Self-employed or own a small business? High-income, self-employed professionals are uniquely position to cut their taxes and save more for retirement with an excellent savings tool called a defined benefit plan. Save tens of thousands in taxes each year and build your retirement nest egg!
This document provides information about individual retirement accounts (IRAs). It discusses the differences between traditional and Roth IRAs, eligibility requirements for opening each type, contribution limits, funding options, and myths. The key points are: traditional IRA contributions may be tax deductible but withdrawals are taxed, Roth IRA contributions are made with after-tax money but withdrawals in retirement are tax-free; eligibility depends on income and employer plan coverage; contributions can be made annually up until the tax filing deadline; IRAs can be funded through contributions, transfers, rollovers; and minor children and spouses with different incomes each have eligibility.
Have you factored Social Security benefits into your overall retirement strategy? Roy Kramer, CPA, CDFA, CDS, NSSA, a certified National Social Security Advisor and member, tax services at Brown Smith Wallace, discusses strategies that people often overlook when claiming Social Security benefits.
Do you have a self-funded health plan? If so, you may be required to file Form 720 by July 31, 2015, and pay a fee of $2 or $2.08 (depending on your plan year) per covered life. Professional guidance is advised, as there are several methods for calculating this fee. Virtually all self-funded health plans are subject to the fee, even most health reimbursement arrangements (HRAs) and some flexible spending arrangements (FSAs).
Retirement: What you need to know to retire successfullyMichael Goodfellow
The financial decisions you make as you ease into retirement will have implications that may be felt, quite literally, for the rest of your life. Retirement is a major life change. Clearly, a fulfilling retirement requires not only financial preparation, but also a clear vision of what kind of life you’d like to lead during retirement.
This document discusses lifestyle planning and factors that can affect one's lifestyle in retirement. It notes that healthcare costs are a top concern for retirees. Common sources of retirement income like Social Security may not keep up with rising healthcare premiums and costs. The document then outlines programs like Medicare and Medicaid that help cover healthcare costs. It emphasizes the importance of planning and limiting taxes to afford healthcare in retirement, as taxes can reduce one's standard of living. Various strategies are presented to reduce taxes and leverage resources like long-term care insurance that can help cover costs and keep income from being taxed.
The document outlines steps to develop a comprehensive financial plan, including creating checklists for retirement, investment, wealth transfer, family legacy, emergency, medical, and catastrophic financial plans. It recommends organizing important documents and accounts, consolidating where possible, and establishing savings goals and insurance coverage. The overall process involves assessing one's current financial situation, developing strategies for investments and planning, and maintaining the plan over time.
This document discusses and compares two types of pension structures: SIPPs (Self Invested Personal Pensions) and QROPS (Qualifying Regulated Overseas Pension Schemes). SIPPs are UK-based pension plans that provide flexibility to invest in a wide range of opportunities. QROPS are international pension plans recognized by HMRC that are not subject to changing UK legislation and provide improved tax efficiency when residing outside the UK. The suitability of a SIPP or QROPS depends on factors such as country of residence, retirement plans, total pension funds, and tax implications. The document emphasizes getting personalized advice to determine the best option based on an individual's unique needs and circumstances.
Self-employed or own a small business? High-income, self-employed professionals are uniquely position to cut their taxes and save more for retirement with an excellent savings tool called a defined benefit plan. Save tens of thousands in taxes each year and build your retirement nest egg!
This document provides information about individual retirement accounts (IRAs). It discusses the differences between traditional and Roth IRAs, eligibility requirements for opening each type, contribution limits, funding options, and myths. The key points are: traditional IRA contributions may be tax deductible but withdrawals are taxed, Roth IRA contributions are made with after-tax money but withdrawals in retirement are tax-free; eligibility depends on income and employer plan coverage; contributions can be made annually up until the tax filing deadline; IRAs can be funded through contributions, transfers, rollovers; and minor children and spouses with different incomes each have eligibility.
Have you factored Social Security benefits into your overall retirement strategy? Roy Kramer, CPA, CDFA, CDS, NSSA, a certified National Social Security Advisor and member, tax services at Brown Smith Wallace, discusses strategies that people often overlook when claiming Social Security benefits.
Do you have a self-funded health plan? If so, you may be required to file Form 720 by July 31, 2015, and pay a fee of $2 or $2.08 (depending on your plan year) per covered life. Professional guidance is advised, as there are several methods for calculating this fee. Virtually all self-funded health plans are subject to the fee, even most health reimbursement arrangements (HRAs) and some flexible spending arrangements (FSAs).
