Yesterday, Rhode Island Gov. Gina Raimondo extended legislation for continuing contracts for union employees, and transmitted legislation mandating overtime for firefighters. Who doesn’t like teachers and firefighters, right? But that’s not the point. Because of her actions, cities and towns in Rhode Island will have no leverage at the bargaining table since contract renewals are now guaranteed. Also guaranteed is overtime for firefighters, even though most towns already pay overtime voluntarily. Raimondo’s automatic contract extension hurts cities and towns because it’s the local … [Read more...]
Your Retirement Life: A Luxury African Safari
Clients of mine shared these pictures from their recent, once-in-a-lifetime trip. Originally posted on Your Survival Guy. … [Read more...]
Your Retirement Life: Choosing Where to Retire: Part III
Some states seem intent on pushing the wealthiest, most productive residents out with bad policies. Lately, Connecticut seems to be the most enthusiastic about encouraging its wealthiest citizens to leave, though Illinois, New York and California don't fall far behind. Now, in an effort to speed further ahead of the high-taxing competition, Connecticut is once again targeting its most productive residents. The Wall Street Journal reports: Connecticut is a gift that keeps on giving to low-tax states. Democratic Gov. Ned Lamont earlier this year pitched a suite of tax increases on everything … [Read more...]
Your Retirement Life: Parents, do You have an Investment Plan?
If you’re a parent, don’t be upset with me for asking: Do you have an investment plan? Because I get it. You’re busy. Between dealing with homework, sports and summer, there’s not much time. But there needs to be. When you find yourself doing the math to remember how old you are, you might be at a point where some financial housekeeping is in order. Time slips away, fast. And it would be a terrible thing to waste when you can make some solid moves today to put your retirement on solid ground. For example, when you’re younger and still reading to your children before bedtime, you’re … [Read more...]
Your Retirement Life: Choosing Where to Retire
Newport County’s municipalities run seven pension plans. Two of the plans, the Portsmouth pension plan and the Newport firefighter’s pension plan were only 57.2% and 51.4% funded as of July 1, 2017. In July, 2018 they improved slightly thanks to the stock market. If that weren’t scary enough, here’s a quote from one administrator: “If the market keeps doing what it’s doing, we’ll be out next year (60% funded). If not, by 2021. We’ll be 100% funded in 2041”. This is on the heels of a record stock market. On the same front page of The Newport Daily News: “City’s Schools Face Funding … [Read more...]
Your Retirement Life: Park City, Utah
Greetings from Deer Valley, Utah. This picture of Becky and me was taken from the chairlift at Deer Valley. We were there in early March and I think we were smiling because it was the first time we saw the sun. It was a snowy trip to say the least, where it felt like you were skiing inside a snow globe. Most of our trip was spent skiing Park City and the Canyons. We stayed in the Silver Star area, with a chairlift and café by the same name that made it feel like your own resort within a gigantic resort. Getting to Park City is a piece of cake. We took a late afternoon flight out of … [Read more...]
Your Retirement Life: The World Needs More Cowboys
Wyoming is the Cowboy State, and if you are looking for more adventure in retirement, it's a great place to go. Wyoming residents are blessed with a tax burden that is tied with South Dakota for second lowest in the nation (behind Alaska). With an overall state tax burden of only 7.1%, residents fleeing New York (12.7%), Connecticut (12.6%), New Jersey (12.2%) or California, Illinois and Wisconsin (all 11.0%), could see savings adding up to around 4%. That's as much as the recommended annual portfolio draw down for many retirees. Can you afford to leave that money with your city and state each … [Read more...]
Your Retirement Life: What States Did Americans Flee in 2018? Where Did They Go?
Every year the United Van Lines moving study sheds some light on which states are watching citizens leave, and which are receiving them. Last year, like many years, saw Americans fleeing the high tax states of New York, Illinois, New Jersey and Connecticut, the top four states for outbound traffic. After leaving those high tax states, Americans are heading for places they can retire with low taxes, or get a job. The top five states for inbound traffic were Vermont, Oregon, Idaho, Nevada, and Arizona. The map below from United Van Lines details Americans' movements in 2018. I've … [Read more...]
Your Retirement Life: Looking for Tax Freedom? Here’s Where to Find It
With tax season here, it's helpful to examine your own tax situation and understand the alternatives. Read this post I wrote on July 5, 2018 for guidance. As Americans near retirement, they are always looking for ways to maximize their savings. At the top of the list of options is avoiding punitive taxation at all levels. There isn't much most people can do about federal taxes (other than vote), but Americans are gifted with a choice of 50 states and a handful of territories from which to choose where to live. I have been encouraging Americans to explore their options when it comes to … [Read more...]
Your Retirement Life: Gone Fishin’ at Bud N’ Mary’s
On a recent trip to the Florida Keys, a client visited Bud N’ Mary’s in Islamorada, FL. If you're a fisherman you'll want to check out this neat video about this sport fishing institution. Originally posted on Your Survival Guy. … [Read more...]
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