Forbes released their Best Places to Retire In 2019 list and you may be surprised by some of the cities on the list. They compiled the list by comparing data on nearly 700 places across all 50 states. They looked at places that had a high quality of retirement living and were affordable. They considered things like doctor availability, serious crime, air quality, bike-ability, as well as the community’s ranking on the Milken Institute list of best cities for successful aging. Forbes’ list has 25 cities it considers the best for retirees. All of them are considered to be #1. Some of the 25 include: Athens, Georgia; Boise, Idaho; Brevard, North Carolina; Delray Beach, Florida; Fargo, North Dakota; Green Valley, Arizona; Lawrence, Kansas; Rochester, Minnesota; Savannah, Georgia; and Winchester, Virgina.
Do wildfire victims have to worry about their taxes too? They sure do! Rob Wood writes in his Forbes article how fire victims are taxed depends on what they collect, what they claim on their taxes, if they are rebuilding their property, their insurance and more.
While most Americans are confident in their current financial health, they aren’t sure about their retirement future, finds a Fidelity Investments study.
62 percent of respondents in the Fidelity survey said they feel confident in their current financial health, but 75 percent of respondents feel only somewhat confident or not confident at all about their retirement finances. The survey also found 82 percent of the general population don’t have a plan in place.
Popular 1031 exchanges save you IRS & State taxes, even in other states. As long as they are like-kind exchanges in real-estate. Some changes have been made to the tax code section and Rob Wood of Wood LLP joins Vanessa to talk about his Forbes article, where he writes in depth of what a 1031 exchange is and what has changed since 2018.
Traditional workers are more likely to save for retirement than independent workers, finds a T. Rowe price study.
The study found 72 percent of traditional workers and 56 percent of gig economy workers are actively saving for retirement. Independent workers primarily use IRAs, while traditional workers prefer employer-sponsored retirement plans. According to the report, gig economy workers are just as likely as traditional workers to say they feel they will be financially ready for retirement. Both traditional and independent workers say they plan to work part-time in retirement, while independent workers are significantly more likely to see themselves working indefinitely.