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West Virginia ranks as the least expensive state to retire in 2023, according to data from Bankrate's "Best and Worst States to Retire" list. The state's light tax burden and low cost of living may make it an attractive option for retirees. West Virginia is relatively tax-friendly toward retirees, according to SmartAsset. Although Florida has long been considered a popular destination for retirees, the state didn't place among the cheapest states to retire for the second year in a row. Here are the most and least affordable states to retire in 2023, according to Bankrate.
Organizations: West Virginia, States, Council for Community, Tax Foundation, Sunshine State, National Association of Realtors Locations: Virginia, West, Florida
The San Jose area has the largest pay gap between holders of a graduate degree versus a bachelor's. Some top law schools cost over $200,000 over the course of the program, while medical schools average nearly $219,000 a year. SmartAsset found the average graduate degree holder made $72,000 a year. For cities including The Villages, Florida; Prescott, Arizona; and Morristown, Tennessee, graduate-degree holders made less than $55,000. Florida has two metropolitan areas in the top 15 for graduate-degree income difference, though neither Texas nor New Jersey ranks in the top 25.
Persons: SmartAsset Organizations: Trenton, Service, Education Data Initiative, Park, San Locations: California , Alabama, Utah, San Jose, Huntsville , Alabama, Princeton , New Jersey, Wall, Silicon, Sunnyvale, Santa Clara, California, Princeton, New Jersey, Jose, San Francisco, Huntsville, Trenton, George , Utah, Zion, Provo, Orem, Merced, Fresno, Tuscaloosa , Alabama, Elizabethtown, Fort Knox, Kentucky, Florida, Prescott , Arizona, Morristown , Tennessee, Florida , Texas, New Jersey . Florida, Texas
Wealthy Americans ages 26 to 35 are moving to Florida, Texas, and New Jersey. This was in contrast to the over 5,000 net young high earners who left New York, which still had the highest count of young high earners of any state. Despite losses of nearly 2,700 high earners, New Jersey netted over 1,000 wealthy, young professionals. Connecticut, which ranked sixth for net migration of young high earners, had a similar trend compared with all high earners. Washington, DC, exceeded Washington state at 16%, even though it lost nearly 700 young, wealthy professionals.
Persons: SmartAsset, Austin, Zer Organizations: New Jersey ., New, Service, New Jersey —, California ., Boston Locations: Florida , Texas, New Jersey, New Jersey . Austin, Jacksonville, Denver, New York, California, Wall, Silicon, Miami, Austin , Texas, Jersey City , New Jersey, Florida, Texas, Idaho, Montana, Jersey City, Hoboken, Connecticut, Washington, California . Washington, DC, Colorado, North Carolina, Tennessee, Dallas, Jacksonville , Florida, New York City, Chicago
Florida might be known as a retirement destination, but it's attracting plenty of young — and wealthy — newcomers. 1 state bringing in and keeping the young and rich, according to a recent analysis from SmartAsset, which ranked states based on net migration. That year, some 3,391 high-earning young people moved to Florida; 1,216 left, leaving the state with a net migration of 2,175 wealthy young people, as determined by SmartAsset. In second place, Texas saw the second-largest wave of young and wealthy newcomers with 4,048 moving in over the course of a year. However, the Lone Star State also saw a large outflow of young wealthy people leaving (over 2,000 taxpayers), resulting in a net migration of 1,909.
Persons: , Jaclyn DeJohn, SmartAsset's Organizations: SmartAsset, Lone Star State Locations: Florida, , Texas, California, U.S, New Jersey
If you're a first-time homebuyer, you might want to consider moving to Texas. Five Texas cities land among the top 15 places to buy your first home, according to a recent analysis by financial services company SmartAsset, which ranked 185 metro areas based on affordability, growth potential, competition and demographics to determine the best possible home investment for young buyers. Of those ranked, the military town of Killeen, Texas, came out on top as the No. The number of homes available in Killeen is higher than most other cities, which favors buyers, and it's a young city, with a higher-than-average percentage of residents under the age of 40. Here's a look at the top 15 cities for first-time homebuyers, along with each city's median home price.
