What are transfers for TSP to IRA – What is a transfer TSP to IRA? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of transfer of tsps to iras for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to conducting a transfer of tsp to ira for retirement. Rolling Over Your Retirement Account to an IRA Before I begin here are some Traditional IRA Facts as of 2009/2010: - Tax deductible contributions of $5,000 ($6,000 age 50 and above) - AGI (Annual Gross Income) for deduction is: Single= Head of household is more than 55,000 but less than 66,000 and Married= 89,000 but less than 109,000 if filing joint - Withdraws begin at age 59 1/2 and are MANDATORY by 70 1/2 - Taxes are pain on earnings when withdrawn from IRA - Can purchase investments such as Stocks, Bonds, Mutual Funds, ETFs, CDs, Treasuries, etc. - Funds withdrawn prior to 59 1/2 are subject to a 10% penalty - With some exceptions such as purchasing a 1st home, educational expenses, and certain medical/disability expenses. Highly recommend AGAINST this unless it is VITAL. Sometimes the IRS will see this and may surprise you. Rolling over your retirement plan from a previous employer to a Traditional IRA (in case you are wondering, IRA stands for Individual Retirement Account) is very simple but if you don't do it correctly it will cost you! First the benefits on WHY you should roll the account over: 1) You can roll over your retirement plan to a traditional IRA REGARDLESS OF INCOME LIMITS! 1a. This is because the funds already in your account are "qualified". 2) You have MORE investment options: This is a big one! Traditionally you are only allowed to invest in mutual funds (as of writing this article, but there has been talks of adding ETF's which would be fantastic!). These mutual funds are chosen by the employer and the adviser/consultant who manages these assets. In a IRA you can choose between almost anything that you can traditionally invest in such as Stocks, Bonds, Mutual Funds, ETFs, CDs, Treasuries, etc. Think of an IRA as a regular brokerage account EXCEPT it has MAJOR tax benefits. 3) NO TAX EVENT will occur when you do this correctly! 3a. Will explain HOW to do this later in the article 4) You will have more control over your assets knowing it is secured in a place that you have access to instead of having the assets with the previous employer. 5) IRA's can be very easily put into an estate plan 6) You can continue contributing to your retirement account (as of the writing of this article: $5,000 max!). 7) If you already have an Rollover IRA, you can simply deposit it over to your current rollover IRA or open a new IRA and still contribute both IRAs (Again, max COMBINED is $5,000) 7a. Ex: Contribute IRA 1 with $2,000 and IRA 2 with $3,000 = $5,000 per year Now these benefits are great and just having more investable options is fantastic! Now there can be slight problems if you don't do this correctly so I have put in Scenarios with Solutions on HOW to rollover your previous employers retirement account to a Traditional IRA: Scenario 1= Avoiding 20% withholding: You leave (or were let go from) a previous employer and you have been smart enough to invest in your retirement plan. Now you have X amount of funds in your retirement plan. You request to withdrawal the account and figure out what you will do with the funds later. Because you did this YOU WILL HAVE TO PAY 20% TO THE IRS! Solution 1= "Direct" Rollover (also known as Trustee to Trustee rollover or transfer) The previous employer will have you fill out some paperwork (usually 1-2 pages with signatures, initials, and check boxes) to make sure it is a "Direct" rollover. They will then send you a check. The check will look more or less like "(Name of Financial Institution), for the benefit of (your full name)". This will show the IRS that you have no intentions of using the money and it will be deposited to a qualified retirement account. This will avoid a 20% withholding. HOWEVER, you will have 60 days to deposit the check (I highly recommend just having the check sent directly to the financial institution. This will avoid any complications that may occur). There are no "extensions" or holidays taken within those 60 days. If you fail to make that deposit, you will be paying federal taxes! Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: transfer tsp to ira annuities transfer tsp to ira income transfer tsp to ira explained transfer tsp to ira reviews transfer tsp to ira review What is the best fixed indexed transfer tsp to ira for retirement vs the top immediate income transfer tsp to ira for retirement https://www.youtube.com/watch?v=3Q6nMJ9J7no
