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.
Life transitions in general can feel scary, but retirement brings changes that many people find challenging. The big questions we frequently hear from clients approaching retirement are: what happens when I stop getting a paycheck and how do I pay myself in retirement?
You were likely encouraged to build up savings into various retirement accounts during your working years. When you contribute a portion of your wage income into a traditional pre-tax retirement plan, you are electing to defer the payment of taxes on that income.