Spring is here! Time to get your finances in shipshape condition. Here are five ideas to get you started. Check your credit reports. While you’re reviewing your expenses and debts in order to see how you are faring in terms of staying within your personal budget, make sure that there aren’t any expenses or debts on your credit report that aren’t yours. It’s free to check your credit reports once a year to ensure no one has used your name or identity to make unauthorized purchases. Here is what to do: https://www.consumer.ftc.gov/articles/0155-free-credit-reports Consider banking / credit card changes.
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Monthly Archives May 2021
RMDs Are Back for 2021
RMDs, or Required Minimum Distributions, are withdrawals that are required by the IRS each year out of your traditional retirement accounts like 401(k)s and IRAs starting at age 72. The money that you have to take out annually by December 31st at midnight is taxed based on your income tax rate for that tax year. Read this article about RMDs, and call us if you have any questions or don’t understand it: https://www.cnbc.com/2021/03/01/required-minimum-distributions-on-retirement-plans-are-back.html We are happy to discuss ideas with you and/or your tax professional. You can reach Benning Financial Services in Bismarck, North Dakota toll-free at (877) 412-9425.
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