Chances are, your retirement will look very different than your parents’ or grandparents’ retirements. First of all, many of us are living longer and can potentially expect a retirement that stretches 30 years or more. Second, gone are the days when the typical retiree whiled away the hours in a rocking chair. Many retirees today…
As retirement draws closer, many of us cling to a false sense of security that Medicare will cover all of our health care costs. Once we hit 65, it’s all taken care of and we don’t have anything to worry about, right? Wrong. While it’s true that beginning at age 65 most Americans become Medicare…
You’ve done your time. You’ve had a long (and hopefully rewarding) career and are ready to ease into retirement. There’s one problem. You’re not quite officially retirement age yet. You have a few years (maybe more) until you reach age 62 and can start receiving Social Security. And a few more years still until you…
When it comes to gifting assets and passing down an inheritance, too often we fixate on the “how,” but don’t consider the “why”. In other words, although the mechanics of making gifts and transferring assets are important, such setting up irrevocable trusts or net gifts and bargain sales, so too is identifying the greater purpose…
Retirement planning is something of a catch-22 – the further people are from it, the more they should be doing to prepare. People just starting out or in their mid-career, however, have many competing financial needs today – house, kids, car, education – that they believe limits their ability to save for tomorrow. In reality,…
The most important things you pass on to your loved ones are memories and values. For everything else, you’ll need an estate plan. A plan helps transitions go faster, smoother and gives you more control. Often the question is: Should I use a living trust, or a will? Depending on your situation, each may offer…
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The information contained herein is general in nature, is provided for educational purposes only, and should not be construed as legal or tax advice. Alerus does not provide legal or tax advice. The information should not be relied upon as investment advice or solicitation. Statements of fact are considered reliable but no representation or warranty is made as to their completeness or accuracy. Always consult your legal or tax advisor, to determine how this information may apply to your own situation.