How High Are Property Taxes In Pennsylvania
The average effective property tax rate in Pennsylvania is 1.50%, which ranks as the 12th-highest in the U.S. Some of the highest rates in the state are found in the Pittsburgh area. Allegheny County has an average effective property tax rate of 2.01%. However, there are property tax relief programs that will help lower the bill for seniors throughout the state.
You Love Community Life
Pennsylvania is mostly suburban, and most retirement homes and communities are based in rural regions. While this does decrease the hustle and bustle of urban life, everyone seems to know everyone else because of a strong community focus.
This may be appealing to you or a drawback from your perspective, depending on how introverted or extroverted you are. If your day to day leisure involves friends and family, then the chances are that you will enjoy the community-oriented lifestyle offered by Pennsylvania.
The 2024 Cycle Begins: Trump Others Key Figures Drop Hints
The fight for the midterms may still be in full swing, but it’s clear that some key figures are already laying the groundwork for 2024 and beyond.
Former President Donald Trump, who has regularly hinted he may seek the White House again, this weekend dropped some of his strongest suggestions yet.
“I promise you in the very next very, very, very short period of time, you’re going to be so happy, okay,” Trump said Saturday at a rally in Pennsylvania for GOP Senate nominee Dr. Mehmet Oz and gubernatorial hopeful Doug Mastriano. “We’re going to take it back and you’re going to be hearing about it very soon. Very, very, very soon.”
Trump, who never conceded his loss to President Joe Biden in 2020, considered announcing his next presidential bid at that rally, but opted not to distract from the Oz and Mastriano campaigns, a source told NBC News on Sunday.
Trump at that rally also took a shot at Florida Gov. Ron DeSantis, widely seen as having presidential ambitions, calling him “Ron DeSanctimonious.”
Meanwhile, GOP Sen. Tom Cotton of Arkansas has reportedly for president in the next cycle. And Biden has privately told allies he is planning to run again, news outlets have reported.
Low Cost Of Living And Housing
One of the most critical and defining factors that pushes a place up on the list of potential retirement destinations is the cost of living. Since youâre retired, you would obviously want to know approximately how much money you would need to sustain your lifestyle in a specific place.
Moving to an expensive place would mean that you may have to work for longer before enjoying your retirement. However, luckily, Pennsylvania has a rather low cost of living, making it a lucrative place for retirees to live out their golden days.
The overall cost of living in Pennsylvania is almost 8% less than the national average. This significant difference between the living costs is driven by the fact that the housing cost in Pennsylvania is almost 25% below the national average. Other costs, such as grocery, healthcare, transportation, utilities, and miscellaneous expenses in Pennsylvania, arenât much different than those in other states.
However, it is important to note that housing prices can vary based on whether you settle in the mountainous rural or busy urban areas.
Election Spending Expected To Exceed $167 Billion
The 2022 elections are expected to cost over $16.7 billion, making them the most expensive midterms ever, according to a study by the nonpartisan OpenSecrets.
“No other midterm election has seen as much money at the state and federal levels as the 2022 elections,” said Sheila Krumholz, OpenSecrets’ executive director. “We’re seeing record-breaking totals spent on elections up and down the ballot.” Election Day is Tuesday.
The fight for control of the House and Senate in particular saw massive spending, according to the OpenSecrets data. Republicans hope to win back control of both chambers for the final two years of President Joe Biden’s first term.
Outside groups spent about $1.9 billion to influence federal elections through Oct. 31, blowing past the 2018 midterm outside spending record of $1.6 billion, adjusted for inflation.
Two Republican political action committees have led the way in outside spending for federal races.
The Senate Leadership Fund, a super PAC aligned with Senate Minority Leader Mitch McConnell, R-Ky., has poured over $205 million into the midterms while backing Republicans running for Senate. The Congressional Leadership Fund, a hybrid PAC supported by House GOP leaders, has spent more than $188 million.
Megadonors from both sides of aisle have poured millions of dollars into the 2022 midterms. The top donors this cycle going into Election Day include billionaires George Soros, Richard Uihlein, Ken Griffin and Sam Bankman-Fried.
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Other Considerations When Planning For Retirement
Weather and taxation of Social Security benefits are not the only things that you should consider when deciding where to spend retirement. There are many other factors that go into your decision. First, the states treatment of retirement income from personal retirement plans, like apension or 401K, should be a big factor. Youll want to look for states that do not tax retirement income or at least have lower rates. Some states even have different rules when it comes to things like abackdoor Roth IRA. In addition to Social Security, most retirees receive some income from one of these sources.
Another thing that plays into your decision is likely the proximity of family. Many people choose to stay near family members, like children, who can help them with things during their elderly years. Moving away from family can be difficult, especially when children and grandchildren are involved.
Finally, most people would agree that the biggest deciding factor should be your own desires. If you have always dreamed of retiring in a certain place, then you should not let a few percentage points of taxation stop you. Even though it might be more expensive to live in New York, then if that has always been your dream, go for it! If you can afford to live in a specific place, then you should not let some of these factors stop you!
