Category: Financial and taxes in retirement
March 12, 2024 — The vast majority of people for whom Social Security is their only source of income generally won’t pay any taxes on their benefits. But it might come as a surprise to others that their Social Security benefits could count as taxable income. People with enough revenue from pensions, savings, Required Minimum Distributions, etc., might have to pay income taxes on up to 85% of their benefits.
How are Social Security benefits taxed?
The law was changed in 1983 to help improve the stability of Social Security. After that, lower earners continued to get a break on their taxes, but higher earners now had to pay some taxes on their benefits. Over time the brackets have not expanded along with inflation, so an estimated 50% of people now pay some tax on their benefits. SS uses an adjusted gross income formula (earnings, investment income, retirement saving withdrawals and other taxable income, non taxable interest, and one half of Social Security benefits to determine what taxes might have to be paid.
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Published on March 11, 2024
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Category: Best Retirement Towns and States
March 3, 2024 – We periodically update the facts and figures in our exhaustive list of over 65 mini-retirement guides to U.S. states and popular retirement countries. The Florida mini-guide is the latest to be put up to date. The Sunshine State now has over 21.5 million residents and is…
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Published on March 3, 2024
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Category: Retirement Planning
March 2, 2024 -- To do retirement right, you need all of the great tools you can get. In this article we have assembled our top 10 retirement tools for your consideration. As always, we would love to hear about any helps that you have - please share them in the Comments section below.
Social Security1. SocialSecurity.gov. There is so much good and useful information at the Social Security site. You can find out what your benefits will be, when you can sign up, what your filing options are, etc. You can apply online. Of course you can always visit a Social Security office or call them, but start at the website and you will be amazed with what you can find.
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Published on March 1, 2024
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Category: Travel
Fwb. 27, 2024 -- Whether you are just visiting Florida or whether you live there full time, there is one great (free) tool you should have to make the most of your time there. It's the Florida Rambler, and you can sign up for ther Free newsletter here. Their website is also excellent, and free. They've got great articles on the most interesting places and festivals in Florida, plus the low down on beaches, where to hike, camp, kayak, bike, and just plain explore.
Some recent articles on their website include: Everglades day trip, Swamp Cabbage Festival, Hidden Clams Pass Park in Naples, Ravines Garden State Park in Palatka, 2024 Spring Training Guide, etc.
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Published on February 26, 2024
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Category: Financial and taxes in retirement
February 26, 2024 -- Choosing an investment firm to manage retirement savings and IRA and 401(k) investments is an important task, no matter how small those might be. But which of the big 3 investment firms is best - Schwab, Vanguard, or Fidelity? In this article we outline how to choose a firm that protects that money and provides the options to make it grow.
The good news is that all three of these big firms have great products, service, and reputations. Determining whether Vanguard, Fidelity, or Schwab is best for retirees depends greatly on individual preferences, investment goals, financial situation, and the range of services each offers. Additionally, retirees today are becoming increasingly aware of emerging financial trends, such as the anticipated growth in digital investment sectors—particularly bainry und online Casinos 2025, where binary trading platforms and online casinos might present alternative investment opportunities or risks worth understanding. Some retirees choose accounts at multiple brokerage firms and often have distinct opinions about their experiences (we'd love to hear your insights).
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Published on February 25, 2024
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Category: Best Retirement Towns and States
February 12, 2024 -- People looking to retire in a charming European town on a budget have many fine choices beyond the obvious destinations like France, Ireland, and Scotland. They can be terrific places to retire, but countries like Spain, Portugal, the Czech Republic, Lithuania, Italy, and Bulgaria offer affordable rents, much lower cost of living, and sometimes liberal policies about permanent residency. They can also provide an ideal lifestyle for adventurous retirees.
Affordable, stable countries in Europe to retire on a budget
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Published on February 18, 2024
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Category: Social Security
February 11, 2024 -- The File and Suspend gambit is finished, and now the Restricted Benefit (Deemed Filing) is gone too. So what are the best Social Security Spousal Claiming Strategies that remain? Are any legal claiming approaches left that allow couples to maximize their Social Security benefits? The good news is there is still some room to maneuver.
Different situations. Every couple has a different set of circumstances. Perhaps one person has a much higher earning record than the other. The ages of the couple might be very far apart. They might have accrued very high retirement savings, or there is a sizable pension. On the other hand, they might have been forced into retirement early, and do not have much saved. All of these difference situations can mean different Social Security claiming strategies.
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Published on February 9, 2024
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Category: Retirement Real Estate
February 8, 2023 -- Florida might not appeal to everyone, but it sure does attract more retirees than just about anywhere else in the USA. Its huge coastline, countless lakes, lack of a state income tax, and warm winter climate are magnets for overtaxed retirees with a hankering to get away for the winter (or all year round).
The cheapest and most expensive towns in Florida
For purposes of this article we used data from the National Association of Realtors®, which reports on 19 Florida markets. To generalize about Florida, the further one goes south, and the closer to the coast, the more expensive it gets. Naples and Miami hold an overwhelming lead when it comes to costly places for retirement real estate.
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Published on February 7, 2024
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Category: Medicare
The Inflation Reduction Act will save Medicare recipients money
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Published on February 6, 2024
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Category: Best Retirement Towns and States
January 28, 2024 -- People ask, should I retire in New Mexico? The answer is easy if you are looking for a place to retire that has a varied climate, mountains, deserts, a big city (Albuquerque), small towns, ski resorts, and plenty of wide open spaces. It is also much less crowded than more traditional and popular retirement destinations like Florida, Arizona, and the Carolinas. In this article we will explore the pluses and minuses of a New Mexico retirement, along with some of the best places to retire in the Land of Enchantment.
New Mexico Climate
The State has a climate that many people will find as excellently suited for retirement. For folks who like low humidity, New Mexico is dry with a semi-arid climate. The northern sections experience winter, while the southern realms have warm winters. Generally the altitude is high and even has some mountains over 12,000 feet. The eastern portion of the State is more like the Great Plains. The southern portion borders on El Paso, TX, and Cuidad Juarez, Mexico.
New Mexico Taxes in Retirement
Tax Burden: At 10.2% the total tax burden in New Mexico is the 25th lowest of all the states (TaxFoundation.org).
Marginal Income Tax Rates: The New Mexico income tax has marginal rates from 1.7% to 5.9%.
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Published on January 28, 2024
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