5 Critical Money Moves to Make Before Your 40s Are Over

Happy couple in their 40s sitting by the beach
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For many people, hitting the big 4-0 can actually be quite freeing.

You’re in or approaching your peak earning years, and your home may even be close to being paid off. The kids are out of that house — or nearly so — and you’re enjoying more of the other things life has to offer: hobbies, travel, restaurants that don’t serve french fries.

To be sure, the 40s are tough for some people, especially if they are unemployed or underemployed. But whatever your situation, it’s not too late to make the most of your financial future. To do that, cross off the following five tasks from your must-do list before your 40s are over.

1. Save to avoid a retirement emergency

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Whether you’re riding high or barely making it, you should be saving for retirement. Fail to plan now, and you might find yourself scrambling to fund retirement later.

Ideally, you would have been saving for years. If not, enroll right now in any company retirement plan at work. Then save at least enough money in the account to get your employer’s entire matching contribution — that’s free money.

If there’s no match or even a company plan, start your own individual retirement account (IRA) with a company like Vanguard Group or Fidelity Investments. For more, check out “7 Keys to Stress-Free Retirement Investing.”

2. Prioritize retirement over college

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How lovely would it be to have both a healthy retirement fund and a 529 plan or other means of saving for your child’s college education?

If that’s not possible, you must prioritize your own retirement. The reality is that you can finance an education, but you can’t finance the last few decades of your life.

Be upfront with your kids so they can choose colleges accordingly. If you can offer little to no help, then it’s up to them to apply for scholarships and select affordable schools.

3. Prepare for the worst

African American family
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If you have dependents, a spouse or anyone else who would struggle financially if you died, consider buying life insurance to cover their needs in the event of your death. You can cancel the policy once your dependents become financially independent.

Can’t afford life insurance? If your household income makes you eligible, you might be able to get free coverage through MassMutual’s LifeBridge program. It pays $50,000 toward your child’s educational expenses if you die before they finish school.

Another option to consider is long-term care insurance. This is coverage designed to cover the cost of daily support — helping you with things like bathing, dressing and eating — in the event that you become incapable of doing these things independently.

Some say you shouldn’t be without it; others are willing to roll the dice.

Money Talks News founder Stacy Johnson decided to go without long-term care insurance. However, he stresses the importance of educating yourself on the ins and outs and considering your own situation very carefully before deciding.

4. Invest, even if you think you can’t

Jars of change with plants sprouting.
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Finding money to put away is a challenge, but it’s almost always doable. Not necessarily fun, but possible.

Start by tracking your spending, either on paper or with an online tool like You Need a Budget, aka YNAB. Once you find your money leaks, start plugging them. Every dollar you don’t let trickle pointlessly away is a dollar that can go toward your retirement plan.

Being careful with your money does not mean you can’t enjoy life. You just need to get creative with fun as well as your funds.

5. Think — and talk — about the end of life

Man talking with elderly father.
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If you’re in your 40s, your parents are likely approaching retirement or have already stopped working. That means it’s time to have what may be the most uncomfortable chat you’ll ever have with Mom and Dad.

Yes, it’s worse than the facts-of-life talk. This time you’re discussing things like money, health care directives, power of attorney, wills and where your parents will live out their final years.

Awkward! They — or you — might want to put this talk off indefinitely. Don’t. Trying to figure out what your parents would want after they become ill or are injured is not the way to go about this. You need to know if they have plans in place.

Also, if you haven’t made your own will, do it now. Your loved ones will be traumatized by your death. Don’t make it worse by leaving zero instructions about who should get what and who should be in charge of distributing your worldly goods.

People with minor children must designate legal guardians for those kids in their wills. So, figure out who you’d want those people to be and to ask them if they’d be willing to do it.

For more details, read “8 Documents That Are Essential to Planning Your Estate.”

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

How to Get Thousands of Dollars More in Social Security

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For more than half of Americans, Social Security will be providing more than half of their retirement income.

Since Social Security is a government program available to the vast majority of Americans, you’d think there would be no secrets to “game” the system, no tips or tricks that could result in bigger monthly checks.

But there are things you can do to squeeze more out of the Social Security program, especially if you have a spouse who’s also eligible for benefits. Claiming at the right time, for example, can lead to tens of thousands of dollars more over your lifetime.

In this week’s “Money!” podcast, we’re going to explore techniques to maximize your Social Security.