Organizations: Texas ., U.S Locations: Texas, Texas . Five Texas, Killeen , Texas, Killeen, U.S
FIRE stands for "financial independence, retire early," and the movement has gained momentum over the last decade. Yet, I don't work because I love it, or because writing is some sort of passion I have. Some would say we are pursuing Fat FIRE, which is basically early retirement on steroids. 3 reasons to pursue early retirementWhat's funny is, a lot of people seem to think pursuing early retirement is really strange. We all know that not everyone can pursue early retirement, or for some, any type of retirement at all.
Persons: it's, , It's, doesn't, Get, Heck, That's, Read Organizations: FIRE, Service, Centers for Disease Control Locations: Athens, Zagreb, Rome, United States, Dubai, Maldives
I ignored my Dad's advice about saving money and investing until I saw him retire a decade before his peers. Then I watched my Dad retire at least a decade before many of his peers, and my entire perspective changed. My stepmom, on the other hand, never had plans to retire early until she started dating my Dad. Invest aggressively ... and diversifyLike most people, a 401(k) was central to my parents' retirement plan. Because they wanted to retire early, my parents had to have other investments they could rely on for retirement income.
Persons: Lizzie, stepmom, Dad, there's, they've, doesn't, Get, shouldn't, you've, you'll, Thomas, They've, I've Organizations: Service, Acura Integra —, Invest Locations: Wall, Silicon, South Africa, Germany, St, Caribbean, Europe, Panama
Bill Perkins wants to spend every penny before he dies, he explains in his book "Die With Zero." He thinks most people are saving too much for retirement, given that a lot of it goes unused. Instead of leaving a large inheritance, he'd rather use his money on experiences, helping his children while they're starting out, and spending the money on his needs. While some people did use up their money, many retirees actually see their net worth increase with time. "Retirees with less than $200,000 saved up for retirement ... had spent down only one quarter of their assets 18 years after retirement."
Persons: Bill Perkins, Perkins, doesn't, Get, it's, overspending Organizations: Service, Federal, Board, Medicare Locations: Wall, Silicon
1 best country in Europe to retire is Portugal. 1 best country in Europe for retirement: PortugalRetirement score: 7.83 Portugal is the best country in Europe for retirement. Portugal ranked as the best country to retire, according to the Moving to Spain report. 2 best country in Europe to retire. Italy tied with Spain as the second best country to retire.
Persons: It's, Alexander Spatari, Pol, Trevi Organizations: Global Citizens Solutions, UNESCO, Heritage, Portugal, Greece Bulgaria France Slovenia Croatia Malta Ireland, Med, World Bank, World Health Organization Locations: Spain, Europe, Portugal, U.S, SmartAsset, Alto Douro, Pico, Azores, Portugal Spain, Italy, Greece Bulgaria France, Madrid, Barcelona, Valencia, United States, Pisa
But now, $100,000 salary only goes so far — and its worth varies from city to city. Across major U.S. cities, $100,000 can be worth as much as $86,444 and as little as $35,791, a recent SmartAsset study finds. The study compares the value of $100,000 across 76 major U.S. cities, accounting for cities' income taxes and cost of living. Cities in the South, from Tennessee to Texas, dominated the top 10 cities where $100,000 goes the furthest. In SF, a $100,000 salary is worth only $36,445; in the Big Apple, it's worth just $35,791.
Persons: Warren Buffett Organizations: Big Apple, El, Oklahoma City, Fort, Council for Community, Economic Locations: U.S, Cities, Tennessee, Texas, Memphis , Tennessee, San Francisco and New York, El Paso , Texas, Oklahoma City , Oklahoma, Christi , Texas, Lubbock , Texas, Houston , Texas, Antonio , Texas, Fort Worth , Texas, Arlington , Texas, Louis , Missouri
While it's uncommon, it's possible to save too much for retirement, financial planners say. If you're saving too much, you might notice you're consistently going over contribution limits. However, if you're saving too much, there are two sure signs. You're not meeting your other money goalsIf you're over-saving for retirement, it might mean that you're having trouble keeping up with your other goals. "More commonly what we see come up is [people] ignoring all of their other saving goals and only saving for retirement," says Walsh.