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What are thrift savings plan withdrawals – What is a thrift savings plan withdrawal? http://www.RetireSharp.com 1-800-566-1002. What are the best types of ways to take tsp withdrawals for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to withdraw money from their tsp retirement accounts. Do you know exactly what the Thrift Savings Plan actually is? Also known as the TSP, the Thrift Savings Plan is the retirement savings plan provided by the U.S. government for federal employees and federal retirees as well as current and former members of the U.S. Uniformed Services. The Thrift Savings Plan is a tax-deferred defined plan of contribution. It is administered and controlled by the Federal Retirement Thrift Investment Board, an independent government agency established in 1986 for this purpose. The Thrift Savings Plan is very similar to a private sector 401k plan, in that it serves as an investment vehicle for an individual's retirement funds. These retirement funds are accumulated through participant contributions, agency contributions (if applicable), and earnings through the investment of contributed funds If you are wondering which civilian employees would be eligible for Thrift Savings Plan participation, they would be those employees that are covered by the Federal Employees Retirement Systems (FERS) or Civil Service Retirement System (CSRS). If you are one of these employees, this would mean that you are eligible, too. Every participant is eligible to benefit from tax deferred contributions; in-service financial hardship withdrawals from the age 59 and onwards; five available funds to invest in; the opportunity to transfer in monies from other eligible retirement savings account plans; favorable loan programs; and an option of choices in post-separation withdrawal. The Thrift Savings Plan is an excellent retirement savings benefit that federal employees and the military would be wise to take advantage of. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: tsp withdrawals Thrift savings plan withdrawals fully explained Tsp withdrawal strategies Best thrift savings plan withdrawal techniques to make sure you can properly leverage your tsp account to meet your goals https://www.youtube.com/watch?v=u-zGZ5hMObA
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Stay with the TSP after leaving federal Service. Just because you leave federal service doesn’t mean you have to leave the TSP. Here’s why you should stay with us.
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Ever heard of Income in Respect to Decedent? No? Do you have an IRA, 401k, TSP, 403b? Yes? Hmmmm....well let me introduce you to your new friend Mr. IRD. You'll get to know Mr. IRD quite well if you inherit an IRA or if you leave one to an heir. Why? Because IRD is the income tax you or your heirs will pay on the money they received from the IRA that was inherited. IRD is really nothing more than ordinary income tax on IRAs that a heir must pay. But for some reason a lot of folks overlook the HUGE tax consequence of leaving an IRA asset to an heir. Let me solve that dilemma for you right now Your heirs receive an IRA. Your heirs are likely to take a lump sum distribution. Your heirs will then be stuck with a HUGE tax bill in a few short months when they file their taxes. In fact, it gets even better because the distribution from the inherited IRA only serves to add to their taxable income and thus increase their tax bracket. So, if they were making 100k before and were married they were in the 12% bracket. Now, on a a $300k IRA distribution they are in the 32% bracket and effectively lose over a third of the IRA to the Feds. I wonder if that money could have been better used...by YOU??? ================================= GET ALL MY LATEST BLOGPOSTS: https://heritagewealthplanning.com If you like what you see, a thumbs up helps A LOT. It tells YouTube that people are engaged and so the Youtube algorithm will show the vide to others who may be interested in the content. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: Josh@heritagewealthplanning.com GET MY BOOKS: Both are FREE to Kindle Unlimited Subscribers! The Tax Bomb In Your Retirement Accounts: How The Roth IRA Can Help You Avoid It https://amzn.to/2LHwQpt Strategic Money Planning: 8 Easy Ways To Put Your House In Order https://amzn.to/2wKGi50 PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 http://heritagewealthplanning.com/category/podcasts/ LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910
Просмотров: 1975 Heritage Wealth Planning
Choosing a payment option at the time of retirement is one of the most important decisions you will make as this selection will affect your beneficiary's coverage when you pass away. During this webinar we will explain all of the options in detail and also provide some helpful points you should consider when selecting an option.
