Money Management Articles

Retirement

Putting miscellaneous deductions to work - 3/31/2014
Now that you're just about ready to file your tax return, are you sure you claimed all the deductions that you're due? Most Americans know that they can deduct items such as charitable donations, mortgage interest and property taxes.

Minnesota's residency laws throw 'snowbirds' for a loop - 3/17/2014
Determining residency for tax purposes often proves challenging for Minnesota's population of "snowbirds" (retired individuals who head south each winter).

Tax impact: First official filing year for married same-sex couples - 3/3/2014
As same-sex spouses across Minnesota prepare to file taxes jointly for the first time, many are struggling to understand the benefits recently awarded to them.

What you should know about taxes and Social Security benefits - 2/3/2014
Will your tax bill this year include taxes on your Social Security benefits? About 55 million people receive monthly Social Security payments and some of them pay taxes on up to 85 percent of those benefits, depending on their financial situation.

Five steps to achieving your financial goals - 1/14/2014
What do you want to do now, or next year, or five or 10 years down the road? This is the time of year when people step back and consider where they stand and how close they are to achieving long-held goals. No matter what your objectives, there's no doubt that a sound financial plan will put you in a better position to achieve them, according to the Minnesota Society of CPAs.

Retirement road blocks for baby boomers - 12/15/2013
From now until 2030, about 10,000 baby boomers will turn 65 every day, according to the Pew Research Center. This large generation, born between 1946 and 1964, has had a huge impact on American culture and society, and that remains the same as they head into retirement.

How can you cut next year's taxes? - 12/1/2013
Taxes may be the last thing you want to think about at the holidays, but the end of the year is a great time to take some smart steps that can help you minimize your future tax outlays. The Minnesota Society of Certified Public Accountants (MNCPA) provides these ideas for keeping more money in your pocket.

Five questions to ask your CPA before the end of the year - 11/14/2013
Your to-do list is probably pretty full at this time of year. While the thought of adding one more task may feel overwhelming, it's one that can help put your mind at ease this New Year's Eve: Talk to your CPA.

Going back to work after retirement: How Social Security, taxes and health care may be affected - 9/16/2013
Retirement isn't what it used to be. Instead of leaving the workforce at age 65 and hitting the golf course every day, many retirees are going back to work. According to a recent Longevity Alliance and Harris Interactive poll, 43 percent of surveyed retirees seriously considered re-entering the workforce shortly after they had left their companies.

Protecting seniors from fraud: Tips for safeguarding identity and finances - 9/4/2013
Every September, we honor our grandparents with National Grandparents Day. As this holiday approaches, now is the perfect time to show your loved ones how much you care by helping them learn to protect themselves from becoming victims of fraud.

Financial planning for same-sex couples after the DOMA decision - 7/31/2013
In June, the U.S. Supreme Court declared the Defense of Marriage Act unconstitutional, a decision that has sweeping financial implications for same-sex couples who were married in states that recognize same-sex marriage.

Tax tips for newlyweds - 6/16/2013
June is traditionally a time when couples tie the knot and, as is the case with so many major milestones in life, all newlyweds should be aware of the tax considerations associated with marriage. If you or a loved one is planning nuptials, the Minnesota Society of CPAs offers this advice on addressing the tax concerns.

Giving the gift of financial planning: A lifetime of financial knowledge wrapped up with a bow - 6/2/2013
June means longer days, the start of summer and invitations to weddings, graduation parties and maybe a baby shower or two. Stuck for ideas on what to give the newlyweds, graduates or new parents? This year, consider something nontraditional that will last a lifetime and never go out of style: a visit with a financial planner.

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.

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.


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