Persons: you've, it's, Brian Walsh, Michaela McDonald, Walsh, doesn't, Get, that's, McDonald Organizations: Service Locations: Wall, Silicon, SoFi
New York City is one of the most expensive American cities to live in, yet people from all around the world continue to flock there. Los Angeles is the only California city to make StreetEasy's list, while Florida had three cities rank in the top 10, including Tampa and Orlando. 1 U.S. city New Yorkers are moving to: Miami, FloridaMiami's popularity among New Yorkers continues to rise and the Florida city landed the top spot of cities residents are thinking about relocating to. Alexander Spatari | Moment | Getty ImagesTop 10 U.S. cities New Yorkers are moving toMiami, Fla. Philadelphia, Pa. Stamford, Conn. Atlanta, Ga. Tampa, Fla. Boston, Mass. It is considered the most significant financial district outside New York City, according to the city's Chamber of Commerce.
Persons: Douglas, StreetEasy, Goldman Sachs, Alexander Spatari, Sean Pavone, it's, Ned Lamont Organizations: New, Yorkers, Elliot Management, Fla ., Washington D.C, Philadelphia, Comcast Corporation, Toll, Burlington Stores, Burlington Stores . Philadelphia, Istock, Getty Images, Bloomberg, U.S . Postal Service, Charter Communications, city's Chamber of Commerce ., Getty Locations: Miami, Florida, New, New York City, Manhattan, The City, Yorkers, Los Angeles, California, Tampa, Orlando, U.S, United States, South Beach, Little Havana, . Miami , Florida, Fla . Philadelphia, Pa . Stamford, Conn, Atlanta, Ga, Fla, Boston, Mass, Fla . Los Angeles, Calif, Washington, East Stroudsburg, Pa, New York County, Kings County, Brooklyn, Queens County, Queens, Philadelphia, The Pennsylvania, Burlington Stores ., Getty Images Stamford , Connecticut, Connecticut, New York City for Connecticut, Stamford, city's Chamber of Commerce . Stamford , Connecticut
In fact, just 12% of U.S. households earn $200,000 or more annually, according to Census Bureau data. Recently, even high-earning families seem to be flocking to lower-cost states, especially in the South. Florida lost 12,567 high-earning households during the same period, bringing its net migration to 27,567 households. Five of the 10 states that saw the largest net migration of high earners are in the South. Here's a look at the 10 most-popular states high earners flocked to between 2020 and 2021.
Persons: It's Organizations: Sunshine State, IRS Locations: U.S, Florida, Southern
A new study finds that an Ivy League degree doesn't meaningfully increase a graduate's future income compared to attending a good state school. Americans are debating the merits of affirmative action and legacy admissions at Ivy League schools. While attending an Ivy League school only increased students' future income by 3% on average, the researchers found that it boosted any one student's chances of reaching the top 1% in income at age 33 by 59%. So while attending an Ivy didn't meaningfully boost students' odds of making more money on average, it did boost their odds of getting super-duper rich. Age 33 income levels were projected using a student's current income and data on their employers and graduate schools.
Persons: , Alan Kruger, Ivy, Ivy — Organizations: Ivy League, Service, Ivy League university —, Opportunity, Harvard, Princeton, Ivy, ACT, Ohio State University, UC Berkeley, UCLA, University of Florida, University of Georgia, University of Michigan, University of North, University of Texas, University of Virginia Locations: Wall, Silicon, University of North Carolina
Those states saw high net migration among those earning above $200,000, meaning more are moving in than out. Florida is one of just nine states without an income tax, and the weather and business opportunities have been major pulls for Americans. Idaho has seen a particularly accelerated rate of high-earners moving to cities such as Boise and Meridian. Texas had the second-highest total net migration with around 9,000, followed by North Carolina at over 5,400. California had a net migration loss of over 27,300 high-earners, while New York had a loss of nearly 20,000.
Persons: Thursday's Organizations: Service, California . Idaho and, Meridian . Idaho, US, Economic Innovation Group Locations: Idaho , Montana, Florida, . California, New York, Wall, Silicon, California . Idaho, California . Idaho and Montana, . Idaho, Boise, Meridian, Texas, North Carolina, South Carolina , Tennessee, Georgia, California, Illinois , Massachusetts, New Jersey, Washington, Thursday's —, Bozeman, Billings
High-earners in New York could save 40% of their salary by moving to Texas, a new study shows. This is because New York City has higher tax rates and living costs. High-earners in New York City could save 40% of their salary by relocating to Texas, a new study found. This is because after accounting for tax and the cost of living, you'd have only $160,717 left in New York but in Austin, you'd have $418,929 left. Some young professionals are being pushed out of New York City because wages are not keeping up with increasing costs.