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Thrift Savings Plan Retirement – How to use your TSP retirement plan? 1-800-566-1002 http://www.RetireSharp.com . Understand the most efficient ways to leverage your thrift savings plans for a comfortable retirement income plan through tsp retirement rollovers. Avoid the most common mistakes that individuals make when using thrift savings retirement plans costing them thousands of dollars in retirement. Managing Your TSP Retirement Managing a retirement account is often the last thing anyone thinks of doing. And for those with a government TSP (Thrift Savings Plan) it is probably even further down the list. Although a TSP only contains five funds from which to choose, this very factor makes managing the account even more important. WHY, because there is less wiggle room. The opportunity for success is equally as dramatic as that of losing it all. A middle ground would be to divide your retirement money into each of the TSP funds equally. You won't seem dramatic growth, but you could end up with steady upward steps that should at least beat inflation. The challenge with such a basic diversified plan is that you may not generate enough money to live upon when you reach retirement. Since you are limited to no more than two trades per month in your TSP account, managing your retirement means: TSP funds are private and not traded on the regular stock market exchanges. This means you need to watch funds or ETFs that closely resemble your TSP funds. Once you know which symbols to watch, or you look at the performance via your TSP login, you can adjust your holdings to meet your objectives. You can focus on growth or safety or by diversifying amongst the funds you can weight your holdings towards your preference of growth or security. Various charting software, even free online software, can give you an indication of what is happening with each of your funds. Investment software based on technical analysis can take the basic information a step or two further and in seconds provide recommendations based not just on the movement of your funds but how they compare to each other and even to the stock market as a whole. This type analysis, dubbed relative strength, can lead you to the best performers at the current time and also tell you when to sell or switch funds. Selling, many investors forget, is the only way you actually make money. You have no gain, no profit, except on paper until you sell a fund. Switching from one fund into another locks in the profit gained from the first fund while giving you the opportunity to grow your money further with the fund that is now moving ahead with greater relative strength. Or, you may simply want to sell from the more 'growth' fund and transfer part or all of the money into a more stable but inflation beating fund to secure that money for the future. Regardless of how you go about handling your TSP retirement account, simply doing nothing and let it rest in the default fund will barely keep your money even with inflation (kind of like stuffing it in a coffee can for a future date) when prices for everything, yes everything will be higher. Taking a few minutes a week or a month can mean the difference between enjoying retirement or being stressed out with every bill that comes in the mail. Please make sure to subscribe to our YouTube channel for the most updated videos. Thanks for watching! Related search terms: Tsp What is a thrift savings plan What is tsp retirement? Thrift savings plan rollover Tsp retirement rollover to ira Tsp retirement explained How to use your thrift savings plan for retirement https://www.youtube.com/watch?v=Kg1uMzGm_iA
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Terry White, CEO of Sunwest Trust, Inc http://www.SunwestTrust.com explains the process of transferring all or just a portion of your IRA to a self-directed custodian like Sunwest Trust. Please be sure to visit our website for more videos and other features. As always be sure to contact a CPA or a tax professional with any legal questions you may have. Learn How To Handle IRA's and transferring them to different IRA's by visiting this website, you will have a clear and distinct idea on how transfers are done and how this will allow you flexibility on what you invest in. http://www.sunwesttrust.com/self-directed-iras/forms/105-transfer-form-video. Transferring IRA's from one investment to another is an very good idea if you're planning to expand your portfolio. There seems to be a lot of different Kinds of IRA's. The Video discusses about the different kinds of IRA's that can be transferred and the benefits of such. Insights on how you manage your investments is also discussed. The video also explains how to transfer part of different kinds of IRA's to a self directed IRA. Interested in knowing more about Transferring money from you IRA's? Then don't forget to subscribe to our YouTube Channel at: http://www.youtube.com/user/SunwestIRA. http://www.youtube.com/watch?v=hp2Fj5KIJP4
