In Minnesota we are accustomed to paying lots of state income tax. We have the 20th highest state tax. Typical state and local taxes in Minnesota amount to 11.57 percent of adjusted gross income — about 7.56 percent more than the national average according to wallethub.com. While it stinks to pay so much in state taxes, …
Archives for September 2018
What’s Your Retirement IQ?
Most people have a lot pre-conceived notions about retirement—some of them true, some of them false. I put together a list of 10 of the most common ones I hear on a daily basis so you can test your knowledge about how to put yourself in a great position to retire in comfort and grace. …
Why Open a ‘my Social Security’ Account?
If you’re thinking about retirement, you should check your Social Security benefits. One ingredient in every financial plan I do for clients is to run a Social Security maximization analysis to evaluate options. Making the correct choice can mean tens of thousands of dollars in additional benefits to my family. To begin this process, I …
When do I need to do a required IRA distribution?
Most retired folks know that IRS rules require owners of retirement accounts to take distribution when they reach a certain age. It’s called the Required Minimum Distribution or RMD. But sometimes people get some of the details wrong. So here are a few things to remember about RMDs Getting the RMD wrong can sting If …