Experts: How To Pick Your Best State To Retire
Considering a retirement move? Heres advice from experts who help retirees and soon-to-be-retired workers through the decision:
Laura Kovacs, former director of education at the Scottsdale Area Association of Realtors in Arizona and a recent retiree herself:Spend some time in places where you want to live before you commit to moving there. Go to a variety of different places that you seem to be attracted to places that have a lower cost of living and lower property taxes and test them out for a while. If youre interested in Florida or Arizona or California, stay there for a while and see if you like the climate at the time of year youre going to be living there. Make sure its really as affordable as you thought. When youre still working, take some time to go preview different types of communities and different types of lifestyles. And when youve retired, maybe try renting for a while before you commit to buying.
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The 10 Best Places To Retire In Pennsylvania For 2022
We then ranked each of these places for each criteria from one to 8, with the lowest number being the best.
Finally, we took the average rank across these criteria. The place, in this case Aliquippa, with the lowest average rank was crowned the best of the best, a place for you to start your second careers. .
New Twitter Ceo Elon Musk Backs Gop
Twitter’s new CEO Elon Musk threw his support behind Republicans in their bid to take congressional majorities in the midterm elections, saying that “shared power curbs the worst excesses of both parties.”
“Therefore I recommend voting for a Republican Congress, given that the Presidency is Democratic,” Musk wrote in a tweet addressed “to independent-minded voters.”
In a follow-up tweet, Musk added, “Hardcore Democrats or Republicans never vote for the other side, so independent voters are the ones who actually decide who’s in charge!”
Musk’s tweets, and other aspects of his leadership, have come under intense scrutiny since the billionaire boss of Tesla and SpaceX acquired Twitter last month for $44 billion.
The succession was marked by massive layoffs, a bristling reception from some advertising groups and confusion about the platform’s policy changes. A regular flow of eyebrow-raising commentary from Musk, most of it from his own Twitter account, added more chaos into the mix.
He blamed “activist groups” for Twitter suffering a “massive drop in revenue … even though nothing has changed with content moderation.” Days later, Musk announced that any Twitter handles impersonating people without clearly labeling themselves parody accounts “will be permanently suspended.”
He has also hit back at many of his critics, including progressive Rep. Alexandria Ocasio-Cortez, and has replied favorably to numerous prominent conservative media figures.
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Pennsylvania Inheritance And Estate Taxes
The amount of taxes charged on your estate can significantly impact the legacy you leave for your children and other heirs. Estate taxes may make it difficult for you to transfer family wealth or property to succeeding members of the family. The most substantial portion of the inheritance and estate taxes is that imposed by the state.
The state of Pennsylvania does not charge an estate tax for spouses or direct heirs aged 21 or younger. The inheritance tax is based on the relationship to the deceased. A direct heir, a child or grandchild, will see their inheritance taxed at a rate of 4.5 percent. Siblings of the departed will pay 12 percent in inheritance taxes.
All non-relatives or family members of indirect lineage have an inheritance tax of 15 percent. Many of the surroundings states have an estate tax, and some have both an estate and an inheritance tax. Maryland and New Jersey have both. New Jersey has the second highest inheritance tax rate at 16 percent and the lowest exemption threshold for an estate tax.
If you choose to leave part of your estate to a charity, Pennsylvania does not charitable organizations an inheritance tax. Nonprofits, government entities and some institutions are exempt from inheritance tax in Pennsylvania. Also, any part of the estate left to a spouse is tax-exempt, and property owned jointly by spouses passes to the surviving spouse without a tax by the state. At the death of a minor child, the parent will not pay taxes on any inheritance.
Hiring A Moving Company
Knowing the best places to retire in Pennsylvania is essential when choosing where you will spend your retirement. Considering a move to Pennsylvania? Need to downsize? You need the right moving company on your side, and the free Agoyu app can help you get a quote from a qualified moving company today. to learn more!
Are Other Forms Of Retirement Income Taxable In Pennsylvania
For most retirees and all seniors, income from retirement accounts, which includes 401s and IRAs, is fully exempt. Income from pensions is also exempt for anyone who is more than 59.5 years old.
So, hypothetically, let’s say you are 65 and receive $15,000 annually in Social Security retirement benefits, $10,000 in pension income and another $20,000 from your IRA. You will not have to pay state taxes on your income in Pennsylvania. Keep in mind, however, that you may have to pay federal taxes.
Pennsylvania Among 10 Best States To Retire In 202: Study
Posted: Sep 5, 2022 / 06:23 AM EDT
Posted: Sep 5, 2022 / 06:23 AM EDT
DALLAS Whether its kicking back on the porch reading the newspaper, enjoying the outdoors, or just being closer to the grandkids, post-career goals vary for people. But all states are not the same when it comes to retirement, a recent study from Bankrate found.
Bankrate conducted a study to find the best and worst states for retirement in 2022. For this study, Bankrate looked at five broad categories: affordability, wellness, culture, weather, and crime. We placed the heaviest weighting on affordability, according to the study, whose authors acknowledged that some things, such as proximity to loved ones or personal dislike of the cold, were just too subjective to measure.
