Financial Planning, Retirement, and Personal Finance Articles from Lundervold Financial

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That Pesky Early Withdrawal Penalty: It’s There for a Reason

One way for the government to potentially earn more tax revenue is by eliminating the early withdrawal penalty. This is the typical 10% tax penalty on distributions from retirement accounts by people younger than age 59 ½.1 If that penalty…

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Retirement Planning Checklist for Couples and Individuals

Many professionals agree that there is a retirement crisis in America, and that it’s likely to get worse in coming years. Americans aren’t saving enough to retire, much less to provide for a comfortable life during their golden years.1 In…

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How Much Will You Need to Retire? Here’s The Truth About Those Retirement Calculators

How much do you need to retire? The answer depends on many factors, the most important being you. Just like no two people are exactly alike, no two retirement plans are alike. This is why you should be skeptical about…

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How Minnesotans Can Fix Their Personal Debt-to-Income Ratios

According to the Federal Reserve, Minnesotan’s household debt-to-income(DTI) ratio for 2019-2022 stood at 1.286.1 That means that for every dollar a typical borrower in Minnesota uses to repay debts, they have about $1.30 in income.  The national average debt-to-income ratio…

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Personal Bankruptcy: 7 Alternatives to Filing for Chapter 7

Bankruptcy. The word alone spells relief for some, yet sends shivers through others. The right to get relief from debt was important by the founders of America. They included bankruptcy in the U.S. Constitution at Article 1, Section 8.1 Of…

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5 Things About Residential Real Estate You Need to Know Before You Buy in 2021 in Minnesota

As a retirement vehicle, no investment is as secure, brings more benefits1 and is as financially rewarding2 as real estate. Yet, just buying up properties without careful consideration is unwise. While there are many things you need to know about…

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Weighing the Pros and Cons of Annuities as Investment and Retirement Tools

Annuities are insurance products that some investors use as part of their retirement plan. Yet, there is a lot of confusion about their advantages and disadvantages. Many people who would be perfectly suited for annuities end up shying away from…

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The Effect of Debt on the Global Economy

The national debt is a measurement of how much the federal government owes creditors, most commonly depicted as a percentage of gross domestic product (GDP). A high debt-to-GDP ratio is considered viable when the economy is expanding because that growth…

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What’s Ahead for the Stock Market in 2021?

In November 2020, the Dow experienced its best month since 1987, while the S&P 500 and Nasdaq indexes enjoyed their best month since April of this year.1 With the election behind us and a vaccine on the horizon, the stock…

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Financially Preparing for Potential Pandemics

If you think the economic decline due to the pandemic has been difficult for you personally, the big picture numbers maybe even worse. Analysts project that the total economic disruption could eventually cost between $9 trillion and $33 trillion. Many…

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