Rao bulletin 15 June 2016 html edition this bulletin contains the following articles

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  The exchange rate
  
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  The strength of the U.S. dollar
  
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  The cost of a dinner for two compared to a mid-range restaurant in the U.S.
  
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  Tipping etiquette
  
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  Prevalence of ATMs and credit card acceptance.
  
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  The best places to exchange currency
  

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  China - 1 yuan = 0.15 USD | Cost of dinner for two: $18.57
  
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  Cuba - 1 Cuban peso (used by locals) = 0.038 USD, 1 Cuban convertible peso (used primarily by tourists) = 1 USD | Strength of the U.S. dollar: Cuban convertible peso is fixed to the U.S. dollar | Cost of dinner for two: $15
  
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  Czech Republic - 1 koruna = 0.042 USD | Cost of dinner for two: $21.08
  
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  India - 1 rupee = 0.015 USD | Cost of dinner for two: $9.05
  
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  Malaysia - 1 ringgit = 0.25 USD | Cost of dinner for two: $12.97
  
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  Mexico - 1 Mexican peso = 0.055 USD | Cost of dinner for two: $20.21
  
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  Peru - 1 nuevo sol = 0.30 USD | Cost of dinner for two: $21.41
  
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  Thailand - 1 baht = 0.028 USD | Cost of dinner for two: $17.15
  
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  Turkey - 1 lira = 0.34 USD | Cost of dinner for two: $21.17
  
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  Vietnam - 1 dong = 0.000045 USD | Cost of dinner for two: $13.46
  

[Source: GOBankingRates | Andrew DePietro | May 17, 2016 ++]

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  The Do Over - According to the Social Security Administration, 74% of beneficiaries collect early. At least some of these folks will regret their decision. The good news is if that regret comes within a year, you can pay back the benefits you've received in a lump sum, and you will be treated as if you never took them at all.
  
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  Voluntary Suspension - In certain instances, it does make sense to turn on Social Security early. You may simply need supplemental income, or you may want to trigger benefits for a minor child. But it may not be a permanent need. If you decide for any reason that you no longer need that payment, you can suspend it. Your benefit will start to earn delayed retirement credits until you are 70.
  

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  Restricted Application - This "loophole" is being phased out by the Bipartisan Budget Act of 2015. However, if you were born before January 1, 1954, you are still eligible to file for a restricted application when you reach full retirement age. This allows one spouse to collect a spousal benefit based on the other spouse's earnings record while Spouse One's benefit continues to grow until age 70. At 70, Spouse One will switch back to her increased benefit. In order to use this strategy, Spouse Two has to be collecting his benefit or have filed and suspended before May 1.
  

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  Higher Earner Delays, Lower Earner Gets a Raise - When married couples are planning for retirement, it is very important, if possible, for the higher-earning spouse to wait until age 70 to collect his or her benefit. Not only will the higher benefit increase by 8% every year between full retirement age and 70, but the benefit will also become the survivor benefit should that person die before his or her spouse. Depending on the gap in earned benefits and whether or not the lower earner is still working, it often makes sense for the lower earner to start collecting early. If the person is fully insured but not working, she or he can collect at 62. If the person is still working at 62, it probably makes sense to wait until she or he stops working or reaches full retirement age so that the earnings offset isn't a factor.
  

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  Collect Now, Survivor Later - If a surviving spouse had a significantly lower earned benefit than the decedent, he or she should collect the benefit at age 62. Once the recipient hits full retirement age, he can switch over to the survivor benefit.
  
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  Survivor Now, Collect Later - If a couple had similar records, it makes sense for the survivor to take the survivor benefit as early as possible, at age 60. His own earned benefit will continue to grow until age 70. At 70, the person will switch over to her earned benefit.
  

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  Restricted Application - The rules for divorced couples are very similar to those for married couples, so long as the marriage lasted at least 10 years. The restricted application strategy described earlier can be used by only one spouse in a married couple. If you're teetering on the edge of divorce, this may get you there. If you are divorced, both you and your ex can claim a spousal benefit on each other while your own benefits grow in the background until you begin receiving them at age 70. It's essentially the restricted application times two.
  

