As always, whether or not you can retire early depends on your situation. How do you want to live in retirement? How much do you have saved today? How long do you plan to live? When I was a young person just starting out in my career, it was the mid-1980s. Inflation was high and …
retirement
4 Ways to Cope with SALT Limitation
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, …
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 …
When Do Most People Retire?
Traditionally pension plans paid out at age 65. You can thank the “Iron Chancellor,” Otto von Bismarck of Germany for that. When he introduced a social security system to appeal to the German working class and combat the power of the Socialist Party in Germany during the late 1800s, he set the retirement age at 65. This …
