Posts Tagged ‘Retirement’

Oh Where, Oh Where Should I Retire?!

June 18, 2017

According to the 2016 United Movers Study (, the most tax-friendly states are as follows:

  1. Delaware (no tax on social security benefit)
  2. Florida (no tax on retirement income)
  3. Nevada (no inheritance or estate tax)
  4. South Carolina (no tax on social security benefit)
  5. Arizona (property tax break for seniors)
  6. New Mexico (tax rebates for those 65+)
  7. Idaho (no tax on social security benefit)
  8. Montana (No state sales tax)
  9. Maine (no tax on social security benefit)
  10. New Hampshire (no income tax)

Source: AARP Bulletin, June 2017


Living on Less!

December 29, 2013

As retirement approaches, are you financially prepared for the reality of less income?  After reaching age 65, most people’s income drops drastically.  Here is a breakdown by state of the median household income (for 2012) for individuals between 45-64 years of age compared to those 65 years of age or more.  The states where retirees bring home the least are highlighted in red, the states where retirees bring home the most are highlighted in green.

45-64 65+ 45-64 65+
AL  $50,583  $32,287 MT  $52,080  $34,941
AK  $80,208  $46,666 NE  $65,509  $35,655
AZ  $56,242  $39,083 NV  $56,218  $40,181
AR  $46,767  $30,891 NH  $77,833  $41,445
CA  $70,182  $42,406 NJ  $84,227  $43,254
CO  $68,891  $41,985 NM  $51,416  $34,727
CT  $85,472  $41,947 NY  $66,980  $37,246
DC  $65,365  $46,926 NC  $53,487  $33,749
DE  $67,439  $42,211 ND  $67,356  $34,462
FL  $52,960  $36,415 OH  $57,396  $33,901
GA  $56,749  $35,371 OK  $52,881  $33,397
HI  $75,924  $59,378 OR  $57,448  $38,428
ID  $55,721  $34,040 PA  $63,394  $33,942
IL  $67,510  $37,161 RI  $68,994  $35,510
IN  $57,662  $34,636 SC  $50,521  $34,541
IA  $61,484  $34,731 SD  $60,247  $34,913
KS  $61,740  $36,516 TN  $61,040  $32,963
KY  $50,280  $30,023 TX  $61,330  $36,675
LA  $51,206  $30,935 UT  $72,437  $42,491
ME  $56,035  $33,358 VT  $62,278  $36,848
MD  $87,178  $47,949 VA  $75,977  $41,982
MA  $79,754  $38,233 WA  $70,251  $41,474
MI  $57,665  $35,504 WV  $46,865  $29,897
MN  $71,902  $37,428 WI  $62,757  $34,652
MS  $34,250  $38,388 WY  $68,925  $36,362
MO  $54,578  $33,906

Source: U.S. Census Bureau (AARP Bulletin, December 2013).

Time Waits for No One!

May 1, 2012

Five years ago today, after a twenty-five year career, I retired from the Tulsa Police Department!  Wow, how time flies!  And I’m sure the next five years will fly by equally fast.  Of course I’m now pursuing another career (librarianship) . . . and who knows how long I’ll stay with this one.  But I’m still fairly young (early 50s) and I’m certainly not ready to really quit working completely just yet; I’ve probably got somewhere between 15 and 20 years left in me.  I’m your typical Type-A, workaholic personality — I’ve just got to keep busy doing something.

Here’s an article on the seven keys to retiring happy (by Chuck Joyner).

1.  Have a plan (I did, and I’m executing it to perfection).
2. Have interests NOT related to your law enforcement job (I do).
3. Don’t take on a victime mentality (this is a tough one, but I’m getting better at it).
4. Never love anything that can’t love you back (i.e., the job or the organization — I don’t).
5. It’s okay to miss the people, but don’t miss the job (I do miss the people and stay in touch with a few).
6. Recognize the privilege of being a warrior (’twas the greatest job in the world and it was a privilege).
7. Don’t forget you’re a sheepdog and a warrior (I don’t, I’m ever vigilant).

For those of you still working, take these seven keys to heart and start your plan today, for your retirement will be here before you know it and I would hate for you to be unprepared!

And, if you are not sure if you are ready to retire from law enforcement yet, check out this article by Dave Smith.

Affordable Retirement?

August 11, 2011

If you are looking for an affordable place to retire, check out the following list.  AARP (American Association of Retired Persons) searched for the perfect retirement destination by looking at financial data  for over 350 cities.  The factors that they examined included property tax rates, sales tax rates, median housing prices, cosst of living, and the tax rates on pensions and social security.  In addition, they also took into account the factors of recreation, climate, and arts and culture.  Tulsa (OK) made the list!  Check out this link for the reasoning behind each selection.

Winchester, VA
Portland, ME
Gainesville, GA
Wenatchee, WA
Tulsa, OK
Cheyenne, WY
Columbus, IN
Harrisburg, PA
Ithaca, NY
Midland, TX


Have Your Cake, and Eat It Too!

