Retirement in the Twin Cities offers much to enjoy, including vibrant communities, access to nature, and world-class healthcare. However, it also presents a unique mix of state income taxes, property taxes, and living costs, for Minneapolis–St. Paul retirees, careful retirement income planning is important to ensure that your wealth lasts as long as you do.
If you’re thinking about where to spend your retirement years, the Twin Cities of Minneapolis and Saint Paul offer a combination that’s hard to beat.
When you realize that you may live about a third of your life in retirement, it’s no surprise that there are many important financial aspects to consider in the retirement process. What may not be as obvious to consider is the importance of the psychological and emotional aspects of retirement.
You’ve worked hard, paid into Social Security, and now it’s time to enjoy your well-earned benefits in retirement. But wait—are they really tax-free? Well, like many things in life, it depends! Whether or not your benefits will be subject to federal income taxes depends on a specific formula.
Making decisions about claiming your Social Security benefits can feel daunting- there are lifetime consequences! When you complicate the process by needing to coordinate the decision for a married couple, this only increases the pressure to get it right.