Posts by Jaclyn DeJohn
Data Studies
Where Airfare Increased and Decreased the Most – 2024 Study
Prices on individual goods and services can take on their own characteristics based on unique supply and demand challenges throughout different locations nationwide. Air travel in particular faces unique pressures including staffing, equipment maintenance, fuel, passenger demand and more. In turn, the price of domestic flights can affect tourism, visits to family, and business opportunities.… read more…
Data Studies
Counties at Greatest Risk for Wildfire Damage – 2024 Study
Wildfires have become more prevalent in the U.S. over the last few decades. Like many other climate events, they can have a devastating effect on communities, destroying buildings and homes, closing businesses, damaging agriculture and changing the local ecology. Ultimately, with the increase in wildfires, some insurance companies have pulled their services out of specific… read more…
Data Studies
Cities Where Rent Increased Most – 2024 Study
Rent is a top expense for many Americans, so increases may disproportionately affect their budget. Between February 2023 and 2024, inflation as a whole went up by 3.15%. While the average rent increase in U.S. major cities was at parity with inflation, some cities saw rent increase as high as 8.0% – and others actually… read more…
Retirement
I’m Planning to Get a $3,200 Monthly Social Security Benefit. How Can I Avoid Taxes?
More and more retirees are being taxed on Social Security benefits. Legislative changes over the decade have shaped the age of receipt, amount of benefits and taxation over the decades, meaning many Americans unexpectedly will face taxation on the public program paid into during their working years. For someone starting their Social Security benefits at… read more…
Data Studies
Where Americans Are Happiest – 2024 Study
Money can’t always buy happiness. However, quality of life can influence your financial decisions and outcomes. Depending where you live, certain quality of life factors, including metrics like life expectancy, infrastructure and the rate of marriage, can ultimately impact your happiness. To find where Americans are happiest, SmartAsset evaluated 90 of the largest U.S. cities… read more…
Data Studies
Here’s the Income It Takes to Live Comfortably in Each U.S. State – 2024 Study
Outside of the big cities, life can be cheaper for many Americans. Though, after years of high inflation, cost increases have affected almost everyone. If you aspire to maintain a comfortable lifestyle, the 50/30/20 budget rule recommends spending approximately 50% of your income on basic needs like food and housing, 30% on wants and putting… read more…
Data Studies
What a Roommate Can Save You in 100 U.S. Cities – 2024 Study
For many people, housing is the biggest cost in their budget, and sharing expenses with a roommate can help them save money. But, with housing costs varying widely nationwide, how much could you save by sharing a two-bedroom apartment with a roommate instead of renting a one-bedroom alone? To answer this question, SmartAsset evaluated median… read more…
Data Studies
States at Greatest Risk for Climate Damage – 2024 Study
With a variety of environmental events affecting the wide stretch of the United States, each state is subject to its own risks. Particularly, tornadoes, wildfires, hurricanes, flooding, landslides, lightning and drought, among other events, can cause damage to buildings, agriculture and individuals alike. When considering insurance, residents and business owners in each state should account… read more…
Data Studies
Women Make Up to 37% Less Than Men in Some U.S. Counties – 2024 Study
Different factors can affect the gender pay gap, depending on where you live. Family economics, social values and gender selection trends among different industries, can each contribute to the gap in a given economy. While no one factor alone may explain the whole story, there are noticeable trends in women’s pay compared with men’s that… read more…
Data Studies
Where Americans Write Off the Most in Taxes – 2024 Study
With strategic planning, Americans can reduce their tax liability via tax deductions and credits. Common deductions include qualified mortgage interest payments, student loan interest, property taxes and other expenses. Taxpayers have the option to itemize deductions above and beyond the standard tax deduction. For the 2023 tax year, the standard deduction is $13,850 for individuals… read more…
Data Studies
States That Added the Most CFP® Professionals – 2024 Study
The total number of CFP® professionals in the U.S. grew by 11.5% over the last three years, with a net of more than 10,000 individuals added to the profession. But this growth was not equally spread across the country, and some demographic trends were more dominant than others. Observing such trends could lend a strategic… read more…
Data Studies
Salary Needed to Live Comfortably – 2024 Study
While cost of living premiums and inflation metrics capture the price increases in goods and services, they do not necessarily account for all the additional costs needed to live comfortably – such as a buffer from the stress of living paycheck to paycheck. The 50/30/20 budget recommends that for sustainable comfort, 50% of your salary… read more…
Data Studies
America’s Healthiest Cities – 2024 Study
Maintaining physical and mental health is an important part of one’s financial life, especially as one ages. The health status of an individual – and even the community at large – can impact the prices of healthcare, health insurance, life insurance, long-term care insurance and other related expenses. It can also undercut the best laid… read more…
Data Studies
Voter Turnout Trends in Last Election Cycle: Will 2024 See Continued Patterns?
