Sharon Calhoun, managing director at Vector, is joined by senior housing counselors Liz Rue and Lisa Woltrang from Folkestone in Wayzata. In this podcast, they emphasize the necessity of discussing transitions during times of calm rather than crisis, allowing for thoughtful decision-making.

For those in or near retirement, there are important changes made by the SECURE 2.0 Act. Sharon and Jason discuss a few provisions that caught our attention. RMDs, Employer Match & Catch-Up contributions.

More than 90 changes affect qualified retirement plans, IRAs, SIMPLEs, SEPs, ABLEs, and 529 plans within the SECURE 2.0 Act. This summary provides several highlights based on effective dates and relevance.

In April of 2022, an estimated 45,000 Minnesota taxpayers began receiving notices regarding an audit of their 2019 and/or 2020 tax returns by the Department of Revenue.

This week we discuss three tax topics with senior wealth advisor Sharon Calhoun. QCDs, 1099s, and filing timing. Taxes filing is due April 18th.

The cost-of-living adjustment for social security benefits for 2022 is 5.9%, the largest increase since 1982 when it rose to 7.4%.

The IRS announced that the federal income tax filing due date for 2020 individual tax returns has been automatically extended from April 15, 2021 to May 17, 2021.