Latest news with #GOBankingRates'
Yahoo
19-05-2025
- Business
- Yahoo
GOBankingRates President: 3 Ways Trump's Tariffs Can Lower Costs To Save You Money
In February, President Donald Trump announced a 'Fair and Reciprocal Plan' enacting tariffs on U.S. trading partners. 'Gone are the days of America being taken advantage of,' an official White House fact sheet stated. 'This plan will put the American worker first, improve our competitiveness in every area of industry, reduce our trade deficit, and bolster our economic and national security.' Trending Now: Try This: GOBankingRates' president, Jeff Bartlett, agrees that Trump's proposed tariffs will end up benefiting all Americans. 'Contrary to what we may hear from legacy media, protecting a country like the U.S.'s economy from unfair trade practices most often helps Americans by lowering costs in the end,' he said. Here's why Bartlett believes that Trump's tariffs will have a positive impact on your wallet. If the U.S. is less reliant on foreign countries for certain products, this could open new doors for domestic businesses to fill in the gap. With more U.S.-based businesses encouraged to create goods, this will drive competition. '[Tariffs] create more fair competition,' Bartlett said. Due to the laws of supply and demand, the more competition there is, the more competitive the prices will be as well, leading to cost-savings for consumers. Read Next: Tariffs can drive up prices on foreign goods and services, which could create more opportunities for domestic businesses to replace these products and services at a more affordable cost. '[Tariffs] bring more opportunity for American businesses,' Bartlett said. He believes that tariffs 'will help American farmers again, will help American car manufacturers thrive and will help U.S. cattle ranchers succeed.' Bartlett notes that tariffs 'will open up new markets to American companies not allowed to do business in places like Canada, China, Japan, Taiwan, etc.' It's not just business owners who would benefit from Trump's proposed tariffs. '[As tariffs] bring more opportunity for American businesses, [these businesses] then in turn often hire more Americans and have the ability to pay higher wages,' Bartlett said. 'Tariffs will open up more U.S. jobs and will bring in billions in revenue.' More From GOBankingRates Surprising Items People Are Stocking Up On Before Tariff Pains Hit: Is It Smart? Here's the Minimum Salary Required To Be Considered Upper Class in 2025 5 Little-Known Ways to Make Summer Travel More Affordable 10 Unreliable SUVs To Stay Away From Buying Source The White House, 'Fact Sheet: President Donald J. Trump Announces 'Fair and Reciprocal Plan' on Trade' This article originally appeared on GOBankingRates President: 3 Ways Trump's Tariffs Can Lower Costs To Save You Money
Yahoo
15-05-2025
- Business
- Yahoo
How Much You Need To Be in the Top 5% in Every State
The top 5% of wealthy Americans in 12 states earn more than half a million dollars annually. By comparison, the median household income for those 12 states does not exceed more than $102,000. Find Out: Learn More: To determine the amount of income needed to be among the top 5% in each state, GOBankingRates sourced factors including household median income, lower limit of household income and average household income for each quintile. The states are sorted into rankings showing the highest average income for the top 5% of household earners. The top 5% earn $600,000 or more in Connecticut, California, Massachusetts, New York and New Jersey. These states rank first to fifth in GOBankingRates' study and are known for having high cost of living. There are 12 states where the top 5% earns more than half a million dollars annually: Connecticut ($637,673), California ($619,938), Massachusetts ($619,385), New York ($619,178), New Jersey ($616,334), Washington ($573,110), Colorado ($535,056), Virginia ($534,776), Maryland ($522,117), Illinois ($514,347), New Hampshire ($510,730) and Hawaii ($505,977). New York is the only state where the top 5% make seven times more than median households. The top 5% make six times more than median households in 24 states and five times more in 25 states. From highest to lowest, this is the amount needed to be in the top 5% in every state. See More: View Next: Average income for the top 5%: $637,673 Median household income: $93,760 How much more the average 5% make than median households: 6.8x Try This: Average income for the top 5%: $619,938 Median household income: $96,334 How much more the average 5% make than median households: 6.4x Average income for the top 5%: $619,385 Median household income: $101,341 How much more the average 5% make than median households: 6.1x Average income for the top 5%: $619,178 Median household income: $84,578 How much more the average 5% make than median households: 7.3x Average income for the top 5%: $616,334 Median household income: $101,050 How much more the average 5% make than median households: 6.1x Average income for the top 5%: $573,110 Median household income: $94,952 How much more the average 5% make than median households: 6x For You: Average income for the top 5%: $535,056 Median household income: $92,470 How much more the average 5% make than median households: 5.8x Average income for the top 5%: $534,776 Median household income: $90,974 How much more the average 5% make than median households: 5.9x Average income for the top 5%: $522,117 Median household income: $101,652 How much more the average 5% make than median households: 5.1x Average income for the top 5%: $514,347 Median household income: $81,702 