Friday, February 3, 2012

State Links

Q.  I notice you have links to all 50 states on the left. A few of these have no state income tax. Is there a purpose for showing all 50 states?

A.  Although some states do not have any individual state income tax, most impose several other types of taxes. In fact, if a state doesn't receive revenue from state income taxes, be assured the real property, personal property, and state sales tax rates will be high. States need to general revenue somehow! If you don't pay one type of tax, ultimately, you will pay tax in an alternate form. Additionally, most of the states official websites have convenient links to other governmental related sites in their state. You may find a benefit you didn't know about. By the way, if your browsing, go to the link for South Dakota. They get my vote for the most attractive site!

Thursday, February 2, 2012

Receiving Social Security Benefits

Q.  I'll be 65 next month and am wondering when I can start receiving Social Security benefits?

A.  If my math is correct, you were born in 1947. To receive your full social security benefit, you will need to wait one more year. Persons born between 1943 & 1954 must wait until age 66 to receive full social security benefits. The Social Security Retirement Planner is an excellent online resource to help you plan. I suggest you use the actual Social Security website and become familiar with it. This is an excellent free resource. Take advantage of it!