Retirement: What you need to know to retire successfullyMichael Goodfellow
The financial decisions you make as you ease into retirement will have implications that may be felt, quite literally, for the rest of your life. Retirement is a major life change. Clearly, a fulfilling retirement requires not only financial preparation, but also a clear vision of what kind of life you’d like to lead during retirement.
This document discusses lifestyle planning and factors that can affect one's lifestyle in retirement. It notes that healthcare costs are a top concern for retirees. Common sources of retirement income like Social Security may not keep up with rising healthcare premiums and costs. The document then outlines programs like Medicare and Medicaid that help cover healthcare costs. It emphasizes the importance of planning and limiting taxes to afford healthcare in retirement, as taxes can reduce one's standard of living. Various strategies are presented to reduce taxes and leverage resources like long-term care insurance that can help cover costs and keep income from being taxed.
The document outlines steps to develop a comprehensive financial plan, including creating checklists for retirement, investment, wealth transfer, family legacy, emergency, medical, and catastrophic financial plans. It recommends organizing important documents and accounts, consolidating where possible, and establishing savings goals and insurance coverage. The overall process involves assessing one's current financial situation, developing strategies for investments and planning, and maintaining the plan over time.
This document discusses and compares two types of pension structures: SIPPs (Self Invested Personal Pensions) and QROPS (Qualifying Regulated Overseas Pension Schemes). SIPPs are UK-based pension plans that provide flexibility to invest in a wide range of opportunities. QROPS are international pension plans recognized by HMRC that are not subject to changing UK legislation and provide improved tax efficiency when residing outside the UK. The suitability of a SIPP or QROPS depends on factors such as country of residence, retirement plans, total pension funds, and tax implications. The document emphasizes getting personalized advice to determine the best option based on an individual's unique needs and circumstances.
For the business owner who would like to maximize tax deductions and secure guaranteed retirement income, the Fully Insured Defined Benefit Pension Plan may be the answer!
This workshop was developed for all tenure-related faculty who are interested in learning about the Tenure Reduction Program (TRP). The TRP provides an opportunity for tenured faculty to gradually reduce their involvement at the UO for up to five years after retirement. This workshop addressed eligibility, rights and responsibilities, interaction with PERS and other retirement funds, faculty standing in the department and university, types of instructional assignments, class enrollments, alternatives to teaching, and constraints on employment and sustaining PERS eligibility.
The workshop was facilitated by Ken Doxsee, Associate Vice Provost for Academic Affairs; Ernie Pressman, Benefits Administrator, Human Resources; and Sonia Potter, Director, Unclassified Personnel Services.
Divorce can affect a person's Social Security retirement benefits if they were counting on their spouse's benefits. Even if divorced, a person may still collect benefits from their ex-spouse if the marriage lasted 10+ years, they are at least 62 years old, their ex-spouse receives Social Security benefits, and their own benefit is less. The spousal benefit is 50% of the ex-spouse's benefit at full retirement age, but the amount can be affected by when benefits are claimed, earnings, and pension benefits from non-covered work. Remarriage does not impact benefits from an ex-spouse unless the new marriage lasts until the death of the ex-spouse.
Individual Retirement Accounts (IRAs) allow people to save for retirement with contribution limits and rules to keep in mind at the end of the year. The maximum IRA contribution is $5,500 or $6,500 for those over 50, and both spouses can contribute even if only one has income. Exceeding the contribution limit will incur a 6% tax, but withdrawals of excess amounts can avoid this. Those over 701⁄2 must take required minimum distributions from traditional IRAs. Contributing to an IRA may qualify for the Saver's Credit which increases tax refunds or reduces taxes owed.
Financial Planning for Intergenerational WealthWelch LLP
This document discusses the importance of financial planning, particularly for intergenerational wealth. It notes that financial planning provides clarity, efficiency, and resiliency by establishing goals, implementing efficient strategies, and preparing for risks. The document then outlines the key components of a financial plan, including tax planning, financial management, retirement planning, estate planning, risk management, and investment management. It provides examples of strategies and vehicles for various areas like family trusts, business succession, registered retirement savings plans, tax-free savings accounts, and more. The overall message is that holistic financial planning is important for effectively managing wealth over generations.