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $510,730 Median household income: $95,628 How much more the average 5% make than median households: 5.3x Discover More: Average income for the top 5%: $505,977 Median household income: $98,317 How much more the average 5% make than median households: 5.2x Average income for the top 5%: $499,872 Median household income: $71,711 How much more the average 5% make than median households: 7x Average income for the top 5%: $496,581 Median household income: $87,556 How much more the average 5% make than median households: 5.7x Average income for the top 5%: $494,328 Median household income: $76,292 How much more the average 5% make than median households: 6.5x Average income for the top 5%: $489,811 Median household income: $86,372 How much more the average 5% make than median households: 5.7x Explore Next: Average income for the top 5%: $477,949 Median household income: $82,855 How much more the average 5% make than median households: 5.8x Average income for the top 5%: $477,622 Median household income: $89,336 How much more the average 5% make than median households: 5.4x Average income for the top 5%: $471,960 Median household income: $74,985 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $468,606 Median household income: $91,750 How much more the average 5% make than median households: 5.1x Average income for the top 5%: $468,603 Median household income: $76,081 How much more the average 5% make than median households: 6.2x Trending Now: Average income for the top 5%: $467,103 Median household income: $74,664 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $464,386 Median household income: $80,426 How much more the average 5% make than median households: 5.8x Average income for the top 5%: $461,017 Median household income: $76,872 How much more the average 5% make than median households: 6x Average income for the top 5%: $460,558 Median household income: $75,561 How much more the average 5% make than median households: 6.1x Average income for the top 5%: $453,461 Median household income: $78,024 How much more the average 5% make than median households: 5.8x Read More: Average income for the top 5%: $452,480 Median household income: $72,421 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $443,291 Median household income: $69,904 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $435,495 Median household income: $67,097 How much more the average 5% make than median households: 6.5x Average income for the top 5%: $420,968 Median household income: $69,922 How much more the average 5% make than median households: 6x Average income for the top 5%: $419,871 Median household income: $66,818 How much more the average 5% make than median households: 6.3x That's Interesting: Average income for the top 5%: $418,188 Median household income: $74,636 How much more the average 5% make than median households: 5.6x Average income for the top 5%: $418,095 Median household income: $75,670 How much more the average 5% make than median households: 5.5x Average income for the top 5%: $417,374 Median household income: $69,680 How much more the average 5% make than median households: 6x Average income for the top 5%: $415,677 Median household income: $71,773 How much more the average 5% make than median households: 5.8x Average income for the top 5%: $410,472 Median household income: $68,920 How much more the average 5% make than median households: 6x See Next: Average income for the top 5%: $409,636 Median household income: $71,149 How much more the average 5% make than median households: 5.8x Average income for the top 5%: $400,534 Median household income: $73,147 How much more the average 5% make than median households: 5.5x Average income for the top 5%: $400,071 Median household income: $74,815 How much more the average 5% make than median households: 5.4x Average income for the top 5%: $399,162 Median household income: $75,949 How much more the average 5% make than median households: 5.3x Average income for the top 5%: $398,469 Median household income: $72,639 How much more the average 5% make than median households: 5.5x Check Out: Average income for the top 5%: $393,813 Median household income: $70,051 How much more the average 5% make than median households: 5.6x Average income for the top 5%: $392,351 Median household income: $63,603 How much more the average 5% make than median households: 6.2x Average income for the top 5%: $389,605 Median household income: $60,023 How much more the average 5% make than median households: 6.5x Average income for the top 5%: $388,183 Median household income: $62,027 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $378,797 Median household income: $62,125 How much more the average 5% make than median households: 6.1x Read More: Average income for the top 5%: $372,886 Median household income: $62,417 How much more the average 5% make than median households: 6x Average income for the top 5%: $364,124 Median household income: $58,773 How much more the average 5% make than median households: 6.2x Average income for the top 5%: $344,395 Median household income: $54,915 How much more the average 5% make than median households: 6.3x Average income for the top 5%: $330,270 Median household income: $57,917 How much more the average 5% make than median households: 5.7x Methodology: For this study, GOBankingRates analyzed US states to find how much income you need to be in the top 5% earners in every state. For each state a number of factors were found including total population, population ages 65 and over, total households, household median income, the lower