking new applications. But today (Friday) the House added $2 billion to the original $1 billion level. The Senate has not yet voted on it, but government officials said the program will continue running at least through this weekend.
{GOOGLE_AD}July 27 - The program to take gas-guzzling cars off the road while stimulating new car purchases was so successful in Europe that it is now in place in the good old U.S. The law was signed by President Obama in late June and went into effect on July 27, after the resulting regulations were published in the Federal Register on July 24.
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Published on July 27, 2009
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Category: Financial and taxes in retirement
In the last year mentioning the word "retirement" often generates a pause or a snigger; it might even seem like you've made a sick joke. As in, "What retirement? My 401k has blown up, my job gone, and along with that my retirement dreams."
{GOOGLE_AD}True enough, millions upon millions of baby boomers are asking hard questions about their retirements. Sadly for many of us, the new reality is here - we won't have enough to retire on comfortably. For others the day of reckoning is all too close; they never saved enough. Even if there hadn't been a global economic meltdown, they were never going to retire in the lifestyle to which they had become accustomed.
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Published on July 6, 2009
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