One Super Fund can save you all the hassle of consolidating your super. We offer three levels of service that range from the basic consolidation to a full financial service.
This document provides an overview of estate planning and strategies. It discusses creating a will, powers of attorney, probate fees, trusts, taxation of estates, business ownership, US estate taxes, and using life insurance. The document emphasizes the importance of estate planning to ensure wishes are communicated and conflicts are avoided, and notes that planning should be done proactively rather than waiting until it's too late.
This document provides information and advice for planning a happy retirement, including key steps to take when retiring such as educating yourself, saving money, understanding your tax bracket and pension benefits, and making your money last. It discusses applying for pensions through the Illinois Municipal Retirement Fund or other state pension funds. The document also covers topics like social security eligibility, Medicare signup, union member benefits, and legal and financial planning tasks to complete when retiring.
This document summarizes a workshop on getting the most from Social Security. It discusses knowing your Social Security benefit, understanding your options for claiming benefits at different ages, and strategies for maximizing your Social Security benefit. The workshop covers determining eligibility age, how working affects benefits, spousal benefits, and strategies like claiming and suspending benefits or claiming a spousal benefit first before a personal benefit. The goal is to help individuals evaluate their expected Social Security benefits and determine the best time to start claiming.
Are you looking for personal finance investing? Learn best Money Investing Ideas & 401k Investing Strategy. Learn investing carefully.
https://millennialmoneyminute.com/category/investing-carefully/
Superannuation policies provide retirement benefits to employees. Under these policies, employers contribute a fixed percentage of employees' salaries each year. The contributions are invested by funds like LIC and grow with interest over time.
At retirement, employees can choose to receive part of the accumulated balance as a lump sum and part as a monthly pension. They also have options like receiving the full pension amount or commuting part of it as a lump sum. If the employee dies while in service, pension benefits are provided to their nominee.
The LIC superannuation scheme is the most common in India. Under it, employers contribute to a fund managed by LIC and employees receive various payout options upon retirement or death. Cont
There are different types of IRAs you can establish, depending on your needs and your circumstances. Using IRAs in Retirement Planning is a smart choice. Learn more about IRAs in retirement planning in Arkansas in this presentation.
This document summarizes the findings and recommendations of the SAGE Commission regarding Bermuda's public pension plans, government employee benefits, and reducing government spending. Key findings include public pension plans being underfunded by billions, and government health insurance being 100% underfunded. Recommendations include raising retirement ages, freezing future accruals, reducing cost of living adjustments, and transitioning to defined contribution plans. The SAGE Commission also recommends a "glide path" to reduce government spending by $320 million over 4 years through measures like job cuts, salary reductions, and privatization, acknowledging this will negatively impact the economy.
Self-Employed? You Could Be Saving Thousands on Your TaxesPeter Thoms, CFA
Self-employed professionals have a high-impact retirement tool, called a defined benefit plan, that could allow them to save thousands on taxes every year and boost their retirement savings.
The document discusses maximizing Social Security benefits through understanding options like claiming early versus late, spousal benefits, and strategies to increase total lifetime benefits such as claiming and suspending or claiming a portion of benefits while delaying others. It provides details on factors like retirement ages, benefit amounts at different claiming ages, income limits for working while collecting, and how benefits are taxed. The document recommends calculating an expected benefit and determining a plan to apply for retirement benefits.
Setting Every Community Up for Retirement Enhancement (SECURE) Act gallowayandcollens
The Setting Every Community Up for Retirement Enhancement Act of 2019, called the “SECURE Act” makes significant changes to how IRAs and certain retirement benefits must be treated post-death.
Attorney Howard H. Collens presents information on the newly enacted law effective January 1, 2020
This document provides information about Qualifying Recognised Overseas Pension Schemes (QROPS) for British citizens living abroad. It discusses the benefits of transferring a UK pension to a QROPS, which include greater investment freedom, tax efficiency, no requirement to purchase an annuity, receiving income in your preferred currency, and being able to pass funds to beneficiaries free of UK tax. A QROPS also provides more flexibility in taking lump sums and income compared to UK pension schemes. The document outlines the criteria a scheme must meet to be considered a QROPS and notes individuals should seek advice from a specialist when deciding whether to transfer a pension overseas.
The document discusses strategies for making retirement savings last throughout retirement. It recommends delaying taking Social Security payments until age 70 for increased monthly checks. It also suggests balancing one's portfolio among stocks, bonds, and real estate for diversification and income. The document warns of potential retirement scams and provides tips for avoiding fraud. It notes that withdrawing funds early from 401(k)s incurs penalties and lost growth potential.