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Sub Headline: Managing RMDs Can Serve Several Retirement Purposes & Reduce Taxes Synopsis: Required minimum distributions (RMDs) from qualified plans are mandatory. In fact, non-compliance could cost you 50 percent of the portion that is short the minimum mandatory payout. But even compliant RMDs could be costing you unnecessary taxes by not managing their distributions. Content: Here are a couple of considerations to think about before you address RMDs: RMDs are includable in the provisional income test to determine Social Security benefit taxation and means testing of Medicare. So it’s not just taxes on RMDs—there’s more at stake here. Watch the interview with retirement consultant Bruce Bullock as he discusses a couple of tax-saving options for retirement. There’s a three-prong attack in reducing your tax bill triggered by RMDs: IRA conversions to Roth IRAs, stretch IRAs with spouse and children and Qualified Longevity Annuity Contracts (QLACs). IRA Conversions to Roth IRAs Converting IRAs to Roth IRAs after age 59½ is a tax-arbitrage strategy based on paying less in taxes today than during retirement by eliminating—or at least lowering—your RMDs at age 70½. When you consider converting taxable IRAs to tax-free Roth IRAs, you need to determine your present and future retirement tax bracket and let the math make the call. In a progressive marginal tax system, the goal of conversion is to pay taxes in your current tax bracket and not exceed it. That means you’re going to convert your IRAs over time and before age 70½ (between ages 59½ and 70½.) But that may not be enough to significantly reduce your RMDs. In that case, the next two strategies come into play. Stretch IRAs with Spouse and Children Many IRA owners have benevolent plans for their assets, generally targeting their children and grandchildren. Instead of cashing the IRA in and paying taxes and then giving the proceeds to family, you could split the IRA into two separate IRA accounts naming a child as sole beneficiary of one account. Because there are two separate accounts, each child receives RMDs based on their individual life expectancy. Qualified Longevity Annuity Contracts (QLACs) A QLAC is a relatively new retirement strategy that allows you to defer 25 percent of your RMDs, not to exceed $125,000 ($250,000 for married couples), until age 85 using a lifetime deferred income annuity. These three strategies can be combined to really minimize your taxes on RMDs and may reduce your Social Security taxes and reportable income for Medicare. Syndicated financial columnist Steve Savant interviews retirement consultant Bruce Bullock creating a tax advantaged retirement. Right on the Money is a weekly financial talk show for consumers, distributed as video press releases to 280 media outlets nationwide. (www.rightonthemoneyshow.com) https://youtu.be/9dJdQLZdXr0
Просмотров: 1745 Right On The Money Show
You have more power than you think when it comes to controlling your taxes. This episode of “Your Money, Your Wealth” is about strategies you can implement in order to create a tax-free income in retirement. Find out the benefits of investing in a Roth IRA and learn who qualifies for investing in a Roth and how much you can contribute. Joe and Al also discuss capital gains & losses demonstrating how to apply tax loss harvesting techniques and close the show with viewers’ email questions. 0:48 “When you take a look at risk when it comes to your retirement, taxes might be one of the biggest risks that can give you the success or failure, or might even be your biggest expense” 2:42 “When you sell a stock or bond or real estate outside of a retirement account, and you held it for at least a year, you get a special capital gains rate—you can actually pay 0% on your capital gains rate” 7:00 “What we’re seeing is that people are putting themselves in the higher tax brackets in retirement because all of the income they are creating is classified as ordinary income which is the highest of rates” 7:51 “Did you know: according to U.S. News, when switching jobs there are three ways to avoid paying taxes or early withdrawals penalties from your 401(k)? First, you can leave it in your old 401(k), second, you can roll it over to an IRA or third, you can transfer the balance into the 401(k) at your new employer” 9:02 “When you have a Roth IRA, you do not need to take a required distribution unless you inherit a Roth IRA and you’re not a spouse” 15:05 “Capital losses net against capital gains dollar for dollar” 19:14 “There a lot of administrative fees in 401(k) plans and there are less in Roth IRA plans” 20:08 “You can take money out a Roth IRA at any age as long as it’s a contribution” 22:19 “There are multiple ways to create tax-free income; it’s about putting everything together to figure out what’s going to work best for you” Aired 6/20/15 If you live in southern California and would like to schedule a free assessment with one of our CFP® professionals, copy/paste this link in your search bar: https://purefinancial.com/lp/free-assessment/ Make sure to subscribe to our channel for more helpful tips and stay tuned for the next episode of “Your Money, Your Wealth.” Channels & show times: yourmoneyyourwealth.com http://purefinancial.com IMPORTANT DISCLOSURES: • Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, Inc. A Registered Investment Advisor. • Pure Financial Advisors Inc. does not offer tax or legal advice. Consult with their tax advisor or attorney regarding specific situations. • Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. • Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. • All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. • Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
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A discussion of the rules for determining RMDs with a spousal beneficiary. We learn the advantages of a spousal beneficiary under the RMD requirements.
