Good news! You can look forward to somewhat smaller required minimum distributions (RMDs) from your IRA and company retirement savings plan beginning in 2022.

“Americans currently face a retirement income crisis, with too many people in danger of not having enough savings to maintain their standard of living and avoid sliding into poverty. The SECURE Act goes a long way in addressing this problem by making it easier for Americans to save.” -Chairman Richard Neal

Tax efficiency inside of your wealth management solution. While you can’t control the tax laws, understanding them may help save you money now and over multiple years.

The IRS on Wednesday issued the 2020 retirement plan contribution limits, annual inflation adjustments for many tax provisions as well as the 2020 tax rate tables for individuals and estates and trusts. These adjusted amounts will be used to prepare tax year 2020 returns in 2021.

Tax planning isn’t just about filing once a year. It’s also about protecting your wealth and assets for the future, including retirement and estate planning.

Investment income on 529 accounts is exempt from both federal and Minnesota income taxes if the income is used for qualifying higher education expenses. Qualifying expenses include tuition, fees, room and board, books, and some other education expenses.

Social Security and Supplemental Security Income (SSI) benefits for more than 67 million Americans will increase 2.8 percent in 2019