The document discusses creating a comfortable retirement through saving in an IRA. It outlines a 5-step process: 1) establish retirement goals, 2) determine if a traditional or Roth IRA is better, 3) understand the options for each, 4) consider funding sources, and 5) open an account and review it annually. IRAs offer tax-advantaged growth and flexibility in investments and contributions to help achieve retirement savings goals. Meeting with an advisor can help determine the best savings strategy.
In this session I go through my top 10 recommendations of the basics of personal finance. Ideas and strategies were collected from Dave Ramsey, David Bach, and Ramit Sethi. Become a master of your own destiny in your personal finances by putting these practices to work every day in your life.
In an ideal world, retirement planning begins the moment you collect your first paycheck. However, life isn't linear, and many professionals find themselves in their 50s without a solid retirement plan in place. If you're reading this, it's possible you feel you're lagging in your retirement preparation. The good news? It's never too late to start or refine your retirement strategy.
For the business owner who would like to maximize tax deductions and secure guaranteed retirement income, the Fully Insured Defined Benefit Pension Plan may be the answer!
This workshop was developed for all tenure-related faculty who are interested in learning about the Tenure Reduction Program (TRP). The TRP provides an opportunity for tenured faculty to gradually reduce their involvement at the UO for up to five years after retirement. This workshop addressed eligibility, rights and responsibilities, interaction with PERS and other retirement funds, faculty standing in the department and university, types of instructional assignments, class enrollments, alternatives to teaching, and constraints on employment and sustaining PERS eligibility.
The workshop was facilitated by Ken Doxsee, Associate Vice Provost for Academic Affairs; Ernie Pressman, Benefits Administrator, Human Resources; and Sonia Potter, Director, Unclassified Personnel Services.
Divorce can affect a person's Social Security retirement benefits if they were counting on their spouse's benefits. Even if divorced, a person may still collect benefits from their ex-spouse if the marriage lasted 10+ years, they are at least 62 years old, their ex-spouse receives Social Security benefits, and their own benefit is less. The spousal benefit is 50% of the ex-spouse's benefit at full retirement age, but the amount can be affected by when benefits are claimed, earnings, and pension benefits from non-covered work. Remarriage does not impact benefits from an ex-spouse unless the new marriage lasts until the death of the ex-spouse.
Individual Retirement Accounts (IRAs) allow people to save for retirement with contribution limits and rules to keep in mind at the end of the year. The maximum IRA contribution is $5,500 or $6,500 for those over 50, and both spouses can contribute even if only one has income. Exceeding the contribution limit will incur a 6% tax, but withdrawals of excess amounts can avoid this. Those over 701⁄2 must take required minimum distributions from traditional IRAs. Contributing to an IRA may qualify for the Saver's Credit which increases tax refunds or reduces taxes owed.
Financial Planning for Intergenerational WealthWelch LLP
This document discusses the importance of financial planning, particularly for intergenerational wealth. It notes that financial planning provides clarity, efficiency, and resiliency by establishing goals, implementing efficient strategies, and preparing for risks. The document then outlines the key components of a financial plan, including tax planning, financial management, retirement planning, estate planning, risk management, and investment management. It provides examples of strategies and vehicles for various areas like family trusts, business succession, registered retirement savings plans, tax-free savings accounts, and more. The overall message is that holistic financial planning is important for effectively managing wealth over generations.
One Super Fund can save you all the hassle of consolidating your super. We offer three levels of service that range from the basic consolidation to a full financial service.
This document provides an overview of estate planning and strategies. It discusses creating a will, powers of attorney, probate fees, trusts, taxation of estates, business ownership, US estate taxes, and using life insurance. The document emphasizes the importance of estate planning to ensure wishes are communicated and conflicts are avoided, and notes that planning should be done proactively rather than waiting until it's too late.
This document provides information and advice for planning a happy retirement, including key steps to take when retiring such as educating yourself, saving money, understanding your tax bracket and pension benefits, and making your money last. It discusses applying for pensions through the Illinois Municipal Retirement Fund or other state pension funds. The document also covers topics like social security eligibility, Medicare signup, union member benefits, and legal and financial planning tasks to complete when retiring.
