Friday, January 17, 2025
Alabama No state minimum wage law. Employers subject to the Fair Labor Standards Act must pay the current Federal minimum wage of $7.25 per hour. Alaska Basic Minimum Rate (per hour): $11.91 Premium Pay After Designated Hours 1 : Daily – 8, Weekly – 40 Under a voluntary flexible work hour plan approved […]
Rental property income can play a vital role in the financial stability of retirees, providing a steady stream of income to supplement pensions, Social Security, or other retirement savings. For the retirement community, investing in rental properties in landlord-friendly states can minimize risks and maximize returns. These states often have […]
The IRS has announced several key updates for 2025 affecting various retirement accounts, health savings plans, Social Security, and tax provisions. Here’s a summary of the changes: Retirement Account Contribution Limits: 401(k), 403(b), and Governmental 457 Plans: The contribution limit increases to $23,500, up from $23,000 in 2024. Catch-Up Contributions […]
A reverse mortgage is a loan that allows homeowners aged 62 or older to borrow against the equity in their home without having to make monthly payments. Instead, the loan is repaid when the borrower sells the home, moves out permanently, or passes away. The most common type of reverse […]
Georgia has restructured its tax system for 2024, introducing changes that affect income, property, and sales taxes, with provisions for retirees and residents aged 65 and older. Below is a detailed overview: Income Tax Flat Tax Rate: As of January 1, 2024, Georgia has adopted a flat income tax rate […]
Here is a detailed overview of California’s tax information for 2024, including income tax brackets, property tax, sales tax, and other specific taxes relevant to residents, with a focus on how pensions, retirement income, and investment income are taxed, as well as potential tax breaks for residents aged 65 or […]
In Georgia, academically accomplished high school students who are state residents have access to several financial aid programs that can significantly reduce or even eliminate college tuition costs. HOPE Scholarship The HOPE Scholarship is a merit-based award available to Georgia residents who have demonstrated academic achievement. To qualify, students must […]
Strategy for Parents: Buying Property for In-State Tuition Savings Choose a State with Favorable In-State Tuition Policies: Identify states where owning property and establishing residency can qualify students for in-state tuition fees. Examples include Texas, Florida, and Georgia, where residency can be established relatively quickly. Estimate Tuition Savings: Compare in-state […]
A pension plan is a retirement savings plan that employers provide to their employees. It is designed to provide income to employees after they retire from work. Here’s a detailed breakdown: 1. What is a Pension Plan? A pension plan is a type of retirement plan where an employer makes […]
Florida offers several tax benefits for seniors, particularly in the areas of income and property taxes: Income Tax Benefits: No State Income Tax: Florida does not impose a state income tax, which means all forms of retirement income—including Social Security benefits, pensions, 401(k) distributions, IRA withdrawals, 457 plans, and 403(b) […]