As usual, I share the broadcast booth with longtime financial journalist and fellow podcaster Miranda Marquit. Joining us this week is Jeff Miller, founder of Social Security Choices, a company providing personalized reports to help consumers decide when to claim Social Security to maximize lifetime income.

Sit back, relax and listen to this week’s “Money!” podcast!

Not familiar with podcasts?

A podcast is basically a radio show you can listen to anytime, either by downloading it to your smartphone or other device, or by listening online.

They’re totally free. They can be any length (ours are typically around a half-hour), feature any number of people and cover any topic you can possibly think of. You can listen at home, in the car, while jogging or, if you’re like me, when riding your bike.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven’t listened to a podcast yet, give it a try, then subscribe to ours. You’ll be glad you did!

Want more information? Check out these resources:

About me

I founded Money Talks News in 1991. I’m a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

7 Top Costly Mistakes Investors Made in 2020

Woman making investing mistakes
ESB Professional / Shutterstock.com

Warning: Big investing mistakes can be hazardous to your wealth.

One or two basic blunders can undermine years of diligent saving and crush your dreams of building life-changing wealth.

Financial professionals see investors make such errors all the time. Recently, they identified the most common of these mistakes as part of the 2020 Natixis Global Survey of Financial Professionals.

Following are some of the costliest mistakes investors likely made in 2020 — and how to avoid them going forward.

Emotional decisions

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When the coronavirus swept into the U.S. this spring, it sent the economy into a tailspin. The S&P 500 index plunged 34%, likely taking much of your wealth with it.

Bear markets feel like a body blow. But throughout history, new bull markets always have followed downturns. That is why hitting the panic button and selling in bad times is usually a mistake.

During this spring’s plunge, the market fell to a low on March 23. But if fearful emotions caused you to sell on that day, you missed out on one heck of a party that followed.

From March 23 through April 9, the S&P rose a stunning 25%. The 100-trading-day period after March 23 marked the best S&P performance since 1933, with a rise of more than 50%. And stocks have continued to soar ever since.

As stocks tanked earlier this year, investors in the U.S. sold $327 billion in mutual fund positions, according to Strategic Insight. The lesson? In investing, emotions can be your enemy.

Timing the market

Man timing the market
G-Stock Studio / Shutterstock.com

Let’s return to the bear market of last spring. As stocks were falling, prognosticators everywhere were rising up, telling you exactly what to do with your money.

Chances are, a few of them were right. But likely, it was very few.

Timing the market — which requires knowing exactly when to buy, and precisely when to sell — is all but impossible. Numerous studies have shown that almost nobody consistently times the market well over the long haul.

In his book “Common Sense on Mutual Funds,” legendary investor John Bogle — creator of the world’s first index mutual fund — wrote:

“The idea that a bell rings to signal when investors should get into or out of the market is simply not credible. After nearly 50 years in this business, I do not know of anybody who has done it successfully and consistently. I don’t even know anybody who knows anybody who has done it successfully and consistently.”

Not recognizing risk tolerance

Walking a tightrope
Vaclav P3k / Shutterstock.com

There is no way around it: Investing is risky. Over time, the stock market rises. But there are periods — some of them long — when equities crater.

Just in the past 20 years, the S&P 500 has seen three large stock market declines, according to Investopedia:

  • Beginning in March 2000: -49%
  • Beginning in October 2007: -56%
  • Beginning in February 2020: -30%

In each case, markets recovered. Sometimes, the recovery was relatively quick. The bear market of 2020 was a blip, lasting just one month.

But in other cases, recovery was a slog. The bear that growled its way onto the stage in March 2000 stayed put for 31 months.

Natixis points out that 56% of investors say they are willing to take on risk to get ahead, yet more than three-quarters say they really prefer safety over investment performance.

So, before you invest, understand exactly how much risk you are willing to take — and what you will do if things do not work out as planned.

Unrealistic expectations

Woman with money, looking stupid
Liudmila P. Sundikova / Shutterstock.com

It’s a safe bet that if you are reading this article, you hope to get rich someday. Or, at least you hope to achieve some measure of financial security.

Here’s the good news: If you save diligently and invest wisely over time, you will almost certainly increase your wealth — possibly to levels that exceed your wildest dreams.

But doing so takes time. Trying to make a quick killing in the market is likely to leave you disappointed. So is expecting wildly high returns of 20% annually.

Be patient. Keep your short-term expectations modest, and let the long term take care of itself. As we wrote in “10 Characteristics of Wildly Successful People“:

“If you aren’t willing to put in the hours and make some sacrifices, you might as well get accustomed to mediocrity. The best things in life — whether that’s money in the bank or a great relationship with your spouse or child — typically come only with significant effort.”

