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.
This blog will provide a guideline for how often investors should review their estate strategy and also include some important life changes that should prompt an immediate review.
A common question from our clients who are approaching retirement age is whether we should consider adjusting their asset allocation given this big life event. Suddenly, they will no longer be contributing to their accounts and will instead be taking money out of your retirement savings!
In some good news for Minnesota taxpayers who are receiving social security benefits, you may end up paying significantly less in state taxes for the foreseeable future. As of the May 24, 2023 signing of the Minnesota omnibus tax legislation, there have been some significant changes to how Social Security benefits are (or aren’t) taxed that will take effect for the current 2023 tax year.