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The Most Important Factor in Your Retirement Plan Thumbnail

The Most Important Factor in Your Retirement Plan

One of the most vital services we provide to our clients is helping them understand how much they spend each month. While it sounds trivial, it is perhaps the most overlooked (and critical) piece of the financial planning puzzle. When we ask our new clients and prospective clients how much they spend each month, the spending number they give us is almost always at least $2,000 or more per month lower than their actual spending number. One of the main reasons we ask to review our clients’ tax returns is that it enables us to calculate an accurate spending number for that year.

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"I Max Out My 401(k) Every Year" Thumbnail

"I Max Out My 401(k) Every Year"

It's a phrase we have heard many times during meetings: "I max out my 401(k) every year." We typically reply back with something like this: "Wow, you contribute $18,000 of your pay to your 401(k) each year?" (or for people over age 50, $24,000 per year). Typically, the answer we hear back is no, they are not actually maxing out their 401(k).

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Digging Deeper on Where to Retire Thumbnail

Digging Deeper on Where to Retire

Here at The Wealth Group, we have a number of retired clients that maintain residency in warm-weather states with lower income tax burdens than Minnesota. Florida is by far the most common state to which our Minnesota clients transplant, but we also see clients establish residency in places like Texas, Arizona, Colorado, and Tennessee. For any of our clients considering a change in residency (or domicile), our first piece of advice to them is not to have tax considerations be the primary driver of the decision-making process. In other words, if your children and grandchildren all live in Minnesota, you don't mind the cold all that much, and life in Minnesota is generally quite suitable to you, we would tell you not to uproot yourself for 6+ months a year just to save money on taxes.

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