State Income Taxes

During our personal retirement planning, countless hours (and considerable frustration) were expended trying to obtain pertinent state income tax information. Through this experience however, it was obvious that concise state income tax information was not readily available for people during their retirement and relocation planning. Thus, the decision was made to gather this information and include it on this site, so as to assist others in their retirement and relocation decisions. Once you decide to relocate, or at least consider relocation in the U.S., state income taxes are a critical factor for most of us. There is a wide range of tax provisions among the fifty states and the District of Columbia (D.C.).

As of 2003: Seven states have no general income tax requirements and two states have very limited income taxes. Twenty-six states that have broad-based personal income taxes, exempt Social Security benefits from taxation. Four states exempt private and public pension income (non-contributory private pensions and amounts employees contributed to contributory private pensions). Stop and think for a moment – what would your annual savings be if you resided in one of these states? Residing in a “tax friendly retiree state” can produce dramatic tax savings for most of us. As noted in the Social Security section, social security income provides 50 percent of the total income for two-thirds of retirees and, 90 percent of income for 30 percent. It is clear that related state income tax exemptions (or no state income tax) could produce dramatic, positive changes for all of us that have retirement income. The actual savings generated by favorable state income tax provisions will depend on your circumstances, e.g., the state in which you currently reside, income sources, your specific tax situation, deductions, and the state in which you establish a new residence. For example, a couple with combined social security and pension incomes, the annual savings could readily be $4,000 - $5,000. These savings could be used for your living expenses, recreation, travel, medications, etc. The State Income Tax Profiles, which are available on this site, reflect individual state tax rates by income range, treatment of social security, and pension income, sales tax rate, and gasoline tax. You can approximate your savings (assuming you relocate) by comparing the Profile information with your most recent tax returns from your current state of residence, e.g., social security and pension income and the related total state income taxes paid. Before you make a final decision, ask your tax professional to confirm your calculations. We retirees are likely faced with a future of fixed incomes and increasing lifespans, along with less income than during our employment years. In this situation (reduced revenue) businesses act to reduce their costs exactly as retirees wish to do. Again, while there are other factors to consider, state income tax savings offer among the most, if not the most potential savings for you and the years ahead.

Government Programs

Due to the importance of Social Security and Medicare to most American retirees, we felt it necessary to provide some basic information for these programs. 1. Social Security and Medicare The U.S. Social Security Program was enacted in 1935. Currently, more than 45 million people, or one of every six Americans, collect a Social Security benefit each month. Although Social Security was never intended to be a retiree’s only source of income, it provides 50 percent or more of total income for two-thirds of the beneficiaries and 90 percent of all income for 30 percent of the beneficiaries. During your employment years, you paid FICA taxes for which you earned social security credit. The number of credits needed for benefits depends on your year of birth. If you were born in 1929 or after, you need 40 credits and people born prior to 1929 need fewer credits (34-39). The FICA or social security taxes that are paid are dispersed into three trust funds: *Old Age and Survivors Insurance (OASI), which funds retirement survivor/dependent benefits; *Federal Disability Insurance, which pays benefits to people who have become disabled and to their families; *Federal Hospital Insurance, which pays for services under Medicare’s hospital insurance. In 1999, the Social Security Administration (SSA) began mailing statements to all workers age 25 and older, who are not yet receiving benefits. The statements include your annual earnings and estimates of your future monthly retirement, disability, and survivor’s benefits. You should review these statements to ensure that the annual earnings posted throughout your earning years are accurate, as they are the basis for your benefit calculations. Contact the SSA with any questions about the statements, or if you have not received a statement. The earliest age to begin collecting social security benefits is 62.However, if you elect to begin benefits at 62, benefits will be lower than if you begin at a later age. Nearly half of those eligible for benefits begin at age 62. This decision is personal depending on your financial circumstances but, your SSA statement reflects the estimated monthly benefits for ages 62, 65, and 70 to help with this decision. In 2000, earnings limits triggering benefits reductions were eliminated for social security recipients age 65, or older. This is quite positive since recent surveys reflect that more and more people expect to work longer into their retirement years. There are some income limitations for those younger than 65. Social Security benefits are not automatic; you must apply at least three months before you wish benefits to begin.

