Kiplinger’s Retiree Map

August 25th, 2009  |  Published in Retirement  |  Comments Off on Kiplinger’s Retiree Map

Kiplinger’s has published a retiree map that might be helpful for you if you’re nearing retirement. It gives you a visual representation of states with favorable tax (or unfavorable) tax situations for retirees. It will show you:

  • 7 states with no income tax
  • 4 states with no sales tax
  • 5 states with the lowest overall sales tax (including averages for county/city sales taxes)
  • 5 states with the lowest median real-estate taxes
  • Most pension-friendly states
  • The states that don’t tax social security benefits

Not a bad map to check out if you’re nearing retirement and looking to make a move.

Save This Much to Retire a Millionaire

March 7th, 2007  |  Published in Investing  |  Comments Off on Save This Much to Retire a Millionaire

Need to know how much to save in order to retire a millionaire at the age of 65? Kiplingers has a whole slew of numbers to give you some confidence that you’re either on the right track or not that far away. The only assumptions they make are that you earn 8% annually on your money and that you don’t bet it all on black when you’re 64 and 11 months (okay, I may have made that last one up).

If you’re 25, to get to a cool million it only takes $286 a month. If you start at 35, you’ll need $671 a month to get to a million. At 45, you have a little tougher going but you’ll need $1,698 per month. If you’re 55, have nothing saved, you’ll need $5,466 saved per month in order to reach a million in ten years.

Some of the advice they give is pretty standard, such as contributing to a 401K if your employer offers a match, work a couple years longer past the traditional 65 retirement age, and contribute the max to your retirement accounts.

Source: Kiplingers