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Author: P. M. C. Ira Resources Publisher: ISBN: 9781690827238 Category : Languages : en Pages : 44
Book Description
Saving for retirement takes discipline, time, and, of course, money! After diligently setting aside a portion of every paycheck into a workplace retirement plan, and hopefully with some contributions from your employer as well, perhaps you are now eligible, or will soon become eligible, to receive a distribution from your workplace plan. By not rolling over the funds to an IRA, the distribution may be subject to federal income taxes, an IRS penalty, and the loss of potential future tax-deferred earnings, undoing all that painstaking tax-favored saving.The rules for tax-favored retirement plans can be complicated. That's where we come into play. In "Receiving a Distribution from Your Plan at Work," we give you concise information about the rules for properly moving your workplace retirement plan (such as a 401(k), profit-sharing, 403(b) or Federal Thrift Savings plan) to a Traditional or Roth IRA. We spell out when you may become eligible to move your workplace retirement plan to an IRA, which distributions are not eligible to be rolled over, the differences between a direct rollover and an indirect rollover, converting funds to a Roth IRA, moving a designated Roth account (e.g., a Roth 401(k)) to a Roth IRA, and how a beneficiary of a deceased plan participant can directly roll over funds to an inherited Traditional IRA or inherited Roth IRA.With the most up-to-date and reliable information and real-life examples, "Receiving a Distribution from Your Plan at Work" is your go-to resource to keep your retirement savings on course.
Author: P. M. C. Ira Resources Publisher: ISBN: 9781690827238 Category : Languages : en Pages : 44
Book Description
Saving for retirement takes discipline, time, and, of course, money! After diligently setting aside a portion of every paycheck into a workplace retirement plan, and hopefully with some contributions from your employer as well, perhaps you are now eligible, or will soon become eligible, to receive a distribution from your workplace plan. By not rolling over the funds to an IRA, the distribution may be subject to federal income taxes, an IRS penalty, and the loss of potential future tax-deferred earnings, undoing all that painstaking tax-favored saving.The rules for tax-favored retirement plans can be complicated. That's where we come into play. In "Receiving a Distribution from Your Plan at Work," we give you concise information about the rules for properly moving your workplace retirement plan (such as a 401(k), profit-sharing, 403(b) or Federal Thrift Savings plan) to a Traditional or Roth IRA. We spell out when you may become eligible to move your workplace retirement plan to an IRA, which distributions are not eligible to be rolled over, the differences between a direct rollover and an indirect rollover, converting funds to a Roth IRA, moving a designated Roth account (e.g., a Roth 401(k)) to a Roth IRA, and how a beneficiary of a deceased plan participant can directly roll over funds to an inherited Traditional IRA or inherited Roth IRA.With the most up-to-date and reliable information and real-life examples, "Receiving a Distribution from Your Plan at Work" is your go-to resource to keep your retirement savings on course.
Author: Carrie Schwab-Pomerantz Publisher: Crown Currency ISBN: 0804137374 Category : Business & Economics Languages : en Pages : 434
Book Description
Here at last are the hard-to-find answers to the dizzying array of financial questions plaguing those who are age fifty and older. The financial world is more complex than ever, and people are struggling to make sense of it all. If you’re like most people moving into the phase of life where protecting—as well as growing-- assets is paramount, you’re faced with a number of financial puzzles. Maybe you’re struggling to get your kids through college without drawing down your life’s savings. Perhaps you sense your nest egg is at risk and want to move into safer investments. Maybe you’re contemplating downsizing to a smaller home, but aren’t sure of the financial implications. Possibly, medical expenses have become a bigger drain than you expected and you need help assessing options. Perhaps you’ll shortly be eligible for social security but want to optimize when and how to take it. Whatever your specific financial issue, one thing is certain—your range of choices is vast. As the financial world becomes increasingly complex, what you need is deeply researched advice from professionals whose credentials are impeccable and who prize clarity and straightforwardness over financial mumbo-jumbo. Carrie Schwab-Pomerantz and the Schwab team have been helping clients tackle their toughest money issues for decades. Through Carrie’s popular “Ask Carrie” columns, her leadership of the Charles Schwab Foundation, and her work across party lines through two White House administrations and with the President’s Advisory Council on Financial Capability, she has become one of America’s most trusted sources for financial advice. Here, Carrie will not only answer all the questions that keep you up at night, she’ll provide answers to many questions you haven’t considered but should.