limit of household income for each quintile, and the average household income for each quintile, all were sourced from the US Census American Community Survey. The cost-of-living indexes for each state were recorded from Missouri Economic and Research Information Center and using the national average expenditure costs from the Bureau of Labor Statistics Consumer Expenditure Survey for all households, the average expenditure costs for each state was calculated. The average single family home value was sourced from Zillow Home Value Index and using the national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and expenditure costs the total cost of living can be calculated and is included as supplemental information. The states were sorted to show the highest average income for the top 5% household earners. All data was collected on and is up to date on April 30th, 2025. More From GOBankingRates Here's How Much Cars Made in the US Cost Compared to Mexico, Canada and China 6 Big Shakeups Coming to Social Security in 2025 4 Grocery Items To Buy Now Before Tariffs Raise Prices This Summer The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on How Much You Need To Be in the Top 5% in Every State Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
12-04-2025
- Business
- Yahoo
Tax Season Tip: 5 Best States for a Tax-Friendly Retirement in 2025
Retirement may be a time to finally relax, but that can only happen if you have built a big enough nest egg. It also helps if your overall tax burden is less based on where you live out your retirement years. Find Out: Read Next: If you are already retired or plan to in 2025, probably the last thing you want to hear is that you'll need to put in some effort to make your money, and taxable income, fit your new lifestyle — because even though you are not clocking in at a nine-to-five job, you will still need to make sure your taxes are paid. This can be easier when you live in the right state. That being said, no matter which state you file your federal taxes in, it still takes some effort and strategy to make all your finances work. 'States with low- or no-income tax, favorable property tax policies and exemptions for retirement income consistently rank as attractive destinations,' said Robyn E. Jameson, a wealth manager and partner at Merit Financial Advisors. There are nine states that don't levy a state income tax including Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington and Wyoming, that doesn't always matter for every type of retirement income when it comes to issues such as taxing Social Security benefits. However, here are GOBankingRates' five picks for the best tax-friendly states for retirement in 2025. Florida is consistently a top choice for retirees due to its lack of state income tax, according to Jameson. A zero percent income tax rate goes a long way toward creating a more affordable tax year for those on a fixed budget. 'This means Social Security benefits, pensions and withdrawals from retirement accounts are entirely tax-free at the state level,' she explained. 'Additionally, Florida offers relatively low property taxes and a homestead exemption that can reduce the taxable value of primary residences.' For 2025, Jameson predicted that Florida will maintain these policies, 'continuing its reputation as a retiree-friendly haven with no looming changes in tax laws.' For You: 'Wyoming stands out for its overall low tax burden,' Jameson said. 'It imposes no state income tax, making it an excellent choice for retirees drawing income from pensions or investments.' The state has no inheritance tax, nor does it have an estate tax. On top of those tax exemptions for state and local taxes, Wyoming's property taxes are some of the lowest in the United States. 'In 2025, Wyoming is likely to remain a tax haven due to its resource-rich economy and conservative fiscal policies,' Jameson added. 'Tennessee completed its phase-out of the Hall income tax on interest and dividends in 2021, making it another state with no state income tax,' Jameson said. Previously, the Hall income tax was paid on stock dividends and interest earned on bonds and notes. Jameson also pointed out how Social Security and retirement account distributions are untaxed in Tennessee, in addition to the state's sales tax revenue, which supports state services. 'Retirees can expect Tennessee to maintain this favorable tax environment in 2025, with no significant tax increases anticipated,' she said. Nevada also makes Jameson's list for top tax-friendly states for retirement, again because of the absence of a state income tax. 'Retirees enjoy tax-free Social Security benefits and withdrawals from retirement accounts,' she explained. 'While property taxes are moderate, the lack of estate and inheritance taxes adds to Nevada's appeal.' In 2025, Jameson said, 'Retirees can anticipate a steady tax climate, bolstered by the state's gaming and tourism-driven economy.' 'I would be remiss not to highlight my home state of Pennsylvania,' added Jameson. Although Pennsylvania does have a flat state income tax — 3.07% — she pointed out that it 'does not assess income tax on retirement income, which includes Social Security, IRA withdrawals and pension income.' Caitlyn Moorhead contributed to the reporting for this article. More From GOBankingRates 5 Types of Vehicles Retirees Should Stay Away From Buying 7 Tax Loopholes the Rich Use To Pay Less and Build More Wealth 4 Things You Should Do if You Want To Retire Early 4 Affordable Car Brands You Won't Regret Buying in 2025 This article originally appeared on Tax Season Tip: 5 Best States for a Tax-Friendly Retirement in 2025