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Join the Fed Retirement Planning Community: http://www.fedretirementplanning.com/fed-retirement-planning-community/ Ever wondered how you can double the amount in your TSP? Here are three steps to increasing the amount substantially! -- ► Subscribe to My Channel Here https://www.youtube.com/channel/UC8bWrSS2BdaQGtc1mq45Z6g?sub_confirmation=1 -- Cooper Mitchell helps federal employees better understand their benefits and helps them retire on their terms. Using financial planning and investment management through Cooper is able to tackle the issues that are unique to federal employees. Cooper is also a public speaker who is available for various federal conferences and events. Find Cooper here: Website: http://fedretirementplanning.com Work with Cooper: http://http://www.fedretirementplanning.com/work-with-cooper/ Facebook: https://www.facebook.com/fedretirementplanning/ Email: email@example.com -- As always, enjoy, and please subscribe! -- © Copyright Fed Retirement Planning 2016, All Rights Reserved
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Просмотров: 4799 U.S. Department of Health and Human Services
I really want you to sit back and think about it. Let’s say you have significant money in your IRA account. We will say $300K that you plan to leave to a son or daughter. Would you rather have your child pay the taxes right up front and end up with maybe $175K after taxes, or would you rather have that child use the $300K in such a way that it will generate during their lifetime, maybe $3M dollars? Can you visualize the difference that is going to make for your child’s life, for your grandchildren and maybe for many generations? It is remarkable what a difference a little bit of planning can make for the future. If you name a child the beneficiary, then they get to choose, and you have no choice. But if you choose to make the trust the beneficiary and set up an IRA sub-trust you can choose to help them much more than maybe they understand to start with.
Просмотров: 67 James F. Roberts
What are tsp in service withdrawals – What is a tsp in service withdrawal? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of tsp in service withdrawals and learn how you can avoid the most common mistakes that individuals have made when looking to set up a tsp in service withdrawal. Accessing Your TSP Money Age Based Age 55 - If you leave government service in the calendar year that you turn age 55 or older, rather than 59.5, then you can access the funds in your TSP as a direct withdrawal and not incur the 10% tax penalty. The withdrawal you take in hand will still incur income taxes. Rolling over these funds to an IRA cause this temporary period of avoiding the 10% penalty to end and withdrawals from the IRA will carry the 10% penalty until age 59.5 Age 59.5 - This is the easy one. If you are still actively employed with the federal government and you are over the age of 59.5, meaning it is less than 6 months to your 60th birthday, than you are able to access your funds one time. This one time transaction may be a withdrawal directly to you or it may be a rollover to a traditional IRA in the marketplace. It may account for some of the money or all of the money. Your contributions through payroll will continue to go into your TSP balance. It will simply start from zero again if your one time transaction accounted for all the money previously there. This is TSP Form 75. Age 70.5 - If you have retired from federal service, but not rolled over your balance, distributed it as a taxable check, or turned it into a second annuity beyond FERS/CSRS then you will have to start taking taxable withdrawals from your TSP balance upon reaching age 70.5. Currently this is equal to 3.65% of the account balance and increases as a percentage of it over time. Monthly withdrawals Annuity - Upon retirement some choose to add a lifetime monthly annuity check on top of their FERS or CSRS pension and any Social Security to which they are entitled. This is done by electing an annuity with the TSP balance. For reference, this option is the one outlined on each statement of your account you receive that estimates the monthly check you would receive based on your age and the balance. Although this is not often done for its disadvantage of giving up control of the funds, there is no one right answer for all people. Also options can be chosen that assure a payment continues to a spouse, or a continuation of the payment for at least a fixed period of years occurs, among other options. Beneficiaries - A named beneficiary of a balance may contact TSP to discuss their options. If it has not already been annuitized a lump sum should be available. This lump sum then either goes to the beneficiary as a taxable check, or rolled over to an IRA, in the case of a spouse, or an inherited IRA in the case of a non-spouse. Another name for an inherited IRA is a beneficiary IRA or a stretch IRA. On all of these types of withdrawals or transactions you want to double check the form number and details on the form with TSP as well as your particular situation with them, and a tax accountant for anything involving taxes. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: Tsp in service withdrawal pros and cons tsp in service withdrawal income tsp in service withdrawal explained tsp in service withdrawal reviews tsp in service withdrawal review What is the best fixed indexed tsp in service withdrawal vs the top immediate income tsp in service withdrawal for retirement https://www.youtube.com/watch?v=pflS1vtz3WU
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We provide benefit and retirement education to federal employees. Retirement Benefits Institute has trained over thousands of federal employees making it possible for many of these individuals to obtain personal consultation, assisting them in specific federal benefit planning to maximize their assets.
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Learn to budget, beat debt, & build a legacy. Visit the online store today: https://goo.gl/GjPwhe Subscribe to stay up to date with the latest videos: http://www.youtube.com/user/DaveRamseyShow?sub_confirmation=1 Welcome to The Dave Ramsey Show like you've never seen it before. The show live streams on YouTube M-F 2-5pm ET! Watch Dave live in studio every day and see behind-the-scenes action from Dave's producers. Watch video profiles of debt-free callers and see them call in live from Ramsey Solutions. During breaks, you'll see exclusive content from people like Rachel Cruze, and Chris Hogan, Christy Wright and Chris Brown —as well as all kinds of other video pieces that we'll unveil every day. The Dave Ramsey Show channel will change the way you experience one of the most popular radio shows in the country!
