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 in distribution planning.
As a mortgage is paid down, the difference between what the home is worth and what is still owed — the equity — grows. This equity increases further if the value of the home continues to increase. Equity is considered an asset of the homeowner and is often the largest asset they hold.
If you’re like most parents, you’ve spent more than a few sleepless nights worrying about your child’s future. After general happiness and wellness, one major concern often tops our minds: How to start saving for college?
Kids are expensive. From diapers to college, the cost of raising a child is a significant factor in every family’s monthly finances. Experts estimate the average cost of raising a child in the U.S. from birth to age 17 can top $200,000. Whether you are just considering starting a family or already have a baby…
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.