Sharon L. Calhoun

The purpose of the Cost-of-Living Adjustment (COLA) is to ensure that the purchasing power of Social Security and (SSI) benefits is not eroded by inflation. Social Security payments to increase by 3.2 percent in 2024.

Sharon Calhoun and Today’s Business Radio host Tom Lyons discuss provisions in the new SECURE 2.0 Act.

Sharon Calhoun and Today’s Business Radio host Tom Lyons discuss getting today right.

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 4 percent rule is a frequently cited approach for how to spend from a portfolio in retirement. Senior wealth advisor Sharon Calhoun joins Jason to discuss the rule's relevance today. (video)

We believe understanding tax policy implications are an integral part of wealth management. From proposed capital gains increases to tax bracket changes, Sharon takes us beyond the headlines with a practical next step. (video)

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.

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

A message from Social Security Commissioner Andrew Saul.  Social Security and its Office of the Inspector General (OIG) continue to receive reports about fraudulent phone calls from people falsely claiming to be Social Security employees.

“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

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

A recent change in legislation allows for consumers to place a security freeze or fraud alert on their credit file—for free. At Vector, we had an internal discussion about how the new law (Economic Growth, Regulatory Relief, and Consumer Protection Act) could affect our clients.