Retirement

The Internal Revenue Service (IRS) recently published the new rules for contributions into retirement plans and IRAs for 2013. Some of these numbers have increased. They are good for you to know if you participate in IRAs (individual retirement accounts) or retirement plans such as 401(k)s sponsored by employers. The most an individual can contribute […]

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Question: I lost my job several months ago, and have exhausted my savings. However, I have some money in a 401(k) Plan from an old employer. I need to get to some of it to pay my rent, but I don’t want to pay tax on the entire amount in the Plan. What is the […]

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Interesting articles worth checking out: Homeowners qualifying for new mortgage after short sale. Auto purchasing and the various fine print costly add-ons. Estate planning: Naming a trustee for your trust, and living wills. Roth IRA escape hatch, for those that already converted, but now regret it. Buyers are Back After Foreclosure. They didn’t have to […]

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Roth IRAs which I wrote about a few days ago are good for supplementing one’s retirement and growing tax-deferred until retirement. This article doesn’t cover the rules regarding IRAs that were converted into Roths. The rules are quite a bit different, than they are for traditional IRAs withdrawals. The differences compel many to seriously consider Roth IRAs, […]

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Traditional IRAs which I wrote about a few days ago are good for supplementing ones retirement, providing current tax deductions, and growing tax-deferred until retirement. However, when someone wants to use the money for retirement or other needs they should be conscious of the rules and limitations to avoid tax penalties. Let me say at […]

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The old or traditional Individual Retirement Accounts or IRAs came on the investment scene with the enactment of the Employee Retirement Security Act (ERISA) in 1974. These individual retirement plans provided a reduction in taxable income, the IRS doesn’t tax the growth on the monies while they are accumulating, however upon withdrawal, all amounts disbursed […]

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Individual Retirement Accounts or IRAs came on the investment scene with the enactment of the Employee Retirement Security Act (ERISA) in 1974. These individual retirement plans provided a reduction in taxable income, but contribution maximums were only $1,500 per year then. To further enhance IRAs, the IRS doesn’t tax the growth on the monies while […]

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If you are a veteran who served in active duty, you may be eligible for a monthly VA pension. This is a benefit that I just heard about, and a lot of people are eligible for it, and since it isn’t widely know, many who are eligible don’t apply for it. I am far from […]

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According to a study by Fidelity Investments a couple retiring this year will incur $250,000 in costs not covered by Medicare Parts A and B. Those with medi-gap or employer based retiree health insurance will have less expenses. Many companies today either do not provide or are cutting back on retiree health care, so they probably […]

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Source: Wall Street Journal 4/24/12 Reported yesterday that earlier estimates were 24 years, but now 21 years. If reserves for disability benefits were combined with retirement, reserves would be exhausted by 2033. Social Security and Medicare account for 1/3 of the federal budget. If the trust funds are not replenished, then benefits would be reduced by 25%. Everyone should […]

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Pensions are a little rare today, so rare most people don’t really know how they work.  Pensions also known as Defined Benefit retirement plans, pay someone a percentage of their income when they retire, based upon age, years of service, wage history and the design of the plan.  Millions of people still have them, typical […]

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There as been a lot of talk lately about retirement pension plans for public employees. Public employees being any state, city or county employee. Interesting article in the Wall Street Journal today  comparing public pensions to private workers with 401(k)s.

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  Social Security Retirement Benefit, or shortened to SSRB for this article, is a major cornerstone for most Americans. Many people wonder: how it works, whether it will be there for them when they are eligible, will it change, and should their plans include the assumption that it will be there for them. This article […]

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Have you always worked for the same company? Most people answer no to this question. In fact, people change jobs much more frequently today than in previous generations. There are a whole host of reasons, from corporate downsizing to finding a better opportunity. Perhaps you have an employer-sponsored retirement plan with one or several previous […]

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Your employer-provided retirement plan (e.g., 401k) is one of the most important pieces of your financial plan — yet it is often misunderstood and under-utilized. Master your retirement plan to retire early, on time, and achieve financial success. During this time of year, either 4th quarter or the 1st quarter of next year, your company […]

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A structured settlement is money that is owed to you in a monthly stream of income for many years, such as a lottery winning, large law suit or a payment from an annuity that has been annuitized. In exchange for the income, the owner of the structured settlement recieves a lump sum amount of money. These […]

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The economics of America and the world are closely tied to our aging populations and to the entitlement programs designed to provide for their income and health care. Politicians of all colors talk out of both sides of their mouths, and it is hard to find truth in what they all say. Lately the AARP has been […]

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Dave Ramsey in his Financial Peace University class advocates that in order for people to pay off their non-mortgage debt like credit cards, car and student loans, that they should get the Gazelle mentality: temporarily cut back on all expenses, get second jobs, and stop funding their 401k and devote all disposable income to repaying […]

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Have we entered an era where we question if the concept of conventional retirement is a myth? To be fair to history, retirement is a marketing idea created by Arizona retirement communities and picked up as the main marketing focus for investment firms.  Working until around age 60, then being on permanent vacation wasn’t even […]

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