Pennsylvania Makes Magazine’s Top 10 As Tax-Friendly To Retirees

Map of Pennsylvania, showing major cities and roads (Photo credit: Wikipedia)

Allegheny County residents smarting from the sting of new property assessments may not agree, but Pennsylvania was just picked as one of the 10 most tax-friendly states for retirees.

The rankings by Kiplinger magazinecompared a variety of taxes including sales, income, retirement and inheritance taxes.

Local taxes were not a factor.

Pennsylvania ranked high overall primarily because the state largely avoids dipping into retirees’ nest eggs by not taxing Social Security benefits, public and private pensions, or distributions from IRAs and 401(k)s, said Rachel Sheedy, retirement editor for the personal finance publication.

The state’s high ranking from Kiplinger follows several other recent surveys that have pointed to the Pittsburgh region in particular as one of the most livable places for retirees.

Read more: http://www.post-gazette.com/stories/local/state/pa-makes-magazines-top-10-as-tax-friendly-to-retirees-652374/#ixzz25tLU1PE1

The No. 1 State For Lottery Suckers

English: Great Seal of the State of Georgia (Photo credit: Wikipedia)

Georgia‘s lottery players are the biggest suckers in the nation, according to Bloomberg Rankings, buying nearly $5 billion of the $50 billion a year in tickets for U.S. state-run games that have the worst odds of any form of legal gambling.

Players in Georgia, whose per capita income is about 10% below the U.S. average, are doing the most damage to their personal finances. According to the Sucker Index created by Bloomberg Rankings, Georgia residents spent the second-highest chunk of their income on the lottery, which funds college scholarships and prekindergarten.

Read more: http://money.msn.com/personal-finance/the-no-1-state-for-lottery-suckers-bloomberg.aspx