Taking too much risk

Bull and bear
Bacho / Shutterstock.com

As we pointed out earlier, uncertainty is part of investing. It is difficult to get rich without taking on some risk. Money Talks News founder Stacy Johnson is fond of saying you can’t get a hit from the dugout.

However, taking on too much risk can lead to disaster. It’s important to strike a balance. As Stacy says, you never should invest money you will need in the next five years, and you should not invest everything you have into the market — ever. He writes:

“One rule of thumb I’ve been advocating for decades is to subtract your age from 100, then put the difference as a percentage of your money in stocks. So if you’re 20, you can invest up to 80% in stocks. If you’re 80, 20%. If you’re nervous, invest less. It’s just a rule of thumb.”

For more, check out “7 Ways to Slay Your Fear of the Stock Market.”

Not recognizing the euphoria of an up market

Excited woman at a computer
fizkes / Shutterstock.com

When times are good, it is easy to think sunny skies will stretch on forever.

Investors who see a 10% gain in stocks over a period of six months are much more likely to expect their investments to continue to rise in the future, according to research from the Natixis Center for Investor Insight and the Massachusetts Institute of Technology.

But while it may seem counterintuitive, the more stock prices rise, the greater the danger is that a fall is on the horizon. By contrast, when stocks have plummeted — and nobody wants them — they are likely to be a safer purchase.

Those truths are at the root of one of the stock market’s oldest maxims: “Buy low, sell high.” But instead of trying to figure out when to buy and sell, simply invest for the long haul.

As legendary investor Warren Buffett says, “consistently buy an S&P 500 low-cost index fund. Keep buying it through thick and thin, and especially through thin.”

Failing to think about taxes when selling

Uncle Sam and taxes
Sean Locke Photography / Shutterstock.com

Ah, taxes: They are preferable to that other famous “inevitable” in life (death), but they still stink.

Most of us try to keep our tax obligation small. But as the folks at Natixis point out, each time you sell stock shares, you are locking yourself into paying taxes on any gains you may have accumulated. According to Natixis:

“Three-quarters of investors may say they consider tax implications when making investment decisions, but their behavior in periods of stress may actually trigger unintended taxable events. For example, a big sell-off in your portfolio could lock in gains at a time when markets are declining rapidly.”

So, Natixis encourages you to think strategically before selling. Even carefully weighing which holding you should sell first can make a big difference to how much you will owe Uncle Sam on Tax Day.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

This Gift Really Will Last a Lifetime

A woman opens a magical holiday gift
Photo by Subbotina Anna / Shutterstock.com

Want to give the perfect gift? Give something that will last a lifetime: the gift of understanding money.

There are few things more important than financial knowledge, because it’s something that can alter the path of your life. It can make the difference between getting rich and just getting by.

Hyperbole? Not at all. For example, if you save $500 a month over your 40-year working life and earn 5% on it, you’ll end up with a nice nest egg: about $725,000. But if you can double that return to 10%, you’ll retire with about $2.7 million.

Would an extra $2 million change your retirement?

Or consider credit. As I write this, a person with a credit score in the highest range can borrow money for a 30-year mortgage at 2.376%, on average. A person with a score in the lowest range would pay 3.965%. Not much of a difference, right?

Well, if you borrow $300,000, getting the lower rate would mean paying about $94,000 less over the life of the loan. That’s enough to put your kids through college, start your own business or retire earlier. And all you had to do was have good credit.

These are simple examples of how learning leads to earning.

Skills like managing debt, building credit, developing a spending plan, buying a house, investing for retirement, planning your estate, financing college and reducing your tax bill will do more than just make you, or your gift recipient, richer.

They’ll also lead to making solid decisions and realizing goals, which reduces stress and enhances confidence.

Feeling in control means feeling better about life.

In short, financial knowledge will change your life — physically, financially and emotionally.

All of which begs the question: If knowledge of personal finance is critical, why do so few of us take the time to learn it? I think there are three reasons.

Why we don’t learn financial fundamentals

First, traditionally, personal finance hasn’t been taught in schools, so few develop a foundation. Thanks to organizations like the JumpStart Coalition and the National Endowment for Financial Education, this is starting to change, but that does little good for those of us long past school age.

Second, too many of us don’t understand the impact that small amounts of money can make over long periods of time, so we don’t bother to learn the fundamentals.

