As of 2013, retirees who file individual tax returns must pay taxes if they receive more than $25,000 in total pensions and other income plus one-half of Social Security benefits each year.
He drives a 2008 Honda Accord LX Sedan in good condition with only the standard options and 100,000 miles on the odometer. According to the Kelly Blue Book, Markâs car is worth about $7,500. If Mark only has a few thousand dollars in savings, he should probably buy collision coverage. But if his fund has $30,000, he should answer the three questions listed above. The quote generator reveals that Mark will have to pay about $480-$600 per year for collision coverage.
California, for instance, requires drivers to buy coverage for just $15,000 in injuries per person and $30,000 per accident, plus $5,000 in property damage. Maine and Alaska, on the other hand, require bodily injury liability of $50,000 per person and $100,000 per accident, plus $25,000 in property damage. But state requirements arenât coverage recommendations â theyâre just the minimum you must buy to drive legally.