Persons: SmartAsset, San Francisco Organizations: New, New York City, Council for Community, Economic Research, Smart Asset, New York, San Locations: New York, Texas, San Francisco, Austin , Texas, Austin, Austin it's, New York City
In Connecticut, households need to earn an annual income of $952,902 or more to be part of the top 1% of earners. While residents in more urban states tend to earn more, they also generally have a higher cost of living, which somewhat offsets those larger incomes. ConnecticutTop 1% income threshold: $952,9022. MassachusettsTop 1% income threshold: $903,4013. West VirginiaTop 1% income threshold: $367,582DON'T MISS: Want to be smarter and more successful with your money, work & life?
Persons: That's Organizations: Connecticut, Massachusetts, California, . New, Washington, New York, Colorado, Florida, Illinois, New Hampshire, Wyoming, Virginia, Maryland, Texas, Utah, Minnesota, Nevada, South Dakota, Pennsylvania, . North Dakota, Georgia, Oregon, Arizona, Idaho, North Carolina, Montana, Kansas, Rhode, Tennessee, Alaska, Nebraska, Delaware, Vermont, Wisconsin, South Carolina, Michigan, Maine, Missouri, Ohio, Hawaii, Iowa, Indiana, Alabama, Oklahoma, Louisiana, Arkansas, Kentucky, New, Mississippi, West Virginia Top Locations: Connecticut, West Virginia, California, New York, Southern, Mississippi, Iowa, . New Jersey, New Mexico
You need to earn $952,902 to be in the top 1% of earners in Connecticut, per a new SmartAsset study. But in West Virginia, which has much higher levels of poverty, this is just $374,712. In West Virginia, by comparison, you need just $374,712. West Virginia, which has one of the lowest median state incomes, comes bottom in the ranking. Mississippi, New Mexico, Kentucky, and Arkansas join West Virginia to make up the five states with the lowest income needed to make the top 1%.
Organizations: Washington, Bureau of Labor Statistics, Department of Health and Social Services . Locations: Connecticut, West Virginia, Connecticut , Massachusetts, California , New Jersey, Department of Health and Social Services . Connecticut, Massachusetts , California , New Jersey, Washington, Mississippi, New Mexico , Kentucky, Arkansas
You need to make over $650,000 to be considered in the top 1%, according to new data. Most states had a higher income floor this year than last year, though New York stayed stagnant. New data released Thursday from financial information company SmartAsset broke down how much money people need to make to be among the top 1% of highest earners in each state. This map shows how much you need to make in each state to break into this elite demographic. A news release from the Bureau of Labor Statistics on Wednesday further revealed real average hourly earnings rose by 0.2% month over month in June.
Persons: SmartAsset, Jaclyn DeJohn, SmartAsset's, Charles Schwab Organizations: Service, IRS, of Labor Statistics, Congressional, Office, Bloomberg, Bureau of Labor Statistics, Logica Research Locations: Connecticut , Massachusetts, California, New York, Wall, Silicon, Connecticut, West Virginia, Massachusetts, Northeast
About Ally Invest Robo PortfoliosAlly Invest Robo Portfolios is an Ally Financial-affiliated automated account offering investing without fees for US residents. Ally Invest Robo Portfolios FeesAlly Invest Robo Portfolios doesn't charge trading fees, advisory fees, annual fees, or rebalancing. Methodology: How We Reviewed Ally Invest Robo PortfoliosAlly Invest Robo Portfolios is a robo-advisor that was reviewed using Personal Finance Insider's rating methodology for investing platforms. How Ally Invest Robo Portfolio ComparesAlly Invest Robo Portfolios vs. Fidelity GoIf you're a hands-off investor in search of automated portfolio management, Ally Invest Robo Portfolios and Fidelity Go are both popular robo-advisors. Ally Invest Robo Portfolios vs. Schwab Intelligent PortfoliosAlly Invest Robo Portfolios and Charles Schwab's most basic automated account, Charles Schwab Intelligent Portfolios, both offer competitive automated investing services.