This document summarizes a workshop on getting the most from Social Security. It discusses knowing your Social Security benefit, understanding your options for claiming benefits at different ages, and strategies for maximizing your Social Security benefit. The workshop covers determining eligibility age, how working affects benefits, spousal benefits, and strategies like claiming and suspending benefits or claiming a spousal benefit first before a personal benefit. The goal is to help individuals evaluate their expected Social Security benefits and determine the best time to start claiming.
Are you looking for personal finance investing? Learn best Money Investing Ideas & 401k Investing Strategy. Learn investing carefully.
https://millennialmoneyminute.com/category/investing-carefully/
Superannuation policies provide retirement benefits to employees. Under these policies, employers contribute a fixed percentage of employees' salaries each year. The contributions are invested by funds like LIC and grow with interest over time.
At retirement, employees can choose to receive part of the accumulated balance as a lump sum and part as a monthly pension. They also have options like receiving the full pension amount or commuting part of it as a lump sum. If the employee dies while in service, pension benefits are provided to their nominee.
The LIC superannuation scheme is the most common in India. Under it, employers contribute to a fund managed by LIC and employees receive various payout options upon retirement or death. Cont
There are different types of IRAs you can establish, depending on your needs and your circumstances. Using IRAs in Retirement Planning is a smart choice. Learn more about IRAs in retirement planning in Arkansas in this presentation.
This document summarizes the findings and recommendations of the SAGE Commission regarding Bermuda's public pension plans, government employee benefits, and reducing government spending. Key findings include public pension plans being underfunded by billions, and government health insurance being 100% underfunded. Recommendations include raising retirement ages, freezing future accruals, reducing cost of living adjustments, and transitioning to defined contribution plans. The SAGE Commission also recommends a "glide path" to reduce government spending by $320 million over 4 years through measures like job cuts, salary reductions, and privatization, acknowledging this will negatively impact the economy.
Self-Employed? You Could Be Saving Thousands on Your TaxesPeter Thoms, CFA
Self-employed professionals have a high-impact retirement tool, called a defined benefit plan, that could allow them to save thousands on taxes every year and boost their retirement savings.
The document discusses maximizing Social Security benefits through understanding options like claiming early versus late, spousal benefits, and strategies to increase total lifetime benefits such as claiming and suspending or claiming a portion of benefits while delaying others. It provides details on factors like retirement ages, benefit amounts at different claiming ages, income limits for working while collecting, and how benefits are taxed. The document recommends calculating an expected benefit and determining a plan to apply for retirement benefits.
Setting Every Community Up for Retirement Enhancement (SECURE) Act gallowayandcollens
The Setting Every Community Up for Retirement Enhancement Act of 2019, called the “SECURE Act” makes significant changes to how IRAs and certain retirement benefits must be treated post-death.
Attorney Howard H. Collens presents information on the newly enacted law effective January 1, 2020
This document provides information about Qualifying Recognised Overseas Pension Schemes (QROPS) for British citizens living abroad. It discusses the benefits of transferring a UK pension to a QROPS, which include greater investment freedom, tax efficiency, no requirement to purchase an annuity, receiving income in your preferred currency, and being able to pass funds to beneficiaries free of UK tax. A QROPS also provides more flexibility in taking lump sums and income compared to UK pension schemes. The document outlines the criteria a scheme must meet to be considered a QROPS and notes individuals should seek advice from a specialist when deciding whether to transfer a pension overseas.
The document discusses strategies for making retirement savings last throughout retirement. It recommends delaying taking Social Security payments until age 70 for increased monthly checks. It also suggests balancing one's portfolio among stocks, bonds, and real estate for diversification and income. The document warns of potential retirement scams and provides tips for avoiding fraud. It notes that withdrawing funds early from 401(k)s incurs penalties and lost growth potential.
The document discusses creating a comfortable retirement through saving in an IRA. It outlines a 5-step process: 1) establish retirement goals, 2) determine if a traditional or Roth IRA is better, 3) understand the options for each, 4) consider funding sources, and 5) open an account and review it annually. IRAs offer tax-advantaged growth and flexibility in investments and contributions to help achieve retirement savings goals. Meeting with an advisor can help determine the best savings strategy.
In this session I go through my top 10 recommendations of the basics of personal finance. Ideas and strategies were collected from Dave Ramsey, David Bach, and Ramit Sethi. Become a master of your own destiny in your personal finances by putting these practices to work every day in your life.
