Category Archives: Blog

Do Your Aging Parents Need Help Managing Their Money? Take the Quiz!

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Kiplinger’s published this article along with the quiz in December 2012.  The questions are just as relevant today as they were then.  If you are worried that your parents’ actions fit any of these situations, you need to do something to help.  If you or another family member are available to help them or if they will even accept help from you, then you are a fortunate family.  If you live too far away or have your own family issues to deal with and can’t help your parents, then you need to find someone who can help them.  That’s where a Daily Money Manager can help you and your parents find peace of mind that someone with their best interests at heart is available to assist them in staying safe and independent as long as possible.

 

The Value of Federal Health Care to Your Retirement

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I live “inside the beltway” which is a geographic area known to have a high concentration of current or retired federal employees.  I too am one of those retired federal employees. It was recently brought to my attention that the 2015 article written by Gary Fouts is still relevant today.  There are many valuable retirement benefits from the federal government. I was pleasantly surprised to learn that my health insurance benefits are worth approximately $400,000.  That means my husband (who is also a federal government employee) and I don’t have to save another $800,000 to pay for our possible medical costs during our retirement.  That’s equivalent to winning a $1M lottery!

 

VA & MD – Which is the most tax-friendly state?

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Kiplinger’s recently published an article with the best and worst states for retiree taxes.  Wyoming, Alaska, South Dakota, Mississippi, and Florida are the most tax-friendly states.  The least tax-friendly states are Minnesota, Connecticut, Kansas, Vermont and Nebraska.

I checked to see where Virginia and Maryland stand in the list.  Well, they are neither the worst nor the best, but somewhere in between.  Virginia comes out ahead of Maryland though due to less taxation of seniors.  Click on this link to find the chart.