Persons: Ally, Ally Invest's, Ally Invest, it's, It's, you'll, Roth, Charles Schwab, Schwab, Charles Schwab's, brokerages, Rickie Houston, Rickie, He's, Read, Elias Shaya, Elias, Tessa Campbell Organizations: Reading Chevron, Financial, Ally Invest, Better, Bureau, BBB, Financial Inc, Invest, IRS, Roth IRA, Investment, Vanguard, Fidelity, Finance, Schwab, Business, Boston Globe, Yahoo News, Boston University, Boston University News Service, CUNY College of, New York Presbyterian Hospital Locations: New York City, CUNY College of Staten Island, Lebanon
You can feel rich on almost any income. You may feel rich in relationships if you have very strong ties, or rich in experiences if you spend a lot of time traveling and trying new things. Americans say they would need to earn $483,000, on average, to feel rich or achieve financial freedom, according to a recent Bankrate survey. The other generations say these salaries qualify as rich: Millennials: $444,000Gen X: $575,000Boomers: $521,000 Members of Gen X would need the biggest salary to feel rich, Bankrate found. A $500,000 salary would make those who currently earn less than $100,000 a year feel rich.
Persons: it's, It's, X, they've, Gen, Gen Xers, Folks, Bankrate Organizations: Labor Department, South Locations: Northeastern, Midwest, West
In the U.S. overall, rent prices increased by an average of 5.5% in the last year. In the posh Hamptons enclave of Amagansett, New York, rent surged by 63% for the 12 months ending May 2023 — the highest increase among all 1,865 cities examined by financial technology company SmartAsset. That's followed by cities where renters experienced price increases of 20% or more. Many of these places are also hot real estate markets where rent increases have followed rising home prices over the past few years. Here's a look at the top 10 cities where rent has grown the most:
Persons: That's Organizations: U.S Locations: Amagansett , New York
Carvajal is one of three recent Make It interviewees who earns less than $30,000 while living in a coastal city. Tiara Simmons, a 39-year-old law clerk living in Long Beach, California, pulls in $26,000 a year between her salary and a social media marketing side hustle. Hoping to reinvest in his business, Carvajal pays himself a salary of just $25,000 and lives as minimally as possible. As for his business, Carvajal hopes to put Dominican-based coffee growers back on the map while steadily expanding his business. Tiara Simmons at The Pike, a shopping and amusement complex in Long Beach, Calif., she enjoys visiting with her family.
Persons: Hector Carvajal, Don Carvajal, Carvajal, Chi Baik, Tiara Simmons, Simmons, Don Carvajal Café, Mickey Todiwala, Don Carvajal's, Baik, John Paget, Covid, she'd, he's, Baik isn't, I'm, Long Beach , California Simmons, Tristan Pelletier Organizations: University of Washington, CNBC, University of Rochester, Foods, U.S, Washington , D.C Locations: New York City, Dominican Republic, Chi, Seattle, Long Beach , California, Bronx, New York, Dominican, Long Island City, Washington, Washington ,, chihuahua, The Pike, Long Beach, Calif
Americans who are making six-figure incomes and looking to make their dollars stretch even further are flocking to Florida. The Sunshine State has gained the largest number of high-income workers who make at least $200,000, according to SmartAsset's most recent analysis. Florida's lack of state income tax also means high-earners are typically taxed less there compared to other metro areas around the country. High earners living in San Francisco could save around 24% of their salaries by moving to Miami, SmartAsset's study reveals. Here's how much money someone making between $150,000 and $650,000 can save by moving from San Francisco or Chicago to Miami, according to SmartAsset.
Organizations: The Sunshine State, Bureau of Labor Statistics, Fort, San, Sunshine State . Locations: Florida, Miami, Manhattan, New York, United States, Fort Lauderdale, West Palm Beach, San Francisco, Chicago
The real purchasing power of a $250,000 salary depends on a city's overall economy, taxes and cost of living. Across the United States, $250,000 is worth as much as $203,664 in Memphis, Tennessee, but as little as $83,000 in New York City. The study compares the after-tax income in 76 of the largest U.S. cities and adjusts the figures for the cost of living. For the privileged few earning $250,000 per year, here are the seven cities where your money has the least purchasing power, as well as how much it's actually worth. In San Francisco, for example, residents are taxed roughly six percentage points more in taxes at $250,000 salaries, as compared with a $100,000 salary, SmartAsset reports.
Persons: Warren Buffett Organizations: SmartAsset, D.C, New York Locations: United States, Memphis , Tennessee, New York City, That's, New York, Honolulu, Francisco, Angeles, Long Beach , California, Washington, Diego, RentHop, California, San Francisco
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