In an ideal world, retirement planning begins the moment you collect your first paycheck. However, life isn't linear, and many professionals find themselves in their 50s without a solid retirement plan in place. If you're reading this, it's possible you feel you're lagging in your retirement preparation. The good news? It's never too late to start or refine your retirement strategy.
This popular session returns in 2015 with 12 new great ideas. There are a number of incentives out there for companies and individuals alike that, unless you are looking specifically for them, they may be overlooked.
SECURING YOUR RETIREMENT ESSENTIAL BUDGETING TIPS FOR CANADIAN SENIORS.pptxcredit720
We at Credit720 work for you in a similar way just as your Tax Consultant or Accountant. You hire our expert advice in debt negotiations as we help protecting your assets and safeguarding your rights as our esteemed client.
The longer you have for saving up, the less money you need to allocate each month toward your goal. www.lifethenfinance.com
3. The Power of Compound Interest • if you begin saving $100 a month at age 21 and earned 8 percent interest, by 65 your account would be worth about $447,000. www.lifethenfinance.com
4. The Power of Compound Interest: Cont.... • Increasing the monthly contribution to $200 would double that to about $893,000 www.lifethenfinance.com
5. • Because of the power of compound interest, it’s to your advantage to start your long term savings as early as possible!
Smart tips to prepare for an active retirement in 2024Connect55+
Explore smart tips for an active retirement in 2024 with Connect55. Discover expert advice on financial planning, health and wellness, and lifestyle choices to ensure a fulfilling and vibrant retirement. Prepare for the next chapter of your life with confidence and joy.
Presentation on superannuation and retirement income for people age 50 plusEquipsuper
1) The document provides information about retirement planning and income options from Equipsuper, an Australian superannuation fund and financial services provider.
2) It discusses strategies for increasing retirement savings like salary sacrificing, making extra contributions, and using a transition to retirement pension.
3) The document also covers converting superannuation into retirement income streams like account-based pensions, and managing investments and withdrawals over the course of retirement.
This document provides information to help individuals nearing retirement in the Florida Retirement System (FRS) plan for retirement. It outlines workshop objectives like setting retirement goals, reviewing sources of retirement income, developing a retirement asset distribution plan, understanding tax opportunities, and taking next steps. It also discusses tools and resources available from MyFRS, including the Financial Guidance Line, employee workshops, and communications. The document provides templates for creating a personal action plan and addressing considerations like desired retirement age, healthcare needs, activities, housing, taxes, lifestyle changes, longevity, expenses, income sources, and strategies for managing retirement assets.
This document provides information on when individuals should start receiving Social Security retirement benefits. It discusses factors to consider such as full retirement age, how benefits are calculated if taken earlier or later than full retirement age, how work affects benefits, income in retirement, taxes on benefits, and strategies for married couples. The document aims to help individuals make the best decision for their personal situation regarding when to start receiving Social Security benefits.
The document discusses key milestones and considerations in retirement planning from ages 50 to over age 60. It recommends meeting with a financial professional prior to age 50 to review asset allocation and retirement strategy. At age 50, it suggests maximizing retirement contributions and catch-up contributions, and reviewing beneficiary forms and healthcare costs. At age 55, it addresses the impact of early retirement on Social Security benefits and pension payout options. At age 59.5, it discusses accessing retirement funds and protecting retirement income.
How to prepare a financial plan to help you adjust to retirement Pravesh Vasudeva
We know how exciting retirement can be after years of hard work. So have you considered how you are going to spend your “me time?" How long you’ll live is an important factor that impacts how long your money needs to last. Canadians are living longer than before, which means you’ll likely need more to support your retirement dreams.
Do you think you’ll spend less in retirement? Some say you’ll spend the same, or maybe even more. To help you position for a bright future, you can take these steps as you move closer to retirement.
The document discusses tips for retirement planning and saving. It notes that fewer than half of Americans have calculated their retirement savings needs and that the average American spends 20 years in retirement. It provides advice around starting to save for retirement early, contributing to employer retirement plans, not withdrawing retirement savings early, and learning about Social Security benefits. The key messages are that planning and saving for retirement is important to maintain your standard of living, and that small regular contributions can make a big difference over the long term.
This document provides advice on several financial topics:
1) It recommends that those over 50 contribute the maximum allowable amounts to retirement accounts like IRAs and 401(k)s to take advantage of "catch-up" contribution limits of an extra $1,000 for IRAs and $6,000 for 401(k)s. This extra contribution can significantly increase total savings by retirement.
