Wealth Management - Fruital Investment Group - Useful Tools And Resources.
Retirement Gamble Of America / Supplemental Retirement Plans /
Retirement Plan Benefits. 401K'S The The Tax-Deferral Trap /
Retirement Plans - Employer-Sponsored Retirement Plans / Defined Contribution Plans. CONTINUE READING...
Objective information about financial planning, investments, and retirement plans..
Retirement Gamble Of America / Supplemental Retirement Plans /
Retirement Plan Benefits. 401K'S The The Tax-Deferral Trap /
Objective information about financial planning, investments, and retirement plans..
Finding Hidden 401(k) Fees.
Retirement Gamble Of America:
You put 100 percent of the money, you take 100% of the risk and you get 20
to 30% of the returns.
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Retirement Crisis In America:
The social security benefits alone is not enough to live a comfortable
lifestyle.
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It’s your 401k's have it in an aggressive investment, moderate, or conservative.
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401k is perhaps the only product the American people buy but not known the
cost of it. Get much more information on retirement plans right here...
They don’t know the quality of it and they don’t know either the danger in
it.
Workers need to worry about the old age time.
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IRA, do it yourself. Roth IRA why not having one?
Retirement arrangement plan is perhaps the brokerage firms biggest gifts legally
obtain.
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For extra income in retirement time, Annuities can help. Do you have an
annuity plan?
make automatic deposit to your saving, to your investment portfolio, to your retirement accounts.
Social security alone will not be enough to help people live a comfortable lifestyle
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United States Of America
Arisa
in 1974 in USA CREATES 401k's if you have that in job, take advantage
of it. If you don't you're living money for the company you are working
for.
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In Canada they have RRSP
In Japan they have 401k's also
In Australia they have super annuation
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Femkonsa Capital Investment Is Telling People - Be-aware: Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.
============
The Employee Retirement Income Security Act of 1974, as amended (ERISA)
requires employee benefit plan fiduciaries to act solely in the interests of, and for the exclusive
benefit of, plan participants and beneficiaries.
'More information on retirement income security right here..
'More information on retirement income security right here..
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As part of that
obligation, plan fiduciaries should consider cost, among other things, when choosing investment options for the plan and selecting plan service
providers.
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This 401(k) plan fee disclosure form may assist you in making informed
cost-benefit decisions with respect to your plan. The purpose of
this form is to help you determine the total cost of the plan.
It is also intended to provide you with a means to compare investment product fees and
plan administration expenses-charged by competing service providers, regardless of how a particular
service provider structures its fees.
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A defined benefit plan is 'defined' in the sense that the benefit
formula is defined and known in advance. Conversely, for a "defined
contribution retirement saving plan", the formula for computing the
employer's and employee's contributions is defined and known in advance,
but the benefit to be paid out is not known in advance.
When participating in a defined benefit pension plan, an
employer/sponsor promises to pay the employees/members a specific
benefit for life beginning at retirement. The benefit is calculated in
advance using a formula based on age, earnings, and years of service.
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In the U.S., a defined benefit plan cannot force you to receive your
benefits before normal retirement age. However, if the lump sum value of
your benefit is less than $5,000, and you are vested, then the plan may
simply pay your benefit as a lump sum soon after termination.
The plan
document has to allow for the automatic lump sum payment. However, you
must begin to receive your benefits no later than April 1 of the
calendar year next following the last year of employment or calendar
year you reach age 70½, whichever is later.
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Defined benefit plans distribute their benefits through life annuities.
In a life annuity, employees receive equal periodic benefit payments
(monthly, quarterly, etc.) for the rest of their lives. A defined
benefit pension plan allows joint distributions so a surviving spouse
can still receive 50 percent of your payment.
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''Roth IRA And Roth 401k Are The Best Why? Here what you need to know..
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''Roth IRA And Roth 401k Are The Best Why? Here what you need to know..
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Retirement Plans
Employer-sponsored retirement plans
Defined Contribution / Retirement Plans
Offered through your employer, contributions to these plans are tax
deferred. In most cases your employer makes contributions on your behalf.
Tax-deferred retirement plans for small-business owners and their
employees.
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SEP IRAs
A Simplified Employee Pension (SEP) plan is easy to manage and
involves a reduced level of paperwork, for certain businesses, as compared to
Keogh Plans.
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Keoghs
TIAA-CREF record keeps two types of Keogh plans: Profit Sharing and
Money Purchase. TIAA-CREF no longer
offers new employer Keogh plans after 12/31/2012.
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SIMPLE IRAs
A Savings Incentive Match Plan (also known as a SIMPLE IRA) gives
small businesses a convenient way to contribute to their employees’ — and their
own — retirement.
Individual investors
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IRAs
Traditional and Roth IRAs can be used to make periodic investments
and/or to consolidate assets into one account.*
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Defined contribution plan....
A defined contribution (DC) plan is a type of retirement plan
in which the employer, employee or both make contributions on a regular
basis. Individual accounts are set up for participants and benefits are
based
on the amounts credited to these accounts (through employer
contributions and, if applicable, employee contributions) plus any
investment earnings on the money in the account.
Only employer
contributions to the account are guaranteed, not the future benefits. In
defined contribution plans, future benefits fluctuate on the basis of
investment earnings.