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Thrift Savings Plan forms – How to use your TSP forms for a retirement plan? 1-800-566-1002 http://www.RetireSharp.com . Understand the most efficient ways to leverage your thrift savings plan forms for a comfortable retirement income plan through tsp retirement rollovers. Avoid the most common mistakes that individuals make when using thrift savings form retirement plans costing them thousands of dollars in retirement. Managing Your TSP Forms Retirement Managing a retirement account is often the last thing anyone thinks of doing. And for those with a government TSP (Thrift Savings Plan) matching it is probably even further down the list. Although a TSP only contains five funds from which to choose, this very factor makes managing the account even more important. WHY, because there is less wiggle room. The opportunity for success is equally as dramatic as that of losing it all. A middle ground would be to divide your retirement money into each of the TSP funds equally. You won't seem dramatic growth, but you could end up with steady upward steps that should at least beat inflation. The challenge with such a basic diversified plan is that you may not generate enough money to live upon when you reach retirement. Since you are limited to no more than two trades per month in your TSP account, managing your retirement means: TSP funds are private and not traded on the regular stock market exchanges. This means you need to watch funds or ETFs that closely resemble your TSP funds. Once you know which symbols to watch, or you look at the performance via your TSP login, you can adjust your holdings to meet your objectives. You can focus on growth or safety or by diversifying amongst the funds you can weight your holdings towards your preference of growth or security. Various charting software, even free online software, can give you an indication of what is happening with each of your funds. Investment software based on technical analysis can take the basic information a step or two further and in seconds provide recommendations based not just on the movement of your funds but how they compare to each other and even to the stock market as a whole. This type analysis, dubbed relative strength, can lead you to the best performers at the current time and also tell you when to sell or switch funds. Selling, many investors forget, is the only way you actually make money. You have no gain, no profit, except on paper until you sell a fund. Switching from one fund into another locks in the profit gained from the first fund while giving you the opportunity to grow your money further with the fund that is now moving ahead with greater relative strength. Or, you may simply want to sell from the more 'growth' fund and transfer part or all of the money into a more stable but inflation beating fund to secure that money for the future. Regardless of how you go about handling your TSP retirement account, simply doing nothing and let it rest in the default fund will barely keep your money even with inflation (kind of like stuffing it in a coffee can for a future date) when prices for everything, yes everything will be higher. Taking a few minutes a week or a month can mean the difference between enjoying retirement or being stressed out with every bill that comes in the mail. Please make sure to subscribe to our YouTube channel for the most updated videos. Thanks for watching! Related search terms: Tsp forms for retirement planning What is a thrift savings plan form What are tsp forms for retirement? Thrift savings plan matching rollover Tsp forms retirement rollover to ira Tsp form retirement explained How to use your thrift savings plan forms for retirement
Просмотров: 81 Kevin Pettus
James Norman, QS Investors president, discusses a Legg Mason survey on how Baby Boombers and Gen-X are saving for retirement and what they should be doing to meet their goals. » Subscribe to CNBC: http://cnb.cx/SubscribeCNBC About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Find CNBC News on Facebook: http://cnb.cx/LikeCNBC Follow CNBC News on Twitter: http://cnb.cx/FollowCNBC Follow CNBC News on Google+: http://cnb.cx/PlusCNBC Follow CNBC News on Instagram: http://cnb.cx/InstagramCNBC James Norman: How Baby Boomers And Gen-X Are Preparing For Retirement | CNBC
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Established in 2005, Kendall Capital Management (KCM) is a wealth management firm providing fiduciary financial planning and investment management advice to “Middle Class Millionaires” (individuals and families) with assets of more than $500,000 in the Washington D.C. Metropolitan area. To learn more about KCM, visit www.kendallcapital.com.