As 15 states hold Democratic and Republican primaries on March 5, Super Tuesday, the number of people who vote and the candidates they select will offer key insight into the November 5th presidential election. Residents of California, Texas, North Carolina, Virginia, Massachusetts, Tennessee, Colorado, Minnesota, Alabama, Oklahoma, Arkansas, Utah, Maine and Alaska will determine the… read more…
Financial Advisor
7 Major Financial Checkpoints: How Do You Stack Up?
When it comes to financial plans, your assets, cash flows and debts all influence the path toward your goals. While talking to a financial advisor can help you establish a comprehensive plan to reach your goals, you can use basic rules of thumb to gauge your current financial position. 1. Housing Ratio (Monthly housing costs)/(Monthly… read more…
Retirement
This Is My First Year Taking Social Security. How Do I Reduce My Taxes on It?
As your first year of retirement progresses, it’s important to evaluate whether the financial plan you laid out to ensure your sustainable well-being is going according to plan. An appropriate plan should include tax calculations to understand how much of your income will truly be at your disposal for needs and wants. Some people may… read more…
Data Studies
Make $250k? Here’s How Where You Live Impacts Its Value – 2024 Study
As your income goes up, so will your tax rates. In 2024, a $250,000 income eeks a single tax filer into the 35% federal income tax bracket. On top of that, you may need to factor in state and city taxes. And, depending on where you live, the cost of living could also take a… read more…
Data Studies
Cities Where Income Inequality Is Highest and Lowest – 2024 Study
On average, the uppermost 80% of households earn more than four and half times what the bottom 20% earns. For example, in one city, the highest-earning households may average $140k annually or higher – compared to a $30k income earned by the bottom fifth of residents. This income inequality can divide local communities by creating… read more…
Data Studies
What $100K Is Worth in the Largest U.S. Cities – 2024 Study
With taxes, housing, food and other costs varying widely across the U.S., a $100,000 income can look drastically different depending on where you live. Even places that don’t charge residents a state or local income tax can see a wide range for how far a dollar stretches thanks to cost of living differences. Because of… read more…
Data Studies
Flu Vaccines Are Most Popular in These U.S. Cities – 2024 Study
Across the largest cities in the U.S., the uptake on flu vaccinations has been split. While an average of 50.7% of people aged 65 and over were inoculated, some cities ranged much higher or lower. When a given year’s flu vaccines can be matched to the spreading virus strains, the Centers for Disease Control and… read more…
Data Studies
Americans Sleep Least in These U.S. Cities – 2024 Study
The Centers for Disease Control and Prevention notes the connection between lack of sleep and long-term health issues, as well as a higher inclination for dangerous accidents. Long-term health issues can greatly affect your quality of life, including your financial well-being. Health care and long-term care can be a tremendous expense in retirement. But on… read more…
Data Studies
Cities Adding the Most High-Income Households – 2024 Study
High-income households may have an outsized impact on local economies, which can put increased pressure on housing markets, shift demand for services and businesses, and tax base contributions. The IRS defines high income as taxpayers making $200,000 or more. Examining the rate of growth of this cohort allows us to identify potential up-and-coming alternatives to… read more…
Data Studies
Where Most People Are Single or Married – 2024 Study
Whether you’re single or married affects more than your love life. Your relationship status can have a significant impact on your finances. Common advantages of being single include greater career flexibility and lower expenses. On the other hand, a couple also its own financial advantages, including tax benefits, Social Security benefits and economies of scale.… read more…
Data Studies
Cities With the Most People Working From Home – 2024 Study
With the most recent U.S. Census Bureau designating the average commute time to work across large cities at 25 minutes, remote workers may save four hours per week or more compared to their in-person counterparts. Some commutes average up to 40 minutes one way. In an average city, 15.7% of workers are remote. But some… read more…
Data Studies
Migration Patterns Between Regions in the U.S. – 2024 Study
Many factors can drive net migrations to and from the four major U.S. regions. From remote work enabling greater mobility, to changes in industry, cost of living, taxes, new legislation and beyond. A big-picture understanding of migration can reveal how it affects infrastructure, voting trends, employment and other aspects of those regions. With this in… read more…