The most common type of defined contribution plan
is a savings and thrift plan. Under this type of plan, the employee
contributes a predetermined portion of his or her earnings (usually
pretax) to an individual account, all or part of which is matched by the
employer.
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While Defined Contribution plans are sometimes referred to as pensions,
they are not. The word "pension" is defined as "a fixed amount, other
than wages, paid at regular intervals to a person or to the person's
surviving dependents in consideration of past services".
In contrast, a Defined Contribution retirement plan is an arrangement
where an employer, during the time a person is employed, puts money in a
registered retirement account on the employee's behalf. In general, a
DC plan provides much less security for the employee, and much less
obligation for the employer, than a pension.
In a defined contribution plan, fixed contributions are paid into an
individual account by employers and employees. The contributions are
then invested, for example in the stock market, and the returns on the
investment (which may be positive or negative) are credited to the
individual's account.
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On retirement, the member's account is used to
provide retirement benefits, sometimes through the purchase of an annuity
which then provides a regular income. Defined contribution plans have
become widespread all over the world in recent years and are now the
dominant form of plan in the private sector in many countries.
For example, the number of defined contribution plans in the US has
been steadily increasing, as more and more employers see pension
contributions as a large expense avoidable by disbanding the defined
benefit plan and instead offering a defined contribution plan.
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Money contributed can either be from employee salary deferral or from
employer contributions. The portability of defined contribution plans
is legally no different from the portability of defined benefit plans.
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However, because of the cost of administration and ease of determining
the plan sponsor's liability for defined contribution plans (no actuary
is needed to calculate the lump sum equivalent unlike for defined
benefit plans), in practice, defined contribution plans have become
generally portable.
In a defined contribution plan, investment risk and investment
rewards are assumed by each individual/employee/retiree and not by the
sponsor/employer.
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Supplemental
Retirement Plans
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Defined contribution plan: What is it?
Many plans allow people to manage their investments online and make changes in the investment plans.
Attractive features in defined contribution plans if you change job , you can take your money with you.
Here are the the most common defined-contribution plans:
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401k
plans: this plan offers by private companies and gives option to
employees to participate and the employers also contribute.
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403b plans: offered by non-profit, tax-exempt employers, such as schools, colleges,hospitals,museums, foundations etc.
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457 plans: offered by Federal states, and local government and nonprofit organizations.
Other defined contribution plans include ESOP, profit sharing plans, and SEP = Simplified employee pension
TSP = Thrift Saving Plans on these types of plans you pay no taxes until you withdraw the money.
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Retirement mistakes to avoid in your 20s -
30s – 40’s and why not in your 50’s
Retirement should be the first thing
on people’s minds. Would have enough money to live a comfortable lifestyle in
retirement time ask financial consultant at Buyheremarket Enterprise?
Four mistakes many people make when
it comes to retirement planning, and advice on how to get your finances in
order as soon as possible.
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MISTAKE #1: Not Starting Early.
“The first mistake is not starting and not starting early, not taking
advantage of employers retirement plans.
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“The greatest money-making asset any individual can possess is time, and
young people have more of it than anyone else,” “You’ve got to capitalize on
it.” Compound interest is a powerful tool to multiply wealth, said Tanya from
FEMKONSA CAPITAL INVESTMET.
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MISTAKE #2: Not having a Roth IRA
Anthon from Knowledge Financial Group consultant team huge proponent of signing up for a Roth IRA,
which offers tax-free growth and tax-free withdrawals in retirement, though you
do pay taxes on the money you contribute.
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Roth IRAs come with income
restrictions, but Slott says having one is a “slam dunk” for millennials,
because your savings will continue to grow tax-free for the rest of your life.
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“Tax free means you’ll never pay
taxes on that money. That’s where you want to be in retirement, because it
takes out the uncertainty of what future tax rates could do to your retirement
savings,”
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Many employees may have the option
to sign up for a 401(k), a retirement savings plan offered by an employer. But
for those who don’t have a 401(k) option, they’re on their own when it comes to
building retirement savings, and that’s where the Roth comes in.
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Another mistake when it comes to an IRA is opting for the traditional IRA
instead of the Roth IRA. While the traditional IRA gives you a tax deduction
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“If you take that deduction, you pay
for the rest of your life. That account is growing tax-deferred – not tax-free.
That’s a big difference,”. “Tax deferred means you won’t pay taxes on that
money yet, but you will, and that’s not what you want in retirement.
MISTAKE #3: Raiding your retirement account
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While retirement may seem far away now, dipping into your retirement funds
before you’re actually retired is a huge mistake.
“I understand what people think – what if I need the money? But don’t think
about it like that,” Slott warns.
When you sign up for a Roth IRA, you can access your funds at any time,
without paying taxes or penalties..
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“It’s very tempting to use this money, [but] it should only be used as a
last resort,” Slott said. “It’s great it’s there but if you use it now, you
won’t have anything for your retirement.”
And once saving becomes a habit and you see it grow, Slott says, you’ll be
less likely to touch it.
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MISTAKE #4: Cashing out your 401(k)
Most people don’t stay at the same job for their entire career, and Slott
says forgetting about your 401(k) or cashing it out when you switch jobs is a
huge financial mistake.
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