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What is a 457b rollover – Are 457 rollovers any good? http://www.RetireSharp.com 1-800-566-1002. What are the best type of 457b rollovers for retirement and learn how you can avoid the most common mistakes that individuals have made when rolling over their 457b retirement accounts. Understanding the 457 Retirement Plan This is one of the non-qualified plans with tax deferment compensations and is similar to the typical 401K plans, as well as the common 403B plans. The 457-retirement plan has rules set by tax codes. The rules apply to non-cathedral and those that are under the nonqualified government employees comp plans with deferment options. Pension options comply with the rules as well. The plan gives employees' options to defer reimbursements or compensations taxes paid ahead of time on the payroll deductions. The deductibles must allow deferment on any state or federal taxes and applies until the employees' start to withdraw assets. The 457 plans include the ineligible and eligible plans. Eligible plans have limits set on the sum that is postponed and this amount is subject to promising tax action. The plans that offer larger rearrangement or deferment is the ineligible plans and these are intended for managerial or executives. Any yearly deferments cannot go beyond the smaller compensation (100%) of the employee or the applicable cash sum. In 2006, the sum could not reach more than $15000. Because of the changes in the cost of living, the applicable sum amount is currently adjusted, which incremental pay is at $500. In 2006, people age 50 were eligible for extra income decreases for contributions. Deferrals allotted were five thousand. The 457-retirement plan is available to those that qualify only. These plans are also called the Section 457. Anyone exempt from Federal taxes on income, as well as those in subdivisions, state, political subdivisions, instrumentalities, etc, may not qualify for the retirement plans. Some of the units within the government, include those that are exempt from taxes on income include academic, churches, and charitable organizations. Private foundations and hospitals, trade associates, labor unions, farmer corps, and fraternal orders are listed as well. Distributions taken from the plans have some aspects to reflect on. You can discuss these issues with your tax preparer or the applicant of your plans. Members of the plan have the option to rollover the distributions into individual retirement accounts or other qualifying plans that has the same rule structure. Applicants can rollover some of the 457 retirement plan also. You can roll the plan over into another retirement plan with the same value, i.e. another 457 plan without incurring any tax on income, or the sum you roll over. The plans have a few benefits. Some other of the benefits includes your ability to defer the greatest acceptable amount on the eligible plans. Employees can also defer any contributions allowed under plans. To learn more about the 457-retirement plan you can visit the Internet where you will find a wide selection of details posted. You have the option to enquiry information from the plan providers as well. This is where you will get your best information. Use the tools online to conduct a research and find a provider near you. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: 457 b rollover strategies 457b rollover into ira 457 plan rollover to ira account 457b roll over retirement plans What is a 457 rollover? Best 457b rollover reviews for retirement income planning https://www.youtube.com/watch?v=1m18n9HMMLk
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Did you know turning 50 means you can save more for retirement? Making catch-up contributions could be a great way to boost your savings as you near retirement.
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What are the best income annuities – What is the best income annuity? 1-800-566-1002 http://www.RetireSharp.com . What are the best income annuities for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to purchase the best income annuity. Income Annuity Accounts For Guaranteed Payments Consumers who need a guaranteed, stable monthly or yearly income will establish an immediate annuity account. Also know as an annuitization or an income annuity, these accounts provide a systematic payment for a specified period of time to the owner and the named beneficiaries. The payments will consist of principal and interest and continue for the term selected. Several factors will determine the monthly payout including the annuitant's age and gender, amount invested, current interest rates, payout duration, and whether the owner(s) wants the payment to be adjusted for inflation. Annuity Terms to Choose From One of the first options to determine is the duration of the income stream. A client might only need income for ten years as part of a structured settlement or litigation award. In this case, an initial deposit can be calculated in order to determine a guaranteed monthly payment for ten years. In other instances, clients will need guaranteed income for their lifetime. This is known as a life annuity and it is guaranteed to make payments for the life of the annuitant(s). Life annuities are often structured with a period certain to guarantee return of premium to the owner(s). Life Annuity with Period Certain For example, if a client owns a life annuity with a 20 year period certain then the income payment would be guaranteed for at least 20 years should the owner pass away prematurely. The remaining payments would transfer to the named beneficiary on the policy. Insurance carriers will usually allow for a period certain of up to 50 years. However, the longer the selected period certain, the smaller the monthly payments will be. A life annuity with no period certain will provide the largest monthly payment to the owner. This type of account is best for someone who needs maximum monthly income, but who is not concerned with providing benefits to a beneficiary. Income Payments Adjusted for Inflation Younger annuity owners may desire a payment that can be adjusted for inflation on a yearly basis. Most common are accounts that will increase monthly payments by a compounded rate of 3% or 5% year over year. Monthly payments in the first few years will be smaller than an income annuity without an inflation rider, but will increase substantially over time. In summary, purchasing an annuity designed to take care of future needs will take careful consideration. Shopping for the best is just as important as selecting the term and inflation rider. With the help of an experienced agent, annuity income planning can be designed to provide for a lifetime's worth of needs. It is best to work with an agent who can provide quotes from several well rated carriers as payouts can differ significantly depending on the annuity parameters. Learn more about income annuity accounts. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: top income annuity best income annuity for retirement best income annuity explained best income annuity reviews best income annuity review What is the best fixed indexed income annuity for retirement vs the best immediate income annuity for retirement https://www.youtube.com/watch?v=2CPAd2tZm84
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The Thrift Savings Plan: Helping Federal Employees Achieve Retirement Security - House Oversight - 2011-07-27 - House Committee on Oversight and Government Reform. Subcommittee on the Federal Workforce, Postal Service, and the District of Columbia. Witnesses: Mr. Gregory T. Long, Executive Director, Federal Retirement Thrift Investment Board; Mr. Clifford D. Dailing, Chairman, Employee Thrift Advisory Council; Mr. Joseph A. Beaudoin, President, National Active and Retired Federal Employees Association. Video provided by U.S. House of Representatives.
