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BUSINESS
January 5, 1997
Dear Mr. Gisriel:My wife and I have retired and have decided to purchase a condo. Can we use our Social Security and retirement income to qualify for a mortgage?Michael ParrBaltimoreDear Mr. Parr:Yes. A mortgage lender will need to see your Social Security award letter and proof that you are receiving this income. Ask your lender what documentation is needed for retirement income.If the Social Security and retirement income is nontaxable, your lender should calculate what the equivalent taxable gross income would be, and then use that to calculate the expense-to-income ratios that determine whether you qualify for a loan.
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NEWS
August 27, 2014
I was totally shocked by William Smith's letter concerning "lazy retirees" ( "Who needs those lazy retirees?" Aug. 19). The letter lacked cohesion, and it was difficult to discern if he was ranting about retirees leaving Maryland, welfare addicts or undocumented immigrants. As one of the many Marylanders planning to leave the state, I earned that right, and as an American citizen I am free to move to any state or country I please - especially to those that don't tax the rain.
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BUSINESS
By Jane Bryant Quinn and Jane Bryant Quinn,Washington Post Writers Group | April 9, 2000
OK, boomers, you're up against it. You were the generation that thought you'd retire early and play. The leading edge of your age group is now halfway through its sixth decade of life. What is the playbook telling you now? It appears that we're actually growing more inclined to stay at work, says Joseph Quinn, economics professor at Boston College and fellow of the Employee Benefit Research Institute (EBRI) in Washington. That's a trend that started even before the boomers looked 50 in the face.
NEWS
By Michael Dresser, The Baltimore Sun | August 22, 2014
Eight years ago, Robert L. Flanagan was one of the most powerful officials in state government, earning $151,262 for overseeing an agency with a $3.7 billion budget and more than 9,200 employees. These days, as a lawyer with a family law practice, the former state transportation secretary is knocking on doors and waving signs in the hope of becoming one among 141 members of the House of Delegates. Flanagan, 68, is the Republican nominee for a $45,207-a-year, part-time House seat in a Howard County subdistrict that centers on Ellicott City.
BUSINESS
By Jack Snyder and Jack Snyder,Orlando Sentinel | May 5, 1991
If you hope to maintain your current lifestyle after you retire, you will need 60 percent to 85 percent of your current annual income, financial experts say.Some planners say your living costs will fall somewhat after retirement; others say not to count on it."Why should you expect to live on less just because one day you quit work?" asked Richard Patterson, a chartered financial consultant and chartered life underwriter with Associated Planners Group Inc. in Winter Park, Fla.Mr. Patterson said a retiree needs 80 percent to 85 percent of his or her working-life income.
NEWS
January 2, 2013
I must disagree with letter writer Neil L. Bergsman's view that high taxes don't drive people out of Maryland ("Tax rates have a negligible effect on people's decision to move out of state," Dec. 29). My wife and I retired from the federal government, and it puzzles us why Maryland is taxing our retirement income when states like Texas and Florida do not tax retirement income or Social Security benefits. Maryland is not a tax-friendly state for retirees, even though Social Security benefits are not taxed here.
BUSINESS
By Glenn Burkins and Glenn Burkins,Knight-Ridder News Service | August 25, 1991
U.S. workers say they expect to enjoy about 23 years of retirement, according to a recent survey.Most, however, will not be financially ready when their working days are over.When you retire, you can expect Social Security to replace about 30 percent of your pre-retirement income. But you may need up to 70 percent of your income to maintain the lifestyle you had prior to retirement.So, where does the rest come from? Company-sponsored pension plans make up some of the difference. The rest, however, must come from your savings.
NEWS
May 22, 2012
I and other retired veterans residing in Maryland will soon be seeking another state in which to live due to the disproportionate impact of the state's new tax legislation on retired veterans. Having served my country for more than 25 years, I find that the People's Republic of Maryland views me as wealthy merely because I have gainful post-retirement employment in addition to my previously-earned retirement income. I moved 16 times in my military career, so I'm well versed in voting with my feet.
NEWS
May 17, 2013
Constance Kihm writes that she is leaving Maryland because she "can no longer afford to support fiscal and social programs with which we do not agree" ("Farewell, my Maryland, farewell to taxes, farewell to extreme liberalism," May 10). She resents that Maryland "feels it is entitled to increase the tax burden on our hard-earned retirement income. " I am a pensioner who turned 65 last year. I discovered that Maryland does not tax the first $27,100 of retirement income! This saved my wife and me about $4,000 in state and local income tax for 2012.
BUSINESS
By Michael Gisriel | May 29, 1994
Q: I recently decided to buy a home after renting for several years. I called several lenders and each lender asked for the same documents. I was surprised at the amount of documents needed. When I purchased my car, they ran a credit report and gave me the loan within one hour. Why does a bank need somany documents for a home purchase?J. Woody, Severna ParkA: Most mortgage lenders follow guidelines set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp.