Finally, there are those who simply think studying money is like studying medicine: too complicated to easily grasp. When the subject comes up, their eyes glaze over. They develop a mental block that lasts a lifetime.

Sound familiar?

How to master money

The ultimate solution for personal finance education is for everyone to take “Personal Finance 101” in high school, then perhaps “201” in college. But until that’s an option, it’s up to you to master money on your own and help those around you do the same.

One way to get educated is to do what you’re doing now and regularly check out sites like Money Talks News. (Sign up here for our FREE newsletter for great info daily!) Another, more direct, route is to take a course specifically designed to teach you everything you need to know.

That’s why I created one. It’s called Money Made Simple.

Money Made Simple is an online course — no waiting for books in the mail! — with lessons on 13 key financial topics featuring short, easy-to-watch videos, as well as jargon-free articles and worksheets. The chapters cover everything you need to know about:

  • Setting and achieving goals
  • Organizing your finances
  • Budgeting
  • Living more while spending less
  • Banking
  • Destroying debts
  • Credit
  • Buying and owning cars
  • Income taxes
  • Real estate
  • Estate planning

Money Made Simple isn’t the only “personal finance 101” course out there, but I think it’s one of the best. And it’s the perfect gift, since, for a limited time, it’s also one of the least expensive courses out there.

You can now purchase it for yourself or as a gift for only $9.99: That’s 90% off the usual $99 price! (Note: This is a limited-time offer that can change anytime.) The course is also guaranteed: If you’re not happy, let us know within 30 days, and we’ll refund you — no questions asked.

Ready to invest in yourself or help someone else?

Click here to give a gift!

Click here to sign up yourself!

If you’d like to learn more before purchasing, no worries: Click here.

But whatever you do, do yourself and your loved ones a favor: Learn financial fundamentals. Turn your doubt into confidence. Win your retirement. Realize your goals. Know where you’ve been, where you’re going and how to get there.

In short, take control of your money. I absolutely, positively guarantee you’ll be glad you did. And if you know someone who could use some knowledge — and don’t we all? — here’s the gift that will keep giving for a lifetime.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

26 States That Do Not Tax Social Security Income

Happy retiree couple
Canon Boy / Shutterstock.com

When trying to figure out where to retire, one consideration is how much of your income will be taxed.

Depending on where you choose to live, you might get a state tax credit or deduction on some of your retirement income. Or, you might avoid state taxes on your retirement income entirely.

In fact, the following 26 states either don’t levy state income taxes or don’t tax certain types of retirement income, including Social Security benefits, according to an analysis by the Tax Foundation.

We start with the states that fully exempt Social Security benefits from all residents’ income taxes as of 2020 and end with a look at the states that have no income tax at all.

Note, however, that just because a state isn’t on this list doesn’t mean all of its residents will owe state taxes on their Social Security benefits.

For example, some states that tax Social Security give exemptions based on factors like age or income, as the Tax Foundation reports. Other states tax Social Security to the same extent that the federal government taxes it — and only about half of Social Security beneficiaries owe federal taxes on their benefits.

1. California

Oakland, California
yhelfman / Shutterstock.com

California’s individual income tax rates range from 1% up to 12.3% for residents with a taxable income of up to $1 million, according to the Federation of Tax Administrators. For those whose taxable income is more than $1 million, California levies an additional 1% tax, making the state’s maximum tax rate 13.3%. However, the state excludes Social Security benefits from taxable income.

If you’re considering retiring in California, don’t overlook the city of Palm Desert. Money ranked it No. 2 on its list of the eight best places to retire in the U.S. in 2020.

2. Indiana

William Saylor / Shutterstock.com

Indiana has a flat personal income tax rate of 3.23%. However, you won’t be taxed on Social Security benefits.

More good news for people considering moving to Indiana for retirement: A 2020 SmartAsset analysis found that it’s the fifth-most affordable state for homebuyers. As SmartAsset explains in “The 10 Most Affordable States to Buy a Home“:

“The Hoosier State has the second-lowest average closing costs in the study, at $2,627. Indiana also is tied for the fifth-lowest median listing price per square foot, at $108. It has the seventh-lowest median listing price overall, at $186,000.”

3. Iowa

Iowa field
Kyle Waters / Shutterstock.com

Iowa’s personal income tax rates range from 0.33% to 8.53%. But the state does not tax Social Security benefits.

4. Kentucky

A historic district of Louisville, Kentucky
Philip Rozenski / Shutterstock.com

Kentucky has a flat personal income tax rate of 5%. However, Social Security benefits are exempt from state income taxes.

5. Maine

Portland, Maine
Jo Ann Snover / Shutterstock.com

Maine’s personal income tax rates range from 5.8% to 7.15%. However, you won’t owe state income taxes on Social Security income in Maine.

6. Maryland

Annapolis, Maryland
Sean Pavone / Shutterstock.com

Maryland’s personal income tax rates range from 2% to 5.75%, but the state excludes Social Security benefits from income.

Some possible bad news for retirees: Maryland is the only state in the nation that levies both an inheritance tax and an estate tax.

7. Oregon

Portland, Oregon waterfront
Josemaria Toscano / Shutterstock.com

In Oregon, the rates for personal income taxes range from 4.75% to 9.9%. Social Security benefits are exempt from state income taxes, though.

8. Pennsylvania

Pittsburgh, Pennsylvania
Sean Pavone / Shutterstock.com

Pennsylvania has a flat personal income tax rate of 3.07%. However, Social Security benefits aren’t taxed.

9. Wisconsin

Madison, Wisconsin
Ian M Johnson / Shutterstock.com

Wisconsin’s personal income tax rates range from 4% to 7.65%. However, you won’t pay state income taxes on Social Security benefits.

10. Louisiana

Lake Pontchartrain
By Judy M Darby / Shutterstock.com

Louisiana’s income tax rates range from 2% to 6%. However, Social Security benefits are exempt from state income taxes.

11. North Carolina

A senior man and German Shepherd dog sit on a cliff on Roan Mountain, located along the Tennessee-North Carolina state line in the Appalachian Mountains
Cvandyke / Shutterstock.com

North Carolina has a flat income tax rate of 5.25%, but those who receive Social Security benefits won’t pay taxes on that income.

12. Hawaii

Shane Myers Photography / Shutterstock.com

Hawaii feels like paradise to many, but residents can expect personal income tax rates ranging from 1.4% to 11%. Some retirement income — like Social Security benefits and employer-funded pensions — isn’t taxed there, though.

The Aloha State also boasts the lowest real-estate property tax burden of any U.S. state, as we recently reported in “10 States With the Cheapest Property Taxes.”

13. Arkansas

IrinaK / Shutterstock.com

In Arkansas, you’ll pay income tax on some of your personal income, at a rate ranging from 2% to 6.6%. However, some types of income that retirees may receive are exempt from state income tax. These types of income include Social Security benefits, military pensions and life insurance payouts that are the result of a death.

Also, note that two of Arkansas’ income tax rates fell for the 2020 tax year. The top rate, for example, was 6.9% for 2019.

14. Mississippi

Realest Nature / Shutterstock.com

Mississippi taxes personal income at rates ranging from 3% to 5%. However, it does not tax benefits received from Social Security. Additionally, the state notes:

“Generally, retirement income, pensions and annuities are not subject to Mississippi Income tax if the recipient has met the retirement plan requirements.”

15. Michigan

Monroe, Michigan
Cozyartz Digital Media / Shutterstock.com

Michigan’s personal income tax rate is a flat 4.25%. However, Social Security benefits aren’t taxed, and neither are U.S. military pensions. Also excluded from state income taxes are Michigan National Guard pensions and rollovers that are not included in the adjusted gross income (AGI) on federal tax returns.

Michigan is also one of several states that offers a property tax deferral program for eligible seniors, as we detail in “12 States Where Older Homeowners Can Defer Property Taxes.”

16. New Jersey

Newark, New Jersey at night
mandritoiu / Shutterstock.com

New Jersey’s income tax rates range from 1.4% to 10.75%. New Jersey also has the highest real-estate property tax burden of any U.S. state, according to WalletHub.

However, multiple types of income that retirees might receive aren’t taxed. They include Social Security benefits, as well as U.S. military pensions and military survivor’s benefit payments. Additionally, life insurance proceeds received because of a person’s death and employees’ death benefits are exempt from state income taxes.

17. Alabama

Skyline of Birmingham at Railroad Park in Birmingham, Ala.
Sean Pavone / Shutterstock.com

Alabama’s personal income tax rates range from 2% to 5%. But multiple types of income that retirees might receive are exempt from state income taxes. Just to name a few examples, Alabama’s Department of Revenue lists the following types of income as exempt:

  • Social Security benefits
  • U.S. Civil Service Retirement System benefits
  • Retirement pay from the military
  • Dividends on veterans’ life insurance
  • Life insurance proceeds from someone’s death

More good tax news: Alabama has the second-lowest property tax burden of any U.S. state, as we reported in “10 States With the Cheapest Property Taxes.”

18. New Hampshire

New Hampshire government
Jeffrey M. Frank / Shutterstock.com

In New Hampshire, only income from dividends and interest is taxed, with the tax rate for these types of income a flat 5%. So, as a retiree in New Hampshire, you’ll only pay state income taxes on interest and dividends, with no tax on Social Security benefits.

If you own your retirement home in New Hampshire, though, you can expect to pay the third-highest real-estate property tax burden of any state.

19. Tennessee

Nashville, Tennessee
jdross75 / Shutterstock.com

In Tennessee, you don’t need to worry about paying taxes on Social Security income or many other types of retirement income, since as of 2020, it’s the only state besides New Hampshire that taxes only dividend and interest income.

However, even that tax, known as the Hall Tax, is being phased out — meaning Tennessee soon will become one of the states that levies no personal income taxes. As part of that phaseout, the Hall Tax rate fell to 2% for tax year 2019 and 1% for 2020.

20. Alaska

Andrea Izzotti / Shutterstock.com

Alaska is one of seven states that levies no personal income taxes at all as of 2020. If you’re willing to head that far north, consider retiring in the city of Anchorage. We cited it in “The 25 Best Places in the U.S. to Retire in 2019.”

21. Florida

Lake Eola Park, Orlando, Florida
aphotostory / Shutterstock.com

Orlando was on our list of best places to retire in the U.S. in 2019 — and not just for the great weather. The state of Florida has no personal income tax at all, so retirees pay no state income taxes.

22. Nevada

Lake Mead, Nevada
CrackerClips Stock Media / Shutterstock.com

Nevada can be a great place to retire if you want a warm climate and access to Las Vegas. Plus, it’s one of the seven states that doesn’t levy a personal income tax as of 2020.

23. South Dakota

Sharon Day / Shutterstock.com

If you retire to South Dakota, you won’t have to worry about paying income tax at all, since it’s one of the states that doesn’t levy an income tax.

24. Texas

Bicyclists cross wooden bridge Buffalo Bayou Park view downtown Houston
Nate Hovee / Shutterstock.com

Many things might be bigger in Texas, but the tax bill isn’t one of them. This is one of the states that doesn’t tax any personal income, including retirement income.

25. Washington

Tacoma, Washington
Druid007 / Shutterstock.com

In Washington, you don’t have to worry about being taxed on your retirement income. This is one of the states that doesn’t levy a personal income tax on any of its residents.

26. Wyoming

Jackson Hole, Wyoming
f11photo / Shutterstock.com

Wyoming is the last of the seven states that don’t levy a personal income tax as of 2020. The state also boasts one of the 10 lowest real-estate property tax burdens in the country.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com

Answers to Your Toughest Retirement Questions

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Note: While we spend the holiday with our families, please enjoy this rebroadcast of a podcast that originally aired on Sept. 16, 2020.

In critical ways, your golden years will be the mirror image of your working years.

Instead of earning money, you’ll be living off the money you’ve already earned. Blow through those savings? Too bad; no do-overs.

Instead of identifying yourself by your job, you no longer have a job. What will you say when the first question you’re asked when meeting someone is, “What do you do?” More importantly, what exactly will you do?

Retirement is a transition most of us will make, but one that many don’t think enough about.

We’ve written hundreds of articles about retirement, as well as offering a complete course on the subject, but there’s more to learn.

In this week’s “Money!” podcast, we’re going to talk retirement with the man behind The Retirement Answer Man podcast. Roger Whitney is an investment and retirement expert who can answer some of the more vexing questions for those approaching their retirement years, like “How will I know I have enough?” and “How can I make the mental transition from working life to retirement?”

As usual, I share the broadcast booth with longtime financial journalist and fellow podcaster Miranda Marquit.

Sit back, relax and listen to this week’s “Money!” podcast:

Not familiar with podcasts?

A podcast is basically a radio show you can listen to anytime, either by downloading it to your smartphone or other device, or by listening online.

They’re totally free. They can be any length (ours are typically just under a half-hour), feature any number of people and cover any topic you can possibly think of. You can listen at home, in the car, while jogging or, if you’re like me, when riding your bike.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you haven’t listened to a podcast yet, give it a try, then subscribe to ours. You’ll be glad you did!

Show notes

Want more information? Check out these resources:

About me

I founded Money Talks News in 1991. I’m a CPA, and I have also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

Source: moneytalksnews.com