14 States That Don’t Tax Pension Payouts

Retirement income comes in all forms, and pension payouts are just one of them. To the federal government, most pension payouts are fully taxable as income. To the 50 states and the District of Columbia, the tax picture for pension payouts is a bit more complicated. A patchwork of tax rules Eight states – Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington and Wyoming – don't tax income at all. [...]

March 23rd, 2021|

‘Might as well keep working.’ Pandemic prompts some feds to delay or reconsider retirement plans

Far fewer federal employees retired in 2020 compared to previous years, and for some, the pandemic and new telework arrangements have played a prominent role in their decisions to delay and their views about their jobs. A total of 92,008 federal employees retired in 2020, the fewest in nearly 10 years, according to a Federal News Network analysis of monthly data from the Office of Personnel Management. By contrast, OPM processed 101,580 [...]

March 19th, 2021|

Opinion: The downsides of being a landlord in retirement

If you’re thinking of becoming a landlord as part of your retirement strategy, do the math first. Buying homes, (maybe) fixing them up, and then renting them out is a popular investment for those seeking regular “passive” income after they’ve retired. (It’s seen as a route to wealth for many others, too). By some estimates there are between 8 million and 11 million private landlords in the U.S. Many, no doubt, have had great [...]

March 18th, 2021|

Common financial mistakes to avoid making in retirement

Reaching your retirement goals takes a lot of effort. Once you reach those goals, you have to continue the process in order to achieve the plans you put in place. Fiduciary retirement advisor Josh Smith of Strategic Wealth Designers joined us on the newscast to discuss 3 common financial mistakes to avoid in retirement to make sure you stick to your plans. The first mistake is frivolous spending. “Those small expenses can really add [...]

March 18th, 2021|

4 Steps to Catapult You to Retirement Success

Retiring is something that most people eventually do. But while some spend the time doing the things they've always dreamed of, others find themselves living on a fixed income or working during their retirement years. The lifestyle you live when you retire can vary greatly depending on how much pre-planning you put into the process. If you have a goal of successfully doing so with enough money to last, make [...]

March 17th, 2021|

The First Thing You Should Do With Your Social Security Check

Whether you’re 20 years old or 10 years away from retirement, it’s important to plan how you’re going to supplement your income and spend your money during your golden years. For many soon-to-be retirees, this means making a plan for their Social Security checks. Americans 65 and older spend an average of about $50,000 a year on essentials such as food, housing, transportation and healthcare, according to the Bureau of [...]

March 15th, 2021|