School can cause anxiety – and not just for the students! As costs for education rise, parents today should start thinking about saving for college earlier than ever before. Planning and saving early can be a significant contributor to success.
Saving and investing for retirement is an absolute must for most Americans, and investing in your future through 401(k)s, IRAs, and other retirement-specific investment vehicles should be a top priority when planning for long-term financial wellness.
Planning for retirement often focuses on things that happen before you retire. That’s perfectly fine if you still have several years to go. But as many people near retirement, focus shifts from accumulation to distribution, and practical questions, such as, how will my retirement money get to me? In what amounts? In what accounts? On…
Social Security benefits can be a boost to post-retirement income, but they can also be challenging to navigate. When and how you claim Social Security benefits can significantly change the amount you receive. Add to that the employment uncertainty that many people near retirement are feeling today and Social Security decisions can become quite complex.
Does this sound familiar? You keep meaning to increase your retirement plan contribution, but there just seem to be too many other financial priorities that get in the way. Fortunately, with a little planning, you can develop a strategy to cover those expenses and help stay on track for retirement.
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…
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Consider your state of residence before investing in a 529 Savings Plan. Some states may offer 529 Savings Plans with state tax benefits or other benefits only available to residents of that state. For gift tax purposes, contributions up to an amount determined by the IRS per person can be pro-rated over five years. Discuss gift tax or estate tax exclusions with your tax advisor. Alerus does not provide legal or tax advice. Please consult your legal or tax advisor, to determine how this information may apply to your own situation.
This content available on this site is provided for informational purposes only, is not intended as investment advice or solicitation. Alerus Financial, N.A. (Alerus) makes no representations or warranties as to the accuracy, completeness or timeliness of the information. Statements of fact are considered reliable but no representation or warranty is made as to their completeness or accuracy. The information is not intended to provide legal or tax advice. Alerus does not provide legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.