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Welcome to APG, LLC www.assetpreservationgroupllc.com We are an Income, Retirement, and Estate Planning Service and would love to show you how to protect and preserve your money in today's economy. Life happens and you need to know your money will be there for those times. Putting your money in the stock market may give you large gains; however you may end up with large losses as well. We can show you how you can eliminate stock market losses, while enjoying stock market gains without losing those gains. We can show you how you can hold onto the money you have, protecting it from a nursing home. Our firm is Authorized to offer AARP Medicare Supplement insurance plans. APG Business Philosophy Our utmost priorities are to offer an effective way for our clients to obtain quality income, retirement and estate planning, and to improve the way they plan for the future. The APG Advantage We can inform you about the following: New Federal Law changes regarding how to move all of your 401k, 403b's, 457's, Federal Thrift Savings Plans, or other retirement plans, while still employed, and continue to contribute to them. Other advantages we help our clients with are Income planning, Family Bank IRA Planning and showing them how to protect their assets from a nursing home, eliminating stock market losses, IRA Inheritance Trust, and 100% safe money solutions.
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http://www.goodfinancialcents.com/the-financial-success-blueprint/ No one likes to get screwed. It's not a fun feeling and personally it irritates the crap out of me. But what happens when you screw yourself? That's definitely not cool! I've been a financial advisor for over 12 years now and I've seen plenty of people screw themselves out of a successful retirement. screw up retirement The most frustrating aspect on my end is that many of it could have been avoided if the person took a little bit of time to review their situation. Fact: More people spend time planning their family vacation than they do preparing for retirement. Don't be one of these people. Here are the top 6 mistakes that I've seen people do to screw up their retirement. 1. They don't have a specific goal. 2. They focus on what they wanted to make versus what they needed to make. 3. They never review their portfolio. 4. They watch too much CNBC. 5. They overestimate the lifespan of their portfolio. 6. They don't take time to check their beneficiaries. Is Your Retirement Plan On Track? Don't screw yourself out of successful retirement. Learn more about our process The Financial Success Blueprint that helps our clients retire with confidence. http://www.goodfinancialcents.com/the-financial-success-blueprint/
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What are IRA Rollovers – What is an ira rollover for retirement? http://www.RetireSharp.com 1-800-566-1002. What are the best types of ira rollovers for retirement and learn how you can avoid the most common mistakes that individuals make when looking to pursue a rollover into an ira retirement account. IRA Rollover Chart Rules In simple terms, a rollover is a method of moving money from one type of retirement plan to another. This can be done without paying taxes or penalties. There are two ways to complete a rollover: indirectly and directly. A direct IRA rollover allows you to move money from a current IRA plan or an employee sponsored retirement plan, such as a 401(k), to a new IRA retirement account. This type of rollover is the easiest and will not incur any taxes or penalties. An indirect rollover can be more complicated. With this type of rollover, you take the money from the initial retirement account and then deposit it into a new account. There are some drawbacks with this type of rollover. A direct rollover is the best option. The process is much faster than with an indirect rollover and you will not incur penalties. However, the only way to do a direct rollover is if you already have an IRA open. If you do not