2. Medicare Medicare, the health and hospitalization insurance for the elderly and disabled, is available to almost all Americans. It is administered by the Health Care Financing Administration (HCFA), but SSA offices take Medicare applications and assist with filing claims. Also, Medicare premiums are deducted from your Social Security benefits checks. Medicare offers hospital and medical insurance beginning at age 65 and again, you must apply for the program. Failure to apply at age 65 can cost you higher premiums later on. Even if you are covered by private insurance, you should still register for the Medicare insurance. Many private insurance carriers and companies require that people they cover to enroll in Medicare. The private insurance and Medicare plans are then integrated for your coverage. Medicare Hospital Insurance assists with cost of: *Inpatient hospital care *Skilled nursing facility care *Home health care *Hospice care Medicare Medical Insurance helps pay for: *Doctor services *Outpatient hospital services *Home health visits *Diagnostic x-ray, laboratory services *Necessary ambulance service *Other medical services and supplies What Medicare doesn’t cover: *Custodial care *Dentures and routine dental care *Eyeglasses, hearing aids, related exams *Nursing home (except for skilled nurse) *Prescription drugs *Routine physical exams/related tests The Medicare hospital insurance is free to those who are eligible for Social Security benefits.

Planning Your Retirement by Investing in Gold IRA

Investing and saving for the future is the hot topic these days. With debt at an all time high people are concerned about how their investments will pan out for their golden years. Many people hold an Individual Retirement Account but not everyone is aware of a major low risk investment they could be making.

Sometimes making investments feels like a game of dice, it can all change at a moments notice and a downward spiral means that you loose money. With the ups and downs of the economy and the average workers wage needing to go farther than ever before an investment needs to be hassle free, stress free and low risk. 

There are few companies that can boast stability in the current age and companies that have lasted for a hundred years can suddenly find themselves out dated and obsolete leaving all those who invested in stocks with less money than they invested. Even dot com companies are not immune to the rise and fall of fads and an internet company that is here today may be gone tomorrow. 

Major corporations who have one bad idea can loose an entire generation of purchasers and their stock plummets as a result.

So What is the Best Type of Investment?

What investors need is a diverse portfolio that includes an investment that is guaranteed to maintain its worth. An investment that is always in demand is a must for the modern investor, especially since the cost of living continues to increase. The extra security of a financially sound retirement is what gold offers to investors. There are few things that can offer the stability of investment that gold can.

More individuals are turning to gold to secure their retirement futures and sleeping easier at night for having chosen to invest in a commodity that never goes out of style. Whether it is gold bullion, gold coins, gold company stocks (bad idea), gold mutual funds (bad idea) or gold futures the recession proof investment is panning out for those who add it to their retirement portfolio.

Is a Gold IRA a Good Investment?

Gold IRA investments are tax exempt and gold is recession proof. Gold is gold and the value does not change much because of the nature of the precious metal. Once purchased the gold is yours. The government can not put your retirement future at risk by investing it elsewhere. Gold is solid and tangible and therefore can not be lost and because it is held in the IRS repository it can not be stolen. Gold proves itself to be a very conservative addition to any retirement investment account as it is always in high demand and that minimizes any risk to your investment by maintaining its value.

If you already own gold but it isn’t yet invested into your IRA you can roll it over hassle free and tax free. Your Gold IRA functions the same as a regular IRA account. There are no taxes on the gold you purchase and the gold is stored in an IRS depository until you reach the age of 59 1/2 years when the gold is then shipped out and you can sell it how and where you want.

With the internet an investor can research the many choices they have with regards to their gold purchase. This easy access to information also helps the investor to compare the pricing of their investment opportunities. When a decision is made the next step is to search for a reliable and time proven competent company to help with the Gold IRA process.