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Worst States For Retirement
Now that weve discussed the best states for retirement, you should also be familiar with the states on the other end of the spectrum. The worst states for retirement have high taxes, high crime rates, bad weather, or some combination of all those things. Here are the states you should avoid when making your retirement plans.
A Special Note Before Getting Into The Comparison:
Its often advisable to rent for a while before making a full-time move to a new place where youve never spent a considerable amount of time and dont have a social network. Saving money on property taxes and warmer winters are nice, but the lifestyle change is sometimes underestimated.
In cases where people jump into purchasing a new home, sometimes paying contractors to build a new house from scratch without even being in the state to supervise, needless to say, regret is often the result. Advice on making a big move like this is well within the scope of work of a fiduciary financial advisor who specializes in retirement planning.
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You Love To Be Active
If your dream of retiring is to lie on the beach and sip mojitos forever, the Pennsylvania state is not for you because of multiple reasons. Firstly, there is no beach in the state. Secondly, Pennsylvanias attractions only count with those who want to remain active in retirement.
If you want to golf, go on hikes, make new friends, socialize with those around you, you will love the state. Major domestic tourist attractions generate significant excitement for the keystone state, and you will never have a dull moment in your retirement.
Here’s When Election Day Polls Close In Each State
Every state runs its own elections, which means poll closing times vary significantly on Election Day. Below is a list of when polling places close in each state.
Schedules are organized by state, not by time zone. So for example, while half of Kentucky is the Eastern time zone and the other half of it is Central time, polls will close at 6 p.m. ET across the state, so it’s listed under 6 p.m.
This is not an official list and some counties keep polls open longer to accommodate heavy turnout, so please check with your local election board to determine when your own polls close.
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You Want To Retire Early
A majority of the people wish to retire in their sixties. Pennsylvanias retirement age is a minimum of 62 years, with general retirement hovering over 65 years. If you have made your money young and have enough to retire early, a low cost of living might entice you. But forget about the tax-exemption on retiree income.
Furthermore, chances are you are drawn towards an urban lifestyle, which, as mentioned above, is not Pennsylvanias strongest suit. So find yourself a youth-friendly state with the right city life to make your early retirement fun and interesting.
Explore Humangood Communities In Jenkintown
Community life means connection, well-being and security in either of our Jenkintown HumanGood communities:
- Rydal Park – With a prime location in Abington Township, Pennsylvania, you can enjoy outstanding apartment living rich with amenities, dining, camaraderie, culturally enriching opportunities, easy access to Center City Philadelphia and more.
- Rydal Waters– With beautifully appointed single-family cottages in a naturally lush setting, Rydal Waters is part of a growing neighborhood in Abington Township with a strong sense of community and deep roots adjacent to the renowned Rydal Park.
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You Want To Retire In A Warm Place
Pennsylvania may be warm some of the time but gets extremely cold. If your retirement dream involves beaches, suntans, and pool parties, Pennsylvania is definitely not the state for your retirement. Not only is the state nowhere near a beach, but it receives snowfall, and shoveling driveways does not go hand-in-hand with sipping mojitos by the beach.
Economic Dissatisfaction Is At The Highest Level Since 2010 Signaling Trouble For House Democrats
Americans are overwhelmingly dissatisfied with the U.S. economy at levels not seen ahead of a midterm election since 2010, according to a new NBC News poll released over the weekend.
The latest survey found that 81% of respondents were either somewhat dissatisfied or very dissatisfied with the state of the economy, while only 19% were satisfied.
The gloomy economic outlook could have big repercussions for Democrats on Election Day. The last time Americans were this unhappy with the economy ahead of an election was 2010, when 84% of voters told pollsters they were dissatisfied with the U.S. economy.
That year, Republicans picked up 63 seats in the House, the biggest single party flip since the late 1940s.
Going into Election Day, the nonpartisan Cook Political report has rated 36 House seats as toss ups, 26 of them held by Democrats and only 10 by Republicans. Another 15 seats held by Democrats in the House are rated as competitive, but leaning towards the Democrat.
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Doj Announces It Will Monitor Polls In 24 States During Midterm Elections
The Justice Department announced it will monitor polls across the country to ensure compliance with federal voting rights laws only a day before the midterm elections that could realign the majority party in Congress.
The department’s Civil Rights Division selected 64 jurisdictions in 24 states, including Alaska, Florida, Georgia and Nevada, for oversight in both the general election and early voting. The division has routinely monitored elections in the field, starting with the Voting Rights Act of 1965.
Personnel from the U.S. Attorneys’ Offices and the Office of Personnel Management will assist the DOJ Civil Rights Division in monitoring efforts and maintaining contact with state and local election officials.
Poll monitoring is part of the division’s mission to protect the civil right to vote under the Voting Rights Act, the Uniformed and Overseas Citizens Absentee Voting Act, the National Voter Registration Act, the Help America Vote Act, the Civil Rights Acts and the Americans with Disabilities Act, according to the DOJ.