May 27, 2011

Here is a really whimsical retirement cake for librarians created by Merritt’s Bakery.   These are some books that you can really sink your teeth into . . . but don’t dawdle, I would hazard to guess that they probably have a very short shelf life (yes, groaning is permitted).  Happy Friday and have a great Memorial Day weekend.

The Road to $1 Million!

March 26, 2011

According to a recent article that I read, reaching the seven-figure mark (savings/retirement) is easier than you may think.  But if this is the case, then why do only about 7% of American households ever reach this mark?  The three keys to success: 1) the amount of time you allow, 2) the amount you save per year, and 3) how you invest (mix of stocks and bonds, aggressive or conservative investing, etc.).  The real key is to get started as early as possible in your career (but also realize that it is never too late to start . . . you just make it more difficult to hit the mark the longer you delay).

Here are some fun “millionaire” facts . . .

– 14% say their parents are wealthy.
– 90% are college grads.
– Only 5% have law degrees.
– Only 3% went to medical school.
– One in six millionaires is single.
– 61% say they still have a lot to learn about investing.
– $31,400 is the median price of a millionaire’s car.
– States with the highest percentage of millionaires: AK, CA, VA, DC, MD, NJ, CT, MA, NH.
– States with the lowest percentage of millionaires: ND, SD, OK, AR, LA, MS, AL, TN, KY, WV.
– The amount that millionaires save or invest annually: $39,300.
– Warren Buffett earned his first million by age 31 — this represents .002% of his current fortune.
– 42% say they do not feel wealthy.
– The buying power of $1 million today’s dollars: $744,100 in 2021, $553,700 in 2031, $412,00 in 2041.
– $1 million was the “ransom” asked for in the 1971 version of the movie The Taking of Pelham One Two Three.  $10 million was the amount asked for in the 2009 remake.
– 3,936 pounds of osetra caviar you could purchase with $1 million in 1984; 324 pounds you could buy today.

Food for thought.  So, how far along the way are you?

It’s Never Too Early!

December 3, 2010

 . . . to start thinking about retirement.  How will you know if and when you are ready to actually take the plunge and retire?  Here’s a list of 10 signs that you are not ready to retire followed by the most and least tax-friendly places to retire

1. You don’t have a budget.
2. You’re expecting to live on interest and/or dividends.
3. You haven’t road-tested your dreams.
4. You don’t know the optimal time for your social security benefits to begin.
5. You don’t know how your medical expenses will be paid.
6. You haven’t coordinated with your spouse.
7. Your mortgage won’t be paid off.
8. You have credit card debt.
9. You’re still supporting your children.
10. You haven’t scam-proofed your funds.

Most Tax-Friendly Places to Retire
1. Alaska
2. Wyoming
3. Michigan
4. Pennsylvania
5. Colorado

Least Tax-Friendly Places to Retire
1. California
2. Rhode Island
3. New Jersey
4. Vermont
5. Iowa

Want to Reach Retirement?

June 15, 2010

Retirement?  When you are in your twenties and thirties, retirement is probably the last thing on your mind.  And why should it be?  You’ve probably got at least thirty more years in the workforce before you will even remotely consider the notion of retiring.   But there are several things you can do to throughout your career to help prepare yourself for this eventuality (beyond your financial preparations) and the earlier you start thinking about these things the better.

Here are five tips to help you successfully navigate through your law enforcement career. 

1. Adapt to change.
2. Continuing education and training.
3. Maintain your physical fitness.
4. Have outside interests (beyond law enforcement).
5. Have a plan, think (and act) strategically about your future (and retirement).

Courtesy of Andrew Hawkes ( columnist).


July 10, 2009

Have you ever had one of those weeks where you just don’t feel like you’ve gotten enough done?  Or perhaps it was a week where no matter how much you accomplished, many more tasks landed on your plate?  I’m going to have to either become more efficient AND effective, OR learn how to say “no,” or this wonderful demotivator (from will accurately describe me at my next retirement!

The print is kind of small . . .

“Because you’ve given so much of yourself to the company that you don’t have anything left we can use.”

Have a great weekend.

Two Years Ago Today . . .

April 30, 2009

I retired from a very fulfilling 25-year career with the Tulsa Police Department . . . how time flies!  But I didn’t really retire (I’m much too young).  I’m now more than a year-and-a-half into my new career (librarianship) and having a great time.  Transitions are never easy, but you just have to “stay the course” and everything will work out (usually for the best).

Two years ago, if you would have asked me, I would have had to admit that I had no idea what a blog was (nor many of the other Web 2.0 technologies that we take for granted today).  Now, not only do I have a personal blog (as well as a faculty webpage), but I also contribute to two separate blogs at work and post my comments on numerous others.  Just this week my personal blog topped the 10,000th view/visitor mark . . . who’d have thunk?  I’m also utilizing wikis on a regular basis (at work as well as through my professional association) and many of the other Web 2.0 tools.

I’ve smoothly transitioned into Academia and I’m having a blast! 

If you are reading this, you’ve found my blog . . . here’s a link to my web page  (if you haven’t already stumbled acrossed it).