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tax strategy

Planning for Tax-Efficient Retirement Income

If you expect to be in a high tax bracket in retirement, you may consider allocating your retirement assets in a variety of different types of financial products to help reduce your tax liability. The growth potential of tax-deferred annuities may be appealing to those who have invested in safe, low-yielding strategies and are concerned…

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Tax Facts About Annuities

Often touted as a tax-advantaged retirement income resource, the annuity is a complex insurance product. While it offers distinct tax benefits, it’s important to understand how it works from a tax perspective. The following are six important facts you should know: Most contributions are not tax-free; the money you initially contribute is not deductible from…

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RMDs and Charitable Contributions

A qualified charitable distribution is one that is not taxable. For 2017 and going forward, these distributions are an option for IRA owners age 70 ½ and up. If an individual instructs his or her IRA to make a distribution directly to a qualified charity, that amount can be deducted from the required minimum distribution…

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Helping Make Your Retirement Money Last

For every five years longer a retiree lives, he or she spends about 15 percent less on average. This means that people in their 70s spend about half of what they do in their 50s. Even with the ramp-up in medical expenses that often comes later in life, retirees still tend to spend less as…

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Why Convert a Roth IRA?

Investing in a traditional IRA while earning a paycheck is a good way to defer income taxes on the money you contribute. Currently, taxpayers who aren’t covered by a retirement plan at work may deduct the full amount of their annual contributions to a traditional IRA. Those who do participate in a work plan may…

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Retirement Account Withdrawal Order Matters

When and which account you draw money from matters during retirement. One reason is because assets are taxed differently. For example: Roth IRA funds (if held for more than five years and you are past age 59 ½) are tax-free Municipal bonds and muni bond funds are tax-free Taxable accounts are taxed as capital gains…

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Understanding the College Expected Family Contribution

There is a standard calculation used to determine how much a family can afford to pay for college and how much federal student aid their child may be eligible for. This calculation takes into account four different factors: Parents’ income – prior year adjusted gross income + contributions to tax-deferred retirement accounts Parents’ assets –…

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The Year of Education

Over the years, we’ve used different channels to provide information for retirees in the Twin Cities. Many of you have listened to us on radio and attended one of our summits, seminars, dinners, or personal consultations.  We are still offering all of the above and recently added Retirement Elevated, which is a classroom format for comprehensive retirement information, It’s…

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