Choosing the right financial advisory service to help you with the set up or roll over of your current IRA to a Gold IRA account will be the hardest part of the whole process. Look for a company who have garnered the accolades of consumer reviews and peer companies, like Regal Assets. 

Make sure to check to see if the financial advisory and investment company is a certified Gold IRA company to be secure in the knowledge that the financial company you are dealing with has knowledgeable experience in the Gold IRA investment policies and practices. Always check with the Better Business Bureau to confirm that the business you are investing your hard earned money with is reputable. 

Read testimonials of those who have already had dealings with the company to find out if that company is right for your investment needs.

Retirement is an uncertain event in the lives of most people, by adding a Gold IRA investment to your current portfolio some of the uncertainty of your retirement future can be eliminated allowing you greater freedom to enjoy your life without the worry. 

With testimonials from such famous people as Alan Thicke, Dennis Miller and Lars Larson who highly recommend an investment in gold you can believe that a Gold IRA investment is one of the best ways to secure your financial future.

Take a look below at the video testimonial Alan has done for Regal Assets and don’t forget to request your free gold investment kit.

Understanding Your 401k Plan

Understanding your 401k plan and taking advantage of it as much as possible will allow you to reach your goals for a comfortable retirement. Since Social Security checks are usually not enough to maintain a certain standard of living, many employers need extra security when it comes to retirement. If your employer offers 401k plans then you can use this to its full potential to maximize your earnings.

401k plans will differ from employer to employer according to their specific requirements. In order to get the most out of your plan you should understand exactly how it works. Ask questions such as how much of your salary you can contribute, how much your employer will contribute, how long you have to work for the company to be eligible for your contributions and so on.

You should always know how often any earnings are added to your account. It is preferential to have your earnings added as often as possible, and you should be able to access your account by methods that suit you and probable the best one is Fidelity 401k

However, 401k plans are not insured by the government, which means that your investments could potentially be at risk. The risk all depends on your investment, and if you invest in many different types of assets then you will be spreading the risk. If you need more information about Fidelity 401k options then it’s best to ask your plan administrator. There are also a number of resources and brochures that can teach you about various investment options out there

401k to Traditional IRA Rollover

IRA Rollover into 401k If you too Crazy to do this.

Usually it is more common to see a 401k rollover into an IRA. However, occasionally, there are needs for an IRA rollover into a 401k or other qualified retirement plans.

This can be done. But the rules depend on the accepting retirement plan.

Starting in 2002, an IRA retirement plan owner can roll over, tax free, a distribution from an IRA into a qualified plan, 401k,and other retirement plans including a section 457 plan and a tax-sheltered annuity (section 403b plan).

The part of the IRA distribution that can be rolled over is the part that would otherwise be taxable (nondeductible IRA contributions can not be rolled over).

The accepting qualified retirement plan may, but are not required to, accept an IRA rollover. Rules applicable to other IRA rollovers, such as the 60-day time limit, apply.

The 60 day limit for IRA Rollover

If the IRA rollover is not completed within 60 days, then the amount of the IRA rollover that are not rolled over within 60 days do not qualify for the tax free IRA rollover treatment.

That IRA rollover amount must be treated as a taxable distribution from the IRA rollover. The amount of that IRA rollover is taxable in the year distributed, even if the 60-day period expires in the next year.

There may also be a 10% tax on early IRA rollover distributions. Any contribution received by an IRA made more than 60 days after the distribution (a "failed rollover") is treated as a regular contribution (or an excess contribution if in excess of the limitations on regular contributions for that year) and is not an IRA rollover contribution.

Qualified IRAs and Profit Sharing Plans

401(k), 403(b), Qualified IRAs, we offer a variety of tax-free rollover options.

