Personal Finance News Friday 9/14

Phil's Personal Finance Tip of the Day:

10 Least Tax-Friendly States for Retirees
By The Kiplinger Washington Editors | Kiplinger

Some states offer attractive tax benefits to woo retirees.

Then there are these ten states that are stingy with tax breaks for retirees. Some don't offer any breaks on Social Security benefits -- a significant source of most retirees' income. Many of these states also have no special tax treatment for other types of retirement income. Others impose higher-than-average taxes across the board. And many have either an estate tax or inheritance tax.

[More from Kiplinger: How to Retire Rich Starting at Any Age]

Property taxes were also a factor. High property taxes are the single biggest reason retirees living on a fixed income decide to move elsewhere, says Tom Wetzel, president of RetirementLiving.com. John Brady, editor of TopRetirements.com, agrees: "The most significant tax threat to most retirees is the property tax because it is based on the value of your home and bears no direct relation to your income."

To read the entire article from Kiplinger's:
http://finance.yahoo.com/news/10-least-tax-friendly-states-for-retirees.html


Scripture of the Day from Dave Ramsey.com:
Titus 2:6 — Similarly, encourage the young men to be self-controlled
 
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