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Money Management Articles

Retirement

Retaining personal financial records: What do you need to keep and for how long? - 5/14/2013
Does looking at overflowing filing cabinets of bank statements and boxes of old check stubs make you want to start a bonfire in your backyard? Before you grab the lighter fluid and matches, make sure you know what you can torch and what you need to keep.

Choosing a financial services provider - 4/14/2013
April is Financial Literacy Month, so it’s the perfect time to evaluate your personal financial plan and identify what areas of your strategy are doing well and what areas may need some change. Creating a personal financial plan is an important part of developing and maintaining your long-term financial security.

Financial literacy education at work - 4/14/2013
The economy may be showing signs of improvement, but research shows employees are still not confident about their own financial situations.

New tax rules for your small business - 3/14/2013
The American Taxpayer Relief Act of 2012 resolved most of the tax issues included in last year’s Fiscal Cliff debate and answered many pending tax questions for small businesses. What impact did the Act have on businesses?

What to do when friends or family ask for money - 2/14/2013
While it’s natural to want to help when someone needs financial assistance, it’s important to be careful. Money can drive a wedge into friendships and family relationships. And there are tax-related considerations. The Minnesota Society of Certified Public Accountants (MNCPA) offers these steps to take before you commit to lending money, not only to ensure everyone understands the details of the loan, but also to reduce the likelihood of breaking a tax law.

Need help sticking to your financial New Year's resolutions? - 1/31/2013
A recent survey by Harris Interactive found that the top financial goals for 2013 are paying down or eliminating credit card debt, increasing emergency savings or planning for retirement, yet over the past five years 43 percent have failed to achieve these goals. If this sounds familiar, the Minnesota Society of Certified Public Accountants (MNCPA) offers these practical tips for getting your financial house in order.

What you may not know about Social Security - 10/2/2012
More than 55 million Americans receive Social Security benefits, and about one-quarter of retirees depend on Social Security as their sole source of income. It’s important to understand what to expect from your own benefits. The Minnesota Society of Certified Public Accountants (MNCPA) explains some key points about the program.

Four tips for the new retirement - 10/2/2012
A recent study conducted by the Bankers Life and Casualty Company Center for a Secure Retirement found that 67 percent of middle-income baby boomers are expecting a retirement that is different from the one their parents enjoyed. If you’re trying to navigate plans for the new retirement landscape, the Minnesota Society of Certified Public Accountants (MNCPA) offers four key pieces of advice.

Live well in retirement - 8/20/2012
Many retirees face concerns about how they will manage to pay for a secure and happy retirement. The good news is that there are many costs that retirees typically don’t face, such as commuting to work, buying a business wardrobe or saving for their children’s college tuition. Many other expenses will stay the same, and the Minnesota Society of Certified Public Accountants (MNCPA) advises that you can make some smart choices in order to live well on a fixed retirement budget.

Avoiding the penalty on early retirement plan withdrawals - 6/15/2012
The money that you’ve built up in a retirement savings account can look awfully tempting at times, particularly in an uncertain economy. If you feel you have no choice but to withdraw from a retirement account, you may find that it’s a costly option because of the potential taxes and penalties involved. The Minnesota Society of CPAs (MNCPA) explains the price you’ll have to pay and how the exceptions to the rules work.

How to talk to your aging parents about money - 5/16/2012
It’s important for adult children to know about and understand their parents’ finances. From knowing if your parents have enough money to last through their retirement, to understanding their wishes should they become incapacitated, to protecting them from unscrupulous people who prey on the elderly, your involvement may be vitally important. This information will help you get started.

Financial considerations for retirement relocation - 5/31/2011
This year, the first of the nation’s 78 million baby boomers will begin turning 65. Once they stop working and no longer need to live in their current location for professional reasons, many retirees consider pulling up stakes and moving.

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