Burnsville, MN

Several significant tax-law changes are looming on the horizon — even if they may not arrive until the end of 2025. Because changes to tax policy often can be anticipated, and certain steps are taken to lessen their impact on taxpayers, now is the time to consider the implications for your investment portfolio and financial plan. What’s changing in tax policy at the end of 2025?

Published by the Pioneer Press, access original article here.

Let’s assume you’ve done a good job saving through your retirement account at work or on your own through a brokerage or bank account. Maybe you’ve been thinking — what’s next? What will you need this money to do? Of course, you want to be sure it will help you maintain your lifestyle during a retirement that could last 20 or 30 years or more. You’ll also need enough to handle the tax bill that will come each year.

Financial literacy is knowing how to make smart decisions with your money. And sadly, too few Americans understand how to create a budget, manage a credit card, or save and invest for major goals such as a first home or retirement. The US Financial Literacy and Education Commission has issued give building blocks of financial literacy (c“My Money Five”) that everyone should master when making day-to-day decisions about their finances.

Not having an estate plan can lead to a longer estate-settlement process (also known as probate), potential confusion and disagreements among family members over your end-of-life care and increased legal fees and court costs that your loved ones may have to bear.