Travel to Financial Success

When you apply for your social security benefits, it could take several months before it gets approved by Social Security Administration (SSA).  But, any overdue payments starting from your retirement month will still be paid in a lump-sum.  In this article, we will cover details that you need to pay attention to after you start receiving your benefits, which include: Paying your taxes on benefits Changes that you need to report to SSA Other important information Paying taxes on your benefits You’ll have to pay taxes on your benefits if you file a federal tax return and your total income: > $25,000 as an individual > $32,000 as a joint return To have federal taxes withheld, you need to  Complete and sign a Form W-4V (download link ) Note that you aren’t required to have federal income tax withheld from social security benefits. Your request is voluntary . Return it to your local Social Security office by mail or in person. What you need to report to SSA If y...

Methodology  Moneywise.com combined each state's retirement rankings from WalletHub, MoneyRates and The Motley Fool to create scores out of a possible 150 and make sure you know not to end up in the rotisserie-level heat of Nevada. Factors like cost of living , availability of health care and the local lifestyle can make or break the place where you choose to settle down. Every year, new data is released on which states are best for retirees that take these factors into consideration. The Worst States for Retirement The higher the score ,  the lower the state ranks as a retirement destination . Washington (Score: 136) Alaska (133) Nevada (123) Texas (121) Louisiana (118) New York (115) California (113) Illinois (111) Hawaii (110) New Mexico (110) Tennessee (108) Georgia (108) Maryland (100) New Jersey (99) Oklahoma (96) Oregon (94) Colorado (93) Massachusetts (90) Arizona (80) Arkansas (78) North Carolina (77) Michigan (76) South Dakota (75) Mississippi (69) Minnesota (68) ...

Location: Charles Bridge , Prague Source: [4] Source: GunPolicy.org Source: [3] References Freedom in the World 2018 What it's like to live in a well-governed country Denmark, New Zealand, Canada, Japan, Botswana, Chile Ranking of Happiness Costa Rica Tops the List for Best Places to Retire in 2018 Expat Country Guides Leave America: How To Get A Second Passport (For Free) And Live Abroad

Source: “ Retirees Want More Dogs and Gardens, Less Golf and Pickle Ball ,” John Burns Real Estate Consulting

Figure 1.  Top 10 states in the US with the highest tax burden  As Harry Dent said in his article: Like It Or Not, It's The Democrats' Era And Your Taxes Are Going Up Assuming his prediction is correct, in which state, should a retiree reside to reduce his/her tax burden? State Taxes There are three major state/local taxes to be considered: State income tax Sales /local  tax Property tax In a map, AARP has shown nicely which states do not have income tax, sales tax or taxes on social security . When a state comes to raise its revenues, each could be very different —except in each being heavily dependent on one main source of tax. For example,  Oregon state— which has no sales tax — relies far more heavily on income taxes than any other state (see below chart —click to enlarge). Comparing states for overall tax burden is a bit tricky and sometimes confusing .  Based on different consensus, survey year, methodology used in comp...

Qualifying for  Medicare  doesn't mean that your health care costs will be covered.  Fidelity  estimates that  a couple who retires in 2013 will need as much as $240,000 beyond their Medicare coverage  to pay for health care costs in retirement. [1]  So it's crucial to have adequate savings set aside for your retirement. Assuming you have saved good amounts of money in 401(k), let's look at what the options you have when you retire. Key Facts Your 401(k)s— tax-deferred retirement plans —are  before-tax investments  and can  continue to grow tax-free . Companies also often match your contributions up to a limit. For example, the matching contribution from  Oracle  is equal to 50% of your first 6% in 410(k) Contributions. which is capped to $5,100 in 2013. However, you do pay  Social Security ( FICA )  and other employment taxes on your 401(k) contributions. At the time of 401(k) withdrawals, it will be ...

When planning for your retirement destinations, you should consider at least the following factors: Affordability Economic Health Crime Rates Populations of residents age 65+ Tax situation for retirees In this article, we will discuss the pros and cons of retiring at Las Vegas or in Nevada state in general. Why Las Vegas? In [1], it describes top 5 reasons for people to visit Las Vegas: The Hotels The Shows The Casinos The Dining Scene The Nightlife If you retired in Los Vegas, you would also enjoy the same perks.  So, should you consider retiring at Las Vegas?  Before jump directly to the City itself, let's consider Nevada State in general. Taxes of Nevada State Based on an article  at Kiplinger (updated: 09/2015), Nevada State has the following tax rates: State income tax None The Silver State is one of nine in the U.S. that impose no income tax.  Nevada is NOT on the list of states that tax social security retir...

Best States for Retirement Considering the following factors: Affordability Economic Health Crime Rates Populations of residents age 65+ Tax situation for retirees (see [3,5,8,9,12,17,18,23,30]) Kiplinger has ranked the following states as the "Best States for Retirement 2016": South Dakota Utah Georgia  Tennessee  Alabama  South Carolina  Washington  Florida  Arizona  Idaho  Worst States for Retirement Similarly, based on the following considerations: Total population Share of population 65+ Cost of living Health care costs Median home value Average income for 65+ households Retiree tax picture Communities and activities   Intellectual environment Outdoor activities Kiplinger has ranked the following states as the "Worst States for Retirement 2016": New York  New Jersey California  Connecticut  Illinois Massachusetts  Rhode Island  Mon...