In the event you retire, are laid off, or change jobs you should be aware of your options on what is often one of your largest assets — your qualified plan money. Whether it is a 401(k), 403(b), qualified IRA, or Profit Sharing Plan, a Regal Assets financial professionals can help you review the best options for rolling over those funds into a qualified IRA and quickly handle the transaction. This allows your funds to maintain their tax-deferred status. In this way you avoid the mandatory 20% tax withholding and possible 10% penalty for premature withdrawal, and also this allows your funds to continue to grow tax-deferred. One way to rollover your funds is to request a trustee transfer in which you ask your current qualified plan trustee to transfer the assets held in your current plan directly to the trustee of your new IRA. This is considered the recommended method for rollovers in most cases. A Regal Assets financial professional can handle all transfers and provide you with the necessary documentation. The investments you choose to fund your rollover IRA will go a long way in determining the success of your investment objectives. Low, interest bearing, fixed investments continue to be among the most popular savings options. This is a common mistake. Often these investments barely beat the inflation rate. Considering the increased life span that many of us will have, and now are enjoying — will you have enough to last 20 to 30 years into retirement? The new Roth IRA for some may be an excellent option for your rollover, for an in depth discussion on Roth IRAs go to our homepage  by clicking on the picture at the bottom of this page. Choosing investments that best meet your retirement goals and that could provide you with the potential returns you need to enjoy a safe, comfortable retirement is our goal.  We will review with you what type of investments can best help you achieve this. Depending on the situation mutual funds, money market accounts, bonds, or indexed annuities may play a role in choosing the best investment option for your rollover.  You can also fill in our registration form in right side of this page, the registration form will also allow us to inform you with customized information best suited to your rollover needs.

The Regal Assets Company Review

The one business that could best support you buy gold and secure your retired life is Regal Assets. With over fifty years of incorporated gold spending encounter, workers at Regal Assets are specialists in the industry. With such a considerable history, Regal Assets could help select the correct time to buy gold and established gold-based specific retired life account. Regal Assets isn't a fly-by-night procedure, but one that intends to help you create a strong structure for the future.

Customer Oriented

Regal Assets places the consumers first. The concentrate on hiring skilled workers offers a strong structure for count on with the consumers. With each piece of guidance provided, those behind Regal Assets know that their reputation is on free throw line. This assists the business keep their concentrate on giving the most effective solution in the sector while treating the consumers with regard.

Better Business Bureau

0 complaints closed with BBB since March 10, 2013

http://www.bbb.org/los-angeles/business-reviews/gold-silver-and-platinum-dealers/regal-assets-in-burbank-ca-100088403

The BBB is just one of the most reputabled business integrity experts. Located in 1912, the BBB has been giving ratings for businesses in the USA and Canada for over one-hundred years. Regal Assets presently holds the leading ranking with the BBB, an A+. Regal Possessions likewise is an accredited business within the BBB structure. This signifies Regal Assets can be reputabled and has a history of being an impressive firm in their very own sector.

Trust Link

http://www.trustlink.org/Reviews/Regal-Assets-LLC-206068373

Regal Properties also has a high Trust Hyperlink Ranking. Trust Hyperlink Reviews is a consumer based on-line testimonial and grievance site. Any individual with a web hookup can log in and assess a business in a positive or adverse light. Regal Properties has a rating of 4 from five stars, making it one of the best-reviewed companies on the site.

Pursue the very best

When deciding on buying gold or creating gold based IRA, Regal Assets can lead you with specialist hands. It is one of the most recognized business in the market with customer fulfillment and ratings to show it. Both professionals and customers alike have promoted Regal Properties and their investing approach. With a history that spans the years and a true understanding of the marketplace, this company must be seriously thought about by anybody wishing to invest in gold.

In the end, buying rare-earth elements isn't a high-risk venture. The gold market is steady and the rate will remain to increase. A business like Regal Properties can aid give you all the tools and tips you should invest, whatever degree of knowledgeable you have.

More Concerning Regal Assets, LLC.

With over fifty years of bundled knowledgeable in the rare-earth elements market the Regal Properties group of professionals work for you. From buying and selling Gold Bullion and Gold Coins to giving assistance on setting up a lengthy tax obligation delayed retirement, typically called a Gold IRA, you can be assured that Regal Properties constantly has the appropriate investment for you.