Does Your Life Include a RIPE Plan—Planning Tips for Retirement, Investing, Protection, and Estate Planning – Part 1 (Retirement)
Does Your Life Include a RIPE Plan—Planning Tips for Retirement, Investing, Protection, and Estate Planning – Part 1 (Retirement)
Janet L. Hall
by: Janet L. Hall
No matter what your age or years of work, it’s almost never too late to start planning for your retirement. As a matter of fact, the younger you are, the less chance you will have of becoming destitute, or a * bag * person. I’m not trying to be funny, it can happen to you if you don’t watch what you are doing and PLAN for the future.
Ponder for a minute on the questions below:
~~ What kind of life do you want in your * golden years *? ~~ How will you use your retirement time, meaning, what activities, interests, or travel might you want to pursue? ~~ Will you need or want to change your housing and lifestyle completely or do you hope you can * stay where you are, doing the same things you’ve always done *? ~~ If you are planning on living in a different area, what are the standards of living in that area OR what are the chances of the standard of living increasing or decreasing where you are currently living? ~~ How might your health affect your retirement? ~~ Will you need to continue to work part-time after retirement to * make ends meet *? How will that affect your benefits? ~~ Do you want to start your own business, many people do after retirement, and how will that affect your benefits? ~~ What * support * systems do you have or need to have in place?
If a company employs you, you need to FIND OUT:
~~ if they have a retirement plan (benefits), such as a pension or 401(k) ~~ what your TOTAL monthly or lump sum disbursement will be ~~ how much you can contribute ~~ length of service required to be eligible to collect benefits ~~ age required to be eligible to collect benefits ~~ if the plan will meet your needs/lifestyle after retirement
Take the time and schedule an appointment with your employer’s * benefits person * and discuss YOUR retirement plan. Ask them about YOUR Statement Of Accrued Benefits (SAB). This is YOUR personal account and will tell you the benefits you can expect based on your salary and retirement time.
If you’re self-employed, as many of us are, you need to establish your own retirement plan. The easiest plan is an IRA at which you can only contribute $2,000 yearly. If you’re young (years away from retirement) check out a non-deductible Roth IRA. Other plans include SIMPLE, SEP-IRA, and Keogh Plan. If you want to learn more about these plans, check our Reviews section near the end of the newsletter.
Please don’t think you can live on Social Security (in the USA) alone! If you have no idea what you MIGHT have already accumulated into Social Security, FIND OUT! (Link for SSA in Reviews section)
WARNING and a TIP: Just when you thought you were covered! One thing that can zap you financially is a divorce (I hope this never happens to you) and your pension plan could be one of your largest assets to be DIVIDED up (I’ve seen this happen). SO, if you’re married, I sincerely hope you stay so happily and forever after!
Smiles, not Piles, Janet L. Hall Professional Organizer, Author, and Speaker http://www.overhall.com "If your current systems aren't working for you... get an "OverHall"!"
The Organizing Wizard, Janet L. Hall, is a Professional Organizer, Speaker, and Author. She is the owner of OverHall Consulting, and Organizing By Phone. Subscribe to her FREE organizing newsletter at http://www.overhall.com/newsletter.htm or visit her web site at http://www.overhall.com
Copyright (c) 2000 by OverHall Consulting P.O. Box 263, Port Republic, MD 20676 All Rights Reserved. Permission is granted to reproduce, copy, or distribute OverHall IT! or any articles by Janet L. Hall so long as article(s) is kept intact, this copyright notice, and full information about the author is attached.
The Organizing Wizard, Janet L. Hall, is a Professional Organizer, Speaker, and Author. She is the owner of OverHall Consulting, and Organizing By Phone. Subscribe to her FREE organizing newsletter at http://www.overhall.com/newsletter.htm or visit her web site at http://www.overhall.com
Credit for Qualified Retirement Savings Contribution
Credit for Qualified Retirement Savings Contribution
Kathy Abbott
Here we are again its tax time. And with all the turmoil in our country not to mention in our private lives, Uncle Sam expects us to sit up and take notice of the time of year and file our tax returns with the IRS. Well I don’t know about you but with all the tax law changes and the comings and goings it can be down right confusing for the average American. I spend half the year before January studying and preparing to meet all of my clients needs and goals, and I still can find a surprise or two at my desk each morning. Take for instance the new “Savers Tax Credit,” this little gem will only be with us the next four years, by the time it catches on…it’ll be gone.
Retirement Savings Contribution Credit is a tax credit allowing eligible contributions to an employer sponsored retirement plan or an IRA become tax deductible. A percentage of your qualifying retirement contributions are determined by using federal form 8880.
Qualifying retirement plans are Traditional and or Roth IRA contributions, and salary reduction contributions to most employer sponsored retirement plans (401k). You may include certain voluntary after tax plans as well.
You cannot claim this credit if any of these circumstances apply to you: You were born after January 1,1985 You are claimed as dependents on another persons return You are a full time student
Table of Income and Filing Status Percentage for Retirement Savings Contribution If your filing status isAnd Your AGI isYour Percentage is Married Filing JointlyNot over 30,00030,000------32,50032,500-------49,99950,000 or Above5020100 Head of HouseholdNot over 22,50022,500----24,37524,375----37,50037,501 or Above5020100 Single, Qualifying Widow(er) or Married Filing SeparatelyNot Over 15,00015,000-----16,25016,251----25,00025,001 or Above5020100
Need more information just click Tax Tools on this website,http://www.ezminimall.com
Here we are again its tax time. And with all the turmoil in our country not to mention in our private lives, Uncle Sam expects us to sit up and take notice of the time of year and file our tax returns with the IRS. Well I don’t know about you but with all the tax law changes and the comings and goings it can be down right confusing for the average American. I spend half the year before January studying and preparing to meet all of my clients needs and goals, and I still can find a surprise or two at my desk each morning. Take for instance the new “Savers Tax Credit,” this little gem will only be with us the next four years, by the time it catches on…it’ll be gone.
Retirement Savings Contribution Credit is a tax credit allowing eligible contributions to an employer sponsored retirement plan or an IRA become tax deductible. A percentage of your qualifying retirement contributions are determined by using federal form 8880.
Qualifying retirement plans are Traditional and or Roth IRA contributions, and salary reduction contributions to most employer sponsored retirement plans (401k). You may include certain voluntary after tax plans as well.
You cannot claim this credit if any of these circumstances apply to you: You were born after January 1,1985 You are claimed as dependents on another persons return You are a full time student
Table of Income and Filing Status Percentage for Retirement Savings Contribution If your filing status isAnd Your AGI isYour Percentage is Married Filing JointlyNot over 30,00030,000------32,50032,500-------49,99950,000 or Above5020100 Head of HouseholdNot over 22,50022,500----24,37524,375----37,50037,501 or Above5020100 Single, Qualifying Widow(er) or Married Filing SeparatelyNot Over 15,00015,000-----16,25016,251----25,00025,001 or Above5020100
Need more information just click Tax Tools on this website.
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