Catch-up Contributions

If you're 50 years or older, the federal government has a special savings gift for you-higher limits on your annual retirement savings contributions.

Known as a "catch-up contribution," the federal government allows individuals who are closer to retirement age to set aside more of their wages for tax-advantaged accounts such as 401k plans, Individual Retirement Plans (IRA) and Roth IRAs.
The difference is most significant in 401k plans offered through employers, where older savers can sock away an extra $5,000 per year. The 401k contribution limit for the 2006 tax year, including the catch-up contribution, is $20,000 compared with $15,000 for under-50 wage-earners. The contribution limit will go up $500 for everyone in 2007.

Home and Garden Show
February 28 - March 4, 2007
The Minneapolis Convention Center

February 28 @ 7:00 PM
Bud Pappas will be speaking on:
"Gardening for Retirement"

March 1 @ 8:00 PM
Edwina Allee will be speaking on:
"What do you want and when do you want it"

March 2 @ 7:00 PM
Morgan Schleif will be speaking on:
"What do you want and when do you want it"

March 3 @ 10:00 AM
Peg Webb will be speaking on:
"Smart Retirement Moves for Women"

March 4 @ 10:00 AM
Bruce Helmer will be speaking on:
"What do you want and when do you want it"

The Minnesota Farm Extension
Farm Transition & Estate Planning – The seminar will be brought to you by the University Of Minnesota Extension Service And Wealth Enhancement Group.

The beneficial information that will be included:

• Preparing to Transfer the Farm Business
• Major Tax Considerations When Transferring Assets

Overview of Farm Transfer Strategies:

• Financial Considerations in Transferring the Farm
• Treatment of Heirs and Available Financial Assistance
• Estate Planning and the Transfer Process
• Developing a Written Transfer Plan Outline

Rochester – March 13, 2007
The Ramada Hotel & Conference Center
1517 16th Street SW
Rochester, MN 55902
9:00 AM to 3:00 PM

Mankato – March 16, 2007
Best Western Hotel & Conference Center
1111 Range Street
North Mankato, MN 56003
9:00 AM to 3:00 PM

Farmington – March 28, 2007
Southern Hills Golf Course
Farmington, MN 55024
9:00 AM to 3:00 PM

Chaska – March 29, 2007
Minnesota Landscape Arboretum
3675 Arboretum Drive
Chaska, MN 55318
9:00 AM to 3:00 PM

To register for any of these seminars, please call
1-800-487-1952 or visit wealthenhancement.com

Could You Benefit from a Health Savings Account?

A growing number of employers are beginning to offer Health Savings Accounts (HSA) to help their employees avoid taxes on their medical expenses.

HSAs were created by Congress in 2003 to give Americans a break on their health care expenses. Individuals enrolled in an HSA are able to deduct money they spend on health expenses from their taxable income.

Individuals contribute pre-tax dollars directly from their salary to their HSA, and then can draw that money out of the account when they need to cover the cost of medicine, physician's fees, dental and visual exams, and a variety of other medical expenses. 

Paying Taxes – Taxes can be a complex and an overlooked element of a financial plan. Yet, tax planning is critical to long-term financial success.  Obviously, your goal is to pay as little tax as possible. But just as you never want to invest without considering tax implications, you never want to invest for only tax reasons. Tax reduction is one part of the potential total return that you must analyze.

CLICK HERE to get your free copy of our 24-page retirement booklet, “Planning for Retirement – Strategies for Your Life, Your Finances, and Your Future”. In this booklet, you’ll learn more about strategies and options for your future.  

Wealth Enhancement Group has helped thousands of Minnesotans plan for a comfortable retirement. With a team of experts well-versed in financial planning, investment management, and maximizing tax strategies, Wealth Enhancement Group will help you achieve the life you imagined.