2) It outlines special catch-up contribution rules for 403(b) and 457(b) plans that allow even higher total annual contribution limits.
3) It shows how maximum catch-up contributions can lead to tens or even hundreds of thousands of dollars more in retirement savings compared to contributing without catch-up
Pragmatic Steps to Managing Money Early in Your CareerPeggy Groppo
GW & Wade provides comprehensive financial services including retirement planning, investment management, tax planning, estate planning, and more. Their expert counselors create custom plans for each client based on their unique needs and goals. Services include income tax planning, cash flow analysis, charitable gifting strategies, education planning, and executive team services. Counselors help clients manage their investments and assets to stay on track with their financial plans over time.
If you have savings in an employer-sponsored retirement plan like a 401(k), you have options when you leave your job such as leaving the assets in the employer's plan, rolling them over to an IRA or another employer's plan. There are various factors to consider in making this decision including who controls the assets, available investment options, fees, required minimum distributions, and beneficiary options. An Ameriprise financial advisor can help you evaluate these options and decide what is best for your individual situation based on your retirement goals.
Laura Scharr-Bykowsky presented on retirement planning and improving financial health. She discussed typical symptoms of being unprepared for retirement like inadequate savings and no clear retirement vision. She emphasized the importance of doing a retirement calculation and "gap analysis" to determine savings goals. Early savers have a significant advantage over late savers due to compound interest. Her recommendations included developing a retirement vision, estimating expenses, analyzing savings gaps, maximizing retirement accounts and Social Security benefits, and reconsidering retirement dates or expenses if savings fall short of goals.
CPA experts from the PICPA share information about important health insurance deadlines for 2016, understanding health care spending account choices, managing health insurance after job loss, changing eligibility requirements that may impact small businesses, and more.
The document discusses managing student loan debt. It recommends knowing details of loans such as principal, interest, and monthly payments. It also recommends knowing if loans are federal or private since rules differ. It suggests creating a budget to calculate income, expenses, and set goals to pay down debt. It advises paying more than the minimum when possible to pay off loans sooner and save on interest. If struggling to pay, it recommends exploring repayment options, deferment, or forbearance rather than stopping payments. Bankruptcy will usually not eliminate student loan debt.
Americans are living longer today than in the past, so retirement planning needs to account for potentially longer lifespans. It is important to start saving for retirement early, with the recommendation being to save 10% of earnings starting in your 20s and 30s to accumulate enough funds. Proper retirement planning requires estimating expenses, developing a budget, and saving sufficiently to fund 20 or 30 years of retirement without relying on chance.
Build your financial plan like a pyramid, starting with a solid foundation of preparing for non-controllable events through insurance and estate planning. Next focus on controllable priorities like saving for retirement even in small amounts, paying down debt, and maintaining an emergency fund. Once these are addressed, consider growth opportunities but accept they carry more risk. Overall, planning is key so you do not risk failure and should prioritize saving for retirement over other expenses given its long-term nature.
This document provides information on managing debt, including tips for making a debt repayment plan and budget, differentiating between good and bad types of debt, dealing with debt through payment strategies or consolidation, options for bankruptcy, and seeking help from debt counseling services or CPAs. Key steps include outlining repayment goals, honestly evaluating expenses through budgeting, prioritizing payment of high-interest debt, and consolidating loans if in a difficult situation to simplify payments over time. Bankruptcy should only be considered as a last resort.
Although it can be an unpleasant topic to think or talk about, everyone should have an estate plan. An estate plan will ensure that your last wishes are carried out and your estate is handled in the way you want. Consider it planning for life!
As we navigate through the ebbs and flows of life, it is natural to experience moments of low motivation and dwindling passion for our goals.
However, it is important to remember that this is a common hurdle that can be overcome with the right strategies in place.
In this guide, we will explore ways to rekindle the fire within you and stay motivated towards your aspirations.
Procrastination is a common challenge that many individuals face when it comes to completing tasks and achieving goals. It can hinder productivity and lead to feelings of stress and frustration.
However, with the right strategies and mindset, it is possible to overcome procrastination and increase productivity.
In this article, we will explore the causes of procrastination, how to recognize the signs of procrastination in oneself, and effective strategies for overcoming procrastination and boosting productivity.
You may be stressed about revealing your cancer diagnosis to your child or children.
