Question:
How can I save money on my retirement?
Saving money on retirement
When looking for an affordable place to retire, find out how property is taxed. Learn what type of property is taxed, what the tax rates are, and what the exemptions are. For instance, Florida has no income tax, but in addition to a high sales tax there is an intangible personal property tax that taxes a person's investment portfolio. So it might not be the cheapest place to retire. Watch out for local income taxes. States can levy income taxes either at the state, county, or city level.
How to retire for less
The biggest consideration in finding an affordable place to retire is housing. A good rule of thumb is to assume your housing costs will probably consume at least 30 percent of your expenses. When looking for a cheap place to retiren consider that even though most mortgages have been paid off by retirement age, taxes and upkeep will increase. Studies have shown that households made up of individuals over 65 will decrease expenditures in nearly every other area by a larger percentage than they will on housing.
Affordable retirement housing
The search for an affordable place to retire is best carried out systematically. Make a list--a very long list--of cheap places to retire and prune it down to about ten choices. Now, write to the chambers of commerce and tourist bureaus for each of those cities. You can get tons of information this way about amenities, weather, activities, housing... and the information is free!
How to retire for less
Looking for an affordable place to retire is a good idea, even if you think you have plenty of money to retire on. Remember, you will have to contend with illness and other problems associated with aging. A cheap retirement means planning for problems you wouldn't even think about during your younger years. So consider those contingencies when you look for affordable places to retire.
How to retire for less
Rather than waiting to move to a new location after you retire, you may wish to consider moving to an affordable place to retire while you are still working. This will give you extra time and information in planning a cheap retirement that you can enjoy.
How to retire for less
Finding the cheapest place to retire means more than cutting expenses, you need to beware of the tax climate. Not every state will be an affordable place to retire. Forty of the 50 states give a variety of tax breaks to retirees. Seven have no state income taxes for all residents, and eight gave property tax relief to homeowners over 65. Fourteen give homestead exemptions to all homeowners. Most states will allow you to deduct some portion of your government, military or private pension when calculating your income tax.
Retirement Frequently Asked Questions
What benefits does Medicare offer?
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How can find the best place to retire?
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I want to learn more about retiring to Florida.
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Can a retirement calculator help me plan for retirement?
Can a retirement calculator help me plan for retirement?
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How can I make an informed choice when shopping for a retirement home?
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I need some ideas for the perfect retirement gift.
I need to learn more about military retirement.
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How can 401 retirement plans and IRAs help me save for retirement?
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How can estate planning or wills help take care of my family when I'm gone?
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How do I figure out my medicare and medicaid benefits?
When and I Eligible for Medicare?
| Guru Spotlight |
| Sherril Steele-Carlin |
