As I reflect on this movie and what the local residents may or may not have known about the impending storms result on their local economy, I can’t help but think what we may or may not know about the immediate future of our economy and how it may impact our retirement savings.
Read the Complete Article: Is it Time for Annuity’s Perfect Storm?

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I spoke with Medicare today, and they told me that suspending Social Security only applies to Social Security benefits separate from any Medicare benefit. Therefore it does not affect Medicare at all.

Here is a concern though. If you have applied for your social security benefits within 12 months of suspending them, you would be required to repay any Medicare Part A hospitalization benefits that have been paid in your name.

Remember, any individual reaching age 65 cannot decline Medicare Part A unless you completely withdraw your monthly social security benefit. Sounds kind of confusing doesn’t it?

Therefore, make sure you always talk with an advisor at Medicare at 800-633-4227 before you make any decisions that could affect your Medicare benefits.

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Some states do not even have income taxes, meaning that retirement income is not taxed either.  So while many people think retiring in Florida is for the warm weather, it is actually a smart place to retire because of the state tax structure.

So here are the 5 things to consider:

1. State taxes on retirement benefits: Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming all have zero taxes on retirement income.
2. State income taxes: 41 states have an income tax, so if retiring in one of these states the tax rate will affect retirement income streams.
3. Sales tax: 5 states don’t have a sales tax, Alaska, Delaware, Montana, New Hampshire, and Oregon. The sales tax rate could have an effect on needed income to sustain quality of life in the 45 states that do have a sales tax.
4. Property taxes: Researching not only current property tax rates is necessary as well as evaluating the change in property taxes over time to determine the ideal retirement location.
5. State estate tax: For wealthier retirees this could be very important, therefore if the state has an estate tax, be sure to find out both the rates and size of estates it applies to.

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