[Source: Crdit.com | Evan Beach | May 23, 2016 ++]

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  New York: $9,575
  
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  Washington, D.C.: $6,895
  
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  Houston: $6,120
  
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  Dallas: $5,440
  
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  Indianapolis: $5,170
  
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  Chicago: $3,700
  
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  Charlotte, North Carolina: $3,495
  
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  Virginia Beach, Virginia: $3,430
  
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  Pittsburgh: $3,200
  
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  Baltimore: $3,190
  

To learn more about why cremation is growing in popularity, check out http://www.moneytalksnews.com/7-reasons-cremation-becoming-americas-favorite-last-act. For help keeping funeral costs manageable, check out “15 Ways to Have a Memorable Funeral on the Cheap.”. [Source: MoneyTalksNews | Karla Bowsher | June 7, 2016 ++]

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  You answer the phone, and it's an unknown caller. This person claims to be holding your son or daughter for ransom. In order for your child to be released unharmed, you need to wire money to the kidnapper -- typically thousands of dollars.
  
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  Don't be scared into paying up. These scams vary, and con artists use a range of tricks to construct a convincing story. Scammers typically snoop on social media to get details about their victims' lives. They often work in teams; they may have someone pretend to be a friend of the "abductee," or even the son or daughter themselves. Scammers also try to keep victims on the phone until the money is wired. This prevents them from contacting the "abducted" family member.
  

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  Be wary of calls from unknown area codes: The FBI reports that these scams typically come from an outside area code, sometimes from Puerto Rico with area codes (787), (939) and (856).
  
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  The caller insists you stay on the phone. By demanding that you stay on the line, you can't contact the "victim" by another means.
  
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  You are pressured to act immediately. Scammers want you to send money before you've had time to access the situation.
  
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  The "victim" doesn't quite sounds like him or herself: Ask to speak to the victim and listen carefully. It could be someone else impersonating your family member.
  
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  Kidnappers want you to wire money or use pre-paid debit card. Scammers prefer these untraceable ways of sending money.
  

Always report threatening calls to the police. Help police find scammers and alert others by reporting these calls. Learn more about virtual kidnapping scams in this alert from the Federal Bureau of Investigation at https://www.fbi.gov/newyork/press-releases/2015/virtual-kidnapping-scam-on-the-rise-in-new-york-city .To find out more about other scams, check out BBB Scam Stopper at www.bbb.org/scam. To report a scam, go to BBB Scam Tracker at www.bbb.org/scamtracker . [Source: BBB Scam Alert | June 3, 2016 ++]

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Many people planning to retire use the presence or absence of a state income tax as a litmus test for a retirement destination. This is a serious miscalculation since higher sales and property taxes can more than offset the lack of a state income tax. The lack of a state income tax doesn’t necessarily ensure a low total tax burden. Following are the taxes you can expect to pay if you retire in Idaho:

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  Civil Service Employees: Retirement annuities paid by the United States to a retired civil service employee or the unremarried widow of the employee if the recipient is age 65 or older, or disabled and age 62 or older.
  
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  Idaho Firemen: Retirement benefits paid from the firemen’s retirement fund of the state of Idaho to a retired fireman or the unremarried widow of a retired fireman if the recipient is age 65 or older, or disabled and age 62 or older.
  
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  Policemen of an Idaho city: Retirement benefits paid from the policemen’s retirement fund of a city within Idaho to a retired policeman or the unremarried widow of a retired policeman if the recipient is age 65 or older, or disabled and age 62 or older
  
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  Servicemen: Retirement benefits paid by the United States to a retired member of the U.S. military service or the unremarried widow of such member if the recipient is age 65 or older, or disabled and age 62 or older.
  

The amount deducted must be reduced by retirement benefits paid under the Federal Social Security Act and the Federal Railroad Retirement Act.  The maximum amount that may currently be deducted is:

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  Married filing jointly (age 65 or older): $41,814
  
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  Married filing jointly (age 62 or older and disabled): $41,814
  
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  Single (age 65 or older): $27,876
  
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  Single (age 62 or older and disabled): $27,876
  

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  You are married to a servicemember who is serving in Idaho and has registered in the military with another state as a home of record; and
  
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  You have located to Idaho with the servicemember and you have the same domicile (permanent residence) as the servicemember’s home of record.
  

Refer to http://tax.idaho.gov/i-1011.cfm For specific tax information that applies to military service members and their families.

Idaho has a property tax deferral program.  For details go to http://tax.idaho.gov/i-1128.cfm

At the current time Idaho does not have an inheritance tax, gift tax or an estate tax.

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