401(k)’s were billed by the government and corporations as one of the most powerful tools you have to save for retirement. 401(k)’s are offered through employers and can be contributory or noncontributory.In addition to saving for retirement they were billed as one of the best tax shelters that our federal government has ever managed to create.
Well let’s see. The government gets to tax money years down the road when the pot is much bigger, therefore tax revenues are much greater, and corporations get to pass the risk to the employee. No wonder they are both staunch supporters Read the rest of this entry
As I mentioned in an earlier post, a Simplified Employee Pension Plan, is a retirement plan specifically designed for small-business owners and self-employed individuals. These plans work even if you are the only employee, as the rules are the same.
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Remember, obtaining Financial Independence and becoming Wealthy is simply the process of continually increasing the gap between the amount of money that comes in and the amount that goes out. The reasons are many why you should start a personal business. Some of these reasons include Insufficient income in retirement, supplementing income, achieving tax benefits, utilizing the benefits of modern technology, following a life long dream, and even realizing the desire to just continue working. Read the rest of this entry
Most of your employer retirement plan options are very complex and will generally fall into two categories, defined benefit or defined contribution.
When the employer takes on the responsibility of managing the plan, that is called a defined benefit plan where the benefit is based on what’s in the plan when you retire. In this situation an employer can define a plan that requires the company to deposit a fixed annual sum of money into the plan for each eligible employee. When the employee retires, Read the rest of this entry
Despite creeping unemployment numbers, there are encouraging signs the economy is slowly resuscitating. Housing sales in some parts of the country are up; consumers are loosening their white-knuckle grip; and there are fewer toxic assets on banks’ books. This is good news for Americans, many of whom lost significant amounts of money from their 401(k)s, IRAs, stock investments and more over the past two years.
But there are some people who didn’t lose ANYTHING during the recent economic crisis.
401(k)’s were billed by the government and corporations as one of the most powerful tools you have to save for retirement. 401(k)’s are offered through employers and can be contributory or noncontributory.In addition to saving for retirement they were billed as one of the best tax shelters that our federal government has ever managed to create.
