If you are trying to decide where you are going to live after you retire one important thing to take into consideration is income tax. Choosing the right state to retire in can have a huge impact on your bottom line; likewise making the wrong choice can cost you thousands of dollars in taxes. You may not have much control over the federal income taxes you are paying but choosing the right state to live in can have a dramatic impact on the state income tax that you are paying in your retirement. Read Complete Article

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A Roth IRA account is absolutely indispensable, and one of the smartest money moves anyone can make. It is a very convenient way to give yourself access to a stream of tax free income during retirement. Unlike a traditional IRA, where your annual contributions are often tax-deductible and earnings are taxed, contributions to a Roth are taxed, but the earnings are tax-free. If a 25-year-old contributes $5,000 each year until he/she retires and makes an average annual return of 8% on his/her investment, he/she will have $1.4 million saved by the time he/she retires at age 65. And the cash is all yours since it’s completely tax-free!
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