Among the 46 states (and the District of Columbia) with a state and/or local sales tax, the combined state and average local sales tax rates range from about 1.8% to 10.2%. The sales tax base (defining what is taxable and nontaxable) can also vary greatly. Some states exempt groceries and/or clothing from the sales tax or tax them at a reduced rate. Five states have no statewide sales tax, and of those, only Alaska allows local sales taxes. Source: Tax Foundation, February … [Read more...]
Are Extended Warranties Worth It?
When you purchase a vehicle, a major appliance, a laptop, or other big-ticket item, chances are you'll be asked to buy an extended warranty or service contract. Extended warranties are offered by retailers for an additional cost and cover product repairs for a specific period of time under certain conditions. Selling extended warranties may be quite profitable for retailers because they keep a percentage of what they charge for these contracts. But are they a good deal for you? Here are … [Read more...]
Life Insurance in Retirement
What role can life insurance play in your retirement plan? Most of us think of life insurance as protection against financial loss should we die prematurely. But when we reach retirement and the kids are all self-sufficient, do we still need life insurance? The answer is maybe. Here are some situations where life insurance may make sense for retirees or those close to retirement. Provide a source of retirement income While life insurance is designed to protect against unexpected … [Read more...]
Cost of Living Varies Widely Across the U.S.
Residents of Manhattan, NY, live in the nation's most expensive urban neighborhoods, paying more than twice the national average to maintain a "professional/managerial" standard of living. By contrast, individuals who live in Decatur, IL, can stretch their dollars the farthest, paying less than 80% of the national average. Here are the five most and least expensive urban areas of the country, according to The Council for Community and Economic Research Cost of Living Index (COLI). Source: … [Read more...]
Would You Be Prepared for an Unplanned Early Retirement?
Most of us would prefer not to think about an unexpected (and unwelcome) early retirement, but it does happen frequently. In fact, nearly half of current retirees retired earlier than planned, and of that group, more than 60% did so due to changes at their company or a hardship, such as disability.1 For that reason, it's a good idea to take certain steps now to help prepare for the unexpected. What you can do now Save as much as possible in tax-advantaged accounts. If you're forced … [Read more...]
Home Energy Rebates Could Save You Money
The Inflation Reduction Act of 2022 included two provisions allowing rebates for home energy efficiency retrofit projects and home electrification and appliance projects. These home energy rebate programs are to be administered by state energy offices, with the U.S. Department of Energy (DOE) providing guidance and oversight. Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are available in some states starting in … [Read more...]
Child Care Costs More Than Housing
For a family with two young children, the average annual cost for child care in 2023 was higher than the cost of mortgage payments in 45 states and higher than the cost of rent in every state. Here is a comparison of regional costs for housing and child care for two children — an infant and a four-year-old — in a child care center. Source: ChildCare Aware of America, 2024 Link to Printable PDF: 2024 11 November Newsletter IMPORTANT DISCLOSURES ERB … [Read more...]
Making the Most of Your Credit Card
A growing number of Americans are moving towards a "cashless" society. As a result, credit cards are being used more often than ever — especially by those with higher incomes.1 Credit cards are no longer viewed solely as a debt instrument for cash-strapped individuals. Instead, they are prized for a variety of benefits, such as earning rewards and travel perks, protecting purchases, building credit, and gaining additional insurance coverage. Reap the rewards Using a rewards … [Read more...]
Can You Put the Brakes on Rising Auto Insurance Premiums?
When your auto insurance policy renews, chances are that your premium will be going up, possibly by a lot. Rates vary by state and location, but nationwide, premiums increased more than 20% between May 2023 and May 2024.1 Higher vehicle prices and repair costs (including parts and labor), more accidents, a rising number of fraud cases and lawsuits, and severe weather events have affected the bottom line of insurers, leading to across-the-board rate hikes. That's not good news for your wallet, … [Read more...]
Bon Voyage!
With the COVID pandemic receding in most areas of the world, Americans are traveling again. U.S. citizens took more than 98 million international trips in 2023, just short of the pre-pandemic level of 99 million in 2019 and almost three times higher than the 33 million low in 2020. Here are the regions they visited. Source: National Travel and Tourism Office, 2024 Link to Printable PDF: 2024 07 July Newsletter IMPORTANT DISCLOSURES ERB FINANCIAL offers Securities … [Read more...]
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