Yahoo
10-04-2025
- Business
- Yahoo
America's Fastest-Growing Suburb Isn't Where You'd Expect
Like so many other facets of everyday life, cities, towns, and other residential areas rise and fall in popularity over time. Just when it seems like one community is on the downward slope, however, it suddenly experiences a major boom in its population, ushering in increased job opportunities, larger expansions in housing, and other notable aspects of development. Interestingly, the personal finance and date website GOBankingRates has recently found that the fastest-growing suburban area isn't a residential neighborhood of Austin or Charleston. Instead, it's a relatively small community just outside Washington, D.C.: I.E., the quaint Virginian town of Woodbridge, roughly 30 minutes outside the Capital City. According to GOBankingRates' research findings, the Prince William County community had roughly 4,400 people making up its population in 2018. By 2023, that number had risen to a staggering 43,443 residents within its designated borders. CJ Williamson, a researcher with GOBankingRates, revealed the website's data to Travel + Leisure, telling the travel publication, "Woodbridge is by far the number one fastest-growing suburb in America, according to our latest research. The DC-area suburb experienced a massive population boom of 887% between 2018 and 2023." To help determine the development rate of U.S. suburbs, Williamson said GOBankingRates specifically looked to sudden surges in population rates for suburban areas from 2018 to 2023. At a population growth rate of 887%, GOBankingRates listed Woodbridge as the suburbs that experienced the most dramatic increase, with three Texas communities -- Fulshear (236%), Celina (190%) and Princeton (114%) -- detailed a far distance behind. While Woodbridge's massive growth spells out a major victory for Northern Virginia, the website's data shows that the state with the highest number of fast-growing communities is Texas, with a total of 16 suburbs experiencing rapid growth in that five-year period. To afford a residence in Woodbridge, GOBankingRates also found that you'd likely need a household income of over $120,000, factoring in groceries, entertainment, and basic cost of living.
Yahoo
15-03-2025
- Business
- Yahoo
19 Richest Retirement Towns on the West Coast (and Hawaii)
The West Coast hosts a notable number of America's richest retirement towns. Among the top 50 in GOBankingRates' recent study are 19 West Coast (and Hawaii) communities, including 13 in California. See More: View Next: To find the country's 50 richest retirement towns, GOBankingRates sourced the U.S. Census American Community Survey for all cities with populations above 15,000 and senior populations with a percentage of 25% or higher. Here are the richest retirement towns on the West Coast. Overall rank: 1 Population 65+ (%): 25.9% Median household income: $241,348 Livability: 81 Discover More: Find Out: Overall rank: 3 Population 65+ (%): 26.0% Median household income: $175,307 Livability: 58 Also See: Overall rank: 4 Population 65+ (%): 26.3% Median household income: $159,882 Livability: 78 Overall rank: 5 Population 65+ (%): 27.0% Median household income: $158,398 Livability: 87 Read More: Overall rank: 9 Population 65+ (%): 27.8% Median household income: $140,508 Livability: 66 Overall rank: 11 Population 65+ (%): 29.0% Median household income: $135,665 Livability: 77 Overall rank: 12 Population 65+ (%): 25.3% Median household income: $133,953 Livability: 74 Check Out: Overall rank: 13 Population 65+ (%): 25.0% Median household income: $124,632 Livability: 72 Overall rank: 14 Population 65+ (%): 25.9% Median household income: $124,123 Livability: 78 Overall rank: 23 Population 65+ (%): 25.7% Median household income: $114,682 Livability: 70 Find More: Overall rank: 27 Population 65+ (%): 25.5% Median household income: $111,332 Livability: 57 Overall rank: 29 Population 65+ (%): 49.9% Median household income: $109,943 Livability: 49 Overall rank: 30 Population 65+ (%): 27.2% Median household income: $108,108 Livability: 67 Learn More: Overall rank: 33 Population 65+ (%): 28.9% Median household income: $105,568 Livability: 84 Overall rank: 41 Population 65+ (%): 26.5% Median household income: $103,504 Livability: 66 See Next: Overall rank: 42 Population 65+ (%): 25.7% Median household income: $103,258 Livability: 77 Overall rank: 44 Population 65+ (%): 31.9% Median household income: $100,124 Livability: 65 See More: Overall rank: 45 Population 65+ (%): 25.3% Median household income: $97,786 Livability: 56 Overall rank: 46 Population 65+ (%): 31.1% Median household income: $97,628 Livability: 57 Editor's note: Photos are for representational purposes only and might not reflect the exact locations listed. Methodology: For this study, GOBankingRates analyzed cities to find the richest retirement towns. First, GOBankingRates found cities with populations above 15,000 and population percentages for 65+ age range of 25% or higher, as sourced from the U.S. Census American Community Survey. With these 142 cities isolated, the total households, population ages 65 and higher and household median income were also sourced from the American Community Survey for each location. The livability index was sourced from AreaVibes. The cities were sorted to show the highest median household income, representing the 'richest' cities. All data was collected on and is up to date as of Feb. 4, 2025. This article originally appeared on 19 Richest Retirement Towns on the West Coast (and Hawaii) Sign in to access your portfolio
