Americans aged under 35 are happier with their paychecks now than they have been since 2011. The Wall Street Journal's Lauren Weber reports: American workers under 35 report being happier with their paychecks than people over 55 for the first time since at least 2011, according to a new report from the Conference Board, a business-research organization that polls U.S. employees about workplace satisfaction. Overall, the share of workers satisfied with their paychecks rose to 46.4% in 2018, from 43% in 2017, an increase that mirrors federal data showing that wage growth accelerated in 2018. … [Read more...]
Does Your State Just Cost Too Much to Retire In?
If you live in Hawaii, California, or New York, your state is costing you a lot of money. According to the Tax Foundation, in those states respectively, $100 will only buy you 84%, 86% and 87% of what you can get in an average cost of living state. Meanwhile, if you live in Mississippi, Arkansas, or Alabama, your dollar will last you much longer, with a buying power of 117%, 116% and 115% of average in those states respectively. If you're retired and living on a fixed income, the boost in purchasing power could make a major difference in your standard of living. Analysts from the Tax … [Read more...]
Here’s Who Benefits from New England’s High Taxes: It’s Not Who You Think
Residents of New England and nearby New York and New Jersey endure some of the nation's highest tax rates (not New Hampshire). With the capping of the State and Local Tax (SALT) deduction on federal taxes, the bad behavior of these states was revealed to everyone. You may think that the federal government and those who want to "tax the rich," are the real winners of the SALT cap, but that doesn't appear to be the case. The tax the rich crowd isn't so keen on taxing the rich when that means themselves. And the federal government is giving away far more in revenue than it's getting with the … [Read more...]
Can You Guess Where Financial Firms Are Going When they Flee the Northeast’s High Taxes?
If you answered Palm Beach County in Florida, you're right. When tax reform capped state and local tax deduction from federal returns, financial firms and their employees were exposed to the naked truth about the high state taxation in the Northeast. With governments in New York, Massachusetts, and Connecticut drowning in obligations, taxes aren't coming down soon. That's why so many financial firms and employees are voting with their feet and heading for low tax Florida instead. Many wealthy retirees have already made this sound financial choice, and it's no surprise to see profit-making … [Read more...]
This Small State is Beating its Neighbors in a Debt Race. That’s Not Saying Much.
Despite being surrounded by the two states ranked by Moody's as having the worst debt service to state revenue ratios in the country, Rhode Island managed to come in 18th highest. Connecticut was worst, and Massachusetts just behind in second place. Is there a lot of work to be done in Rhode Island? Absolutely, but in New England, 18th worst is cause for celebration where debt is concerned. Rhod Island certainly has its weak points. Woonsocket is much deeper in debt than the State's Public Finance Management Board recommends. The Newport Daily News reports: “At the state level, the debt of … [Read more...]
Your Retirement Life: NewportFILM Outdoors
To kick off the Newport Folk Festival weekend, Newport FILM in partnership with Newport Folk Presents, showed Echo in the Canyon outdoors at St. Michael’s Country Day School. Becky and I walked there from our house and as you can see in my quick video we weren’t alone. It was a beautiful night. From NewportFILM: Echo In The Canyon celebrates the explosion of popular music that came out of LA’s Lauren Canyon in the mid-60’s as folk went electric and The Byrds, The Beach Boys, Buffalo Springfield, and The Mamas and the Papas gave birth to the California Sound. It was a moment (1965 to … [Read more...]
What a Great Weekend for YOU to be in Newport
The Newport Folk Festival is this weekend. We were out on the Tom Sawyer last night and could see the tents and stages set up at Fort Adams. You can check out the lineup here. … [Read more...]
Your Survival Guy Escapes a Heat Wave on the Tom Sawyer
You may have experienced a heat wave this summer. Ours was this weekend, all over New England with temps in the 90s and the “real feel” reaching the low 100s. It was a scorcher. There’s no beating the heat, but going out on the boat is a nice break. In the first video I’ll show you what it feels like to leave Newport at cruising speed, with Castle Hill off the port side, the Newport bridge to stern, and Jamestown, RI to starboard (pardon my finger it was hard to hold the phone). In the next video we’re approaching Mattapoisett harbor. You’ll see Ned’s Point lighthouse off … [Read more...]
Cook County Residents Forced from Their Homes
Chicago-area politicians have given their constituents something special this year, a major property tax increase. In a state already near the top for income taxes, residents of Chicago and Cook County are facing property tax bills that have skyrocketed. In the face of property tax bills that have even climbed by 60%, some residents are being forced by the bills to move out of the area. Dana Kozlov reports for CBS: Property tax increases in Cook County are going beyond sticker shock. For some families it’s life-changing, and they say they will have no choice but to move. “This is out of … [Read more...]
Retirement is No Fun if You’re Scared, Sick, or Broke
In a great piece in The Wall Street Journal, Glenn Ruffenach answers a question by a retiree who is looking to move. She wants a safe neighborhood, and Ruffenach explains that while most retirees looking to relocate are focused on the fun aspects of life like "climate, lifestyles, housing, shopping, cultural events," they should also be paying attention to things like "taxes, health care—and crime." Face it, if you're scared, sick or broke, it doesn't matter how many restaurants or shows are on Main Street, your retirement isn't going to be any fun at all. Ruffenach continues: Beyond the … [Read more...]
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