Children love stories and these often provide parents with a means of broaching tricky subjects and so the ‘The Secret Warrior’ book was especially written for CANSA TLC, by creative writer and social worker, Sally Ann Carter.
Find out more:
https://cansa.org.za/resources-to-help-share-a-parent-or-loved-ones-cancer-diagnosis-with-a-child/
Understanding of Self - Applied Social Psychology - Psychology SuperNotesPsychoTech Services
A proprietary approach developed by bringing together the best of learning theories from Psychology, design principles from the world of visualization, and pedagogical methods from over a decade of training experience, that enables you to: Learn better, faster!
Inspire: Igniting the Spark of Human Potentialgauravingole9
Inspire: Igniting the Spark of Human Potential
Inspiration is the force that propels individuals from ordinary to extraordinary. It transforms ideas into innovations, dreams into realities, and individuals into icons. This article delves into the multifaceted nature of inspiration, exploring its sources such as nature, art, personal experiences, and the achievements of others, and its profound impact on personal growth, societal progress, and cultural evolution. Through the lens of historical figures and timeless quotes, we uncover how inspiration fuels creativity, drives societal change, and ignites the spark of human potential.
2. Saving for Retirement
The PICPA
Pennsylvania Institute of Certified Public Accountants
(PICPA)
The PICPA is a professional association of more than
22,000 members working together to improve the CPA
profession and serve the public interest.
3. Saving for Retirement
Evaluating Your Goal
Retirement means different things to different people.
You must evaluate what will impact your retirement
goals and what you hope your retirement will look like.
4. Saving for Retirement
Things to Consider
• What do you want to do after you retire?
• Where do you want to live?
• Would you be able to stay in your existing home?
• Will you want to move to a warmer climate?
• Will you be alone, with a spouse, with other family?
• Would you prefer a retirement community?
5. Saving for Retirement
Your Future Plans
Estimates suggest that retirees will need 70% of their
pre-retirement earnings to maintain their standard of
living.
This can vary, depending on your retirement goals—
travel, hobbies, starting your own business.
6. Saving for Retirement
Ballpark Estimate
There are resources to help you estimate your cost of
living in retirement:
• www.360financialliteracy.org’s retirement
calculator
• www.AARP.org’s Money tab
• www.choosetosave.org’s calculators
7. Saving for Retirement
Retirement Costs
Can include:
• Food and clothing
• Housing and utilities
• Transportation
• Insurance
• Recreation: travel, dining out, entertainment, hobbies
• Health care costs: nursing homes, home health care
8. Saving for Retirement
What about Social Security?
How much you receive depends on a few factors:
• How much you’ve earned and how long you’ve worked
• Date you start collecting benefits
• Whether you work after retirement
• Whether family members will collect benefits
• Whether you receive certain other government benefits
9. Saving for Retirement
Get an Estimate
The best way to get an estimate of how much you’ll
receive from Social Security is to ask!
Use www.ssa.gov’s Social Security Retirement Benefits
Estimator.
10. Saving for Retirement
Ways to Save
401(k) Accounts
• Employer makes contributions to the plan on a pre-
tax basis
• You can defer up to large portions of your salary
• Earnings accrue tax deferred
• Contribute the maximum even if your employer
doesn’t match it
11. Saving for Retirement
Ways to Save
Roth IRA
• Investments accumulate tax-free
• A withdrawal from a Roth IRA is not taxed if it is
made 5 years after the first contribution and is done
after age 59 ½
• There are income limits
12. Saving for Retirement
Ways to Save
Traditional IRAs
• Money invested grows tax-free until it is withdrawal
• Heavy penalties if withdrawn before age 59 ½
• Income and qualification restrictions apply
13. Saving for Retirement
Ways to Save
Annuities
• Tax deferred investment contract
• Multiple payout options:
– Lump sum, payment over a number of years, payment
over your lifetime
• You have the freedom to decide how the money is paid out
• Can invest as little or as much you want
14. Saving for Retirement
Planning Tips
• Start early!
• Invest for the long term
• Don’t cash out your 401(k) when you change jobs—
it could be rolled into a new employer’s plan
• Don’t borrow against your retirement plan unless
absolutely necessary
15. Saving for Retirement
Planning Tips
• Supplement retirement accounts with mutual funds,
savings accounts, and other investments
• Cut your current expenses
• Delay retirement
• Invest more aggressively—this will expose you to
higher volatility