NEWS
Susan Reimer | August 20, 2014
We are headed for a retirement train wreck in this country. Employers continue to shift the burden of post-work income onto the shoulders of their employees, and nobody is saving enough money. But what is more alarming is this: More than a third of Americans have no retirement savings. None. Zero. That includes the kids - almost 70 percent of those 18- to 29-years-olds haven't started saving for retirement. But what is really scary is that a quarter of those 50 to 64 years old - people on the cusp of retirement - haven't put anything away.
NEWS
By Michael Dresser, The Baltimore Sun | August 19, 2014
Republican gubernatorial candidate Larry Hogan told residents of a retirement community Tuesday night that he wants to eliminate all state income taxes on pensions before the end of his administration. Hogan unveiled the proposal in response to a question from a resident, one of about 500 people who attended a gubernatorial forum at Charlestown in Baltimore County, where the GOP nominee and Democratic rival Anthony G. Brown spoke. Both men struck familiar themes for most of the evening until Hogan told the seniors that after he cut spending and got the economy under control, his priority would be to slash the taxes they pay. His promise earned him the loudest applause of the night for either candidate.
NEWS
August 15, 2014
"Pension pandering" (Aug. 13) is a laughably misinformed and woefully inaccurate opinion piece. As Maryland retirees are leaving the state in droves, the state tax on pensions issue is a non-issue. The notion of revenue loss simply a product of progressive daydreaming. These folks are going to Delaware, the Carolinas or Florida where the state governments' desire to tax and spend is kept in check by the people's common sense. And as we all know, common sense is in short supply in both Annapolis and on Calvert Street.
NEWS
August 12, 2014
In a particularly naked bit of pandering, Republican gubernatorial candidate Larry Hogan appeared before the state Fraternal Order of Police this week as part of its process of determining its endorsement in the fall election and promised to exempt law enforcement officers' pensions from the state income tax. As intuitively appealing as it might seem to help those who have served, it's a bad idea. To his credit, Lt. Gov. Anthony G. Brown, the Democratic candidate, appeared before the same groups a day later and said he would not make that promise, preferring to seek comprehensive tax reform that benefits the middle class rather than making promises to every group.
NEWS
By Michael Dresser | May 14, 2014
Democratic gubernatorial candidate Douglas F. Gansler unveiled a plan Wednesday to improve state services for veterans while taking a swipe at rival Anthony G. Brown over the O'Malley administration's management of the state Department of Veterans Affairs. With his plan and his criticism of Brown, Gansler is taking aim at one of the lieutenant governor's greatest strengths -- his 30-year record in the Army on active duty and in the reserves.  Gansler brought up the issue of the administration's handling of veterans' issues during a televised debate that also included Del. Heather R. Mizeur of Montgomery County.
NEWS
By June Arney, For The Baltimore Sun | April 25, 2014
When Gary and Mary Beth Bassford first talked to a financial planner six years before they retired, they were shocked. "I looked at him, and I said, 'How in the world are we going to do that?' " recalled Mary Beth Bassford when she was told how much money they needed to save. But the former Timonium residents, now both 67, took the advice and put together a detailed budget to build the savings, and they tried to live on their anticipated retirement income even before they retired.
NEWS
January 10, 2013
In response to Charles Harrell's letter to the editor of Jan. 1, I say please leave Maryland ASAP. He indicated that he and his wife were federal government retirees and that he is puzzled why Maryland taxes his retirement income. In one short reply: because it is income, you dolt. As a former federal government employee, Mr. Harrell and his wife are used to feeding at the public trough. Now that they are retired, they don't like being treated like the common folk. Too bad, and get used to it. Martin A. Silvert, Baltimore
NEWS
By Frank D. Roylance and Frank D. Roylance,Sun Staff Writer | February 25, 1994
While Dr. Neil Solomon and his family live on nearly $15,000 a month in proceeds from their retirement savings, his lawyers say that income is shielded by law from the three former patients who have sued him for sexual misconduct.Dr. Solomon, 61, has offered to set aside $750 a month for five years toward any successful claims against him.The former patients, who have sued for $140 million, say that's too little, and yesterday the federal trustee assigned to oversee the case in U.S. Bankruptcy Court agreed.
NEWS
By Michael Dresser and Erin Cox, The Baltimore Sun | November 11, 2013
Maryland Democratic gubernatorial candidate Anthony G. Brown marked Veterans Day on Monday by releasing a five-part plan for former members of the armed forces, including a tax break and help with employment and housing. Brown, the lieutenant governor and a colonel in the Army Reserve, issued what he called his "Compact with Maryland Veterans" Monday with little fanfare on a day when he avoided scheduling campaign appearances and instead attended ceremonial functions in his official capacity.
NEWS
November 5, 2013
My wife will be retiring in a few months, so we are currently going through the usual discussions about what is financially and emotionally best for us at this stage of our lives. As background, we're lifelong Maryland residents who are politically conservative and live in Anne Arundel County. So, in addition to the general annoyance of living in a deep blue state, we watched as our county was eviscerated by the current administration during the last redistricting. Needless to say, Thomas F. Schaller's "move away" columns caught our attention and sparked our interest ( "Don't secede; vote with your feet," Oct. 29)
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