Author: James M. Dahle Publisher: White Coat Investor LLC the ISBN: 9780991433100 Category : Business & Economics Languages : en Pages : 160
Book Description
Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: Graduate from medical school with as little debt as possible Escape from student loans within two to five years of residency graduation Purchase the right types and amounts of insurance Decide when to buy a house and how much to spend on it Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor Avoid investments which are designed to be sold, not bought Select advisors who give great service and advice at a fair price Become a millionaire within five to ten years of residency graduation Use a "Backdoor Roth IRA" and "Stealth IRA" to boost your retirement funds and decrease your taxes Protect your hard-won assets from professional and personal lawsuits Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die Minimize your tax burden, keeping more of your hard-earned money Decide between an employee job and an independent contractor job Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation Take a look at the first pages of the book by clicking on the Look Inside feature Praise For The White Coat Investor "Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place." - Allan S. Roth, MBA, CPA, CFP(R), Author of How a Second Grader Beats Wall Street "Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research." - William J. Bernstein, MD, Author of The Investor's Manifesto and seven other investing books "This book should be in every career counselor's office and delivered with every medical degree." - Rick Van Ness, Author of Common Sense Investing "The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk." - Joe Jones, DO "Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis." - Dennis Bethel, MD "An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust." - Greg E Wilde, M.D Scroll up, click the buy button, and get started today!
Author: Robert D. Gary Publisher: John Wiley & Sons ISBN: 1118068181 Category : Business & Economics Languages : en Pages : 399
Book Description
Are you concerned about your pension? In today’s tumultuous business environment, you have every right to be. With revised pension laws and under-the-table pension cuts by companies making waves, you have to be ever vigilant about protecting what you have. Protecting Your Pension For Dummies helps you do just that. This easy-to-follow guide explains all the latest pension laws, what your rights are, and the best ways to keep your money safe. It demystifies the various types of pension plans and outlines just what it takes to qualify for a pension. Once your plan is set up, you’ll see how to navigate company bankruptcies, mergers, and pension cutbacks, as well as divorces, loans, and personal bankruptcy—and take action if you’ve been shortchanged to recoup what is rightfully yours. You get all the expert guidance you need to: Understand the Pension Protection Act of 2006 Evaluate different pension plans Plan for retirement while you’re working Ensure that you get your pension Request essential plan documents Understand eligibility, accrual, and vesting Guard your pension from your employer—and from life’s ups and downs Understand pension distributions And much more Complete with a glossary of terms and an appendix of charts and forms discussed throughout the book, Protecting Your Pension For Dummies is the fun and easy way® to grasp all the important pension rules—and retire with a full nest egg!
Author: Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Slightly fewer than half of all workers age 21 and older participated in an employer-sponsored retirement plan in 2003, but not all of these workers will receive a pension or retirement annuity from the jobs they now hold. Many will receive a "lump-sum distribution" from their retirement plan when they change jobs. A typical 25-year-old today will work for seven or more employers before reaching age 65, and could receive several distributions before reaching retirement age. Lump-sum distributions allow workers to re-invest their retirement assets so that they will continue to grow until retirement. However, many recipients of lump-sum distributions use all or part of the distribution for current consumption rather than depositing the funds into an individual retirement account (IRA) or another retirement plan. To encourage individuals to "roll over" these distributions into another retirement plan, Congress in 1986 enacted a 10% excise tax on preretirement pension distributions that are not rolled over. In 1992, Congress required employers to withhold for income tax payment 20% of distributions that are paid to recipients rather than rolled over into another retirement plan. In 2001, Congress required that, unless directed otherwise by the participant, the plan sponsor must deposit distributions of $1,000 or more into an individual retirement account. According to data collected by the Census Bureau, 51.8 million workers age 21 or older participated in retirement plans that offered a lump-sum distribution as a payment option in 2003. This represented 84.8% of the 61.1 million workers who were covered by a pension, profit-sharing, or retirement savings plan in 2003. Approximately 16.0 million people reported that they had received at least one lumpsum distribution at some time in their lives. The average (mean) value of these distributions was $21,900 and the median value was $6,000. The typical recipient was between 37 and 40 years old at the time of the distribution. Thus, most recipients of lump-sum distributions were more than 20 years away from retirement. Of survey respondents who reported that they had received at least one lump-sum distribution, 44% said that they had rolled over the entire amount of the most recent distribution into an IRA or other retirement plan, accounting for 67.2% of the dollars distributed as lump sums. Another 40% of recipients said that they had saved at least part of the distribution in some other way. Of those who reported receiving a distribution after 1992, 47% said that they had rolled over the entire amount into another plan, accounting for 72% of the dollars distributed as lump-sums. Another 38% of this group said that they had saved at least part of the distribution. Lump-sum distributions that are spent rather saved can reduce future retirement income. If the lump-sum distributions received through 2002 that were not rolled over had instead been rolled over into accounts that grew at the same historical rate as the Standard & Poor's 500 Index, they would have had a median value of $7,214 by 2003. For the typical recipient, if this amount were to remain invested, it would grow to an estimated value of $31,100 by age 65, which would be sufficient to purchase a level, single-life annuity that would pay $225 in monthly income.
Author: P. M. C. Ira Resources
Author: P. M. C. Ira Resources
Author: United States. Internal Revenue Service
Author: Carrie Schwab-Pomerantz
Author: James M. Dahle
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Author: United States. Internal Revenue Service
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Author: 
Author: Robert D. Gary
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