Why Retirement May be a Good Time to Sell That Highly Appreciated Stock

So you bought AT&T stock 30 years ago. It has gone through about 40 name changes, 12 spin offs, and 120 dividend payments. Not to mention the stock has made you a ton of money since you bought it. The cost basis is long gone and somehow you have misplaced your brokerage statements from 1986. You figure that you can never sell the stock because, … Continue reading Why Retirement May be a Good Time to Sell That Highly Appreciated Stock

Taxes on 401(k) and IRA Distributions in Michigan

You have saved and saved throughout your working years and now it is time to start taking some money out. You didn’t think the government was going to let you have all of that money tax free did you? A lot of things in retirement compared to working are different, and that includes taxes. Some taxes go up, some go down, and others are completely … Continue reading Taxes on 401(k) and IRA Distributions in Michigan

How the 2018 Tax Changes will Impact Michigan Retirees and Planning Tips

Over Christmas I spent some time with my brother in-law in New York City.  Over a couple $13 beers, New York is ridiculously expensive, we started talking about a home that he was considering buying.  The home didn’t look a whole lot different than my house here in Michigan.  About the same square footage, slightly smaller yard, and even the same kitchen cabinets.  Yet, there … Continue reading How the 2018 Tax Changes will Impact Michigan Retirees and Planning Tips

5 Things to do Now in Michigan to Take Advantage of the Proposed Tax Bill

By the time I finish writing this post, it may already be obsolete.  First, the new proposed tax bills could die like the proposed healthcare bill from earlier in the year and never make it anywhere.  Second, there are currently two proposals (The House Proposal and The Senate Proposal) and there is a good chance that the final legislation looks much different than the current … Continue reading 5 Things to do Now in Michigan to Take Advantage of the Proposed Tax Bill

Taxes on Social Security in Michigan

If you earned $50,000 per year in a 35 year career, you would have paid around $110,000 in social security taxes. Also, let’s not forget that your employer would have paid the same amount of taxes on your behalf, which means that there would have been nearly $220,000 paid in social security taxes throughout your career.  Well, the good news is that at least when … Continue reading Taxes on Social Security in Michigan

The Michigan Homestead Tax Break

Can I interest you in warm sunny winters, white sandy beaches and not having to pick up a shovel anymore?  Oh, and how about not having to pay Michigan state income taxes on your retirement income?  That sounds like a nice break from the cold, snowy, potholed and high-taxed Michigan winter.  So, for those of you who have a house (or thinking about buying one) … Continue reading The Michigan Homestead Tax Break