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New Study Examines Link Between Tax Policy and Retirement Expenses

A new study from Ooma shows that state tax policies can create substantial differences in retirement costs. The team examined SmartAsset’s tax friendliness rankings to determine which states are the most and least expensive to retire in. Seven states achieved the “very tax-friendly” score: Alaska, Florida, Nevada, Wyoming, South Dakota, Georgia, and Mississippi. These states don’t tax retirement income, Social Security benefits, and in some cases, property, which creates strong advantages for fixed-income retirees. On the other end of the spectrum, seven states were deemed “not tax-friendly”: California, Vermont, Maine, Rhode Island, Connecticut, Minnesota, and Nebraska. All of these states tax income and property for retirees. We can see why many retirees opt for Florida. It’s not just the warm weather. The state has zero income tax, creating value for retirement that offsets living costs. Data like this is crucial for retirement planning and can affect where and when people retire.

New Study Examines Link Between Tax Policy and Retirement Expenses

The Best States in the U.S. to Retire in

 

What would be the most significant characteristic of retirement planning?

 

If the answer given is “finances”, it is probably the right answer. The next question to put forth is what is the best place is to retire in? Being strategic about location can make a big impact on the quality of life, and perhaps help the savings go just a bit further.

 

To help break it down, data from personal finance platform, WalletHub, is visualized, which illustrates and ranks the best U.S. states for retirement as of 2023.

The Best States in the U.S. to Retire in #Infographic

Retirement Planning by State: How Much You Need to Save

Retirement is a time in life when individuals are no longer working and are able to enjoy the fruits of their labor. While the thought of retirement may seem intimidating to some, it can actually be a wonderful and rewarding stage of life with endless benefits. Retirement means that you are no longer bound to a regular job and can enjoy the financial independence that comes with it. You will have more control over your money and can spend it on the things that matter most to you. You will also have lots of free time to pursue your favorite hobbies and interests. Many people who retire start traveling, learning new skills, or volunteering for a cause they care about. The age of retirement slightly varies across the US from 61-67.

Retirement Planning by State: How Much You Need to Save #Infographic

The Top Countries to Retire in Around the World


Our global population is getting older. It is predicted by the OECD that by 2050, 30% of people worldwide will be aged 65 or over.

 

Some countries are well prepared to handle the increase in the elderly demographic, while most of the countries are already feeling the squeeze and stress with the challenges that come with a speedily aging population.

 

In order to find out which countries are well prepared to support their senior citizens, the infographic shows a detailed view. It uses data from the 2022 Natixis Global Retirement Index to show the best countries to retire in around the world, based on a number of different aspects that we will look into.

 

The Top Countries to Retire in Around the World #Infographic

 

Effective steps to plan your retirement

When you get older, the question that pops into your mind is when you will get retired. People usually think long and hard and start to plan their retirement in a fairly earlier time in their career. There are always questions as to how much amount is required for retirement, how much should you have saved by the time you get to 40 or closing in on 50, and many other questions.

Effective steps to plan your retirement #infographic

The Best and Worst Cities for Retiring in the U.S

Baby boomers are on the hunt for comfortable communities to retire in. The ideal city would include plentyneighborhoods with fellow retirees, low costs, high livability, and lots of protections against elder abuse. This index from ADC-FL.com takes those factors into consideration as well as a few others in trying to find the best American cities with the highest “retirability.”

While the index ranked more than 350 American cities, this infographic showcases the top 50 best cities and the top 50 worst cities for retirement. Where is the best? With 54% of locals over the age of 65, low elderly poverty, famously high, golf-cart-driven livability, and the highest median age in the country, The Villages, Florida, ranks as the top city for “retireability.”

The worst city has only 9% of elderly locals, 26.5% of which are living below the poverty line: Laredo, Texas. Texas also happens to be a state with very few protections for the elderly. With so many different options for places to live around the U.S., this index may help those hoping to retire soon consider some important factors.

The Best and Worst Cities for Retiring in the U.S #infographic

Why Retirement Isn’t Always Relaxing
According to today’s infographic, 3 out of 4 retirees don’t receive money from a pension fund, and nearly half leave the workplace earlier than expected.

Retirement can be a difficult reality for many people. We might dream of traveling the world in our golden years, whether it’s cruising around the Caribbean or touring Europe. Of course, we’ll want to leave our estates to our families. But for many baby boomers, just getting through retirement is a struggle. Have a look below!

Why Retirement Isn’t Always Relaxing #Infographic

Which Regions Are Ready For Retirement?
After you’ve worked all your life, it’s only normal to have retirement plans. For most people, they plan to do the things they’ve never had the time for – a round-the-world trip, a sports car, a holiday home, investing more time into their hobbies or even just sitting with their feet up. However, as new research emerges suggesting that people are reaching retirement with debt, or simply not enough money to live, will your pension pot cover your dream retirement plans?

Which Regions Are Ready For Retirement? #Infographic

Why You Should Retire in the Philippines
When the thought of retirement strikes, the idea of relocation also comes to the mind of many people. For some, it’s an opportunity to unite with their children and grandchildren while for others it’s a chance to move away from the crowd and lead a peaceful life in solitude. No matter what your idea of retirement is, Philippines is a wonderful place to settle down in 2016.

Why You Should Retire in the Philippines #Infographic

Investing to Retire
At the age of 20 you’re probably only just starting to think about buying your own car with the daunting prospect of getting on the housing ladder looming ahead. In a tough financial market, it’s hardly surprising that not one thought has gone into planning a pension, but in this case, the sooner you start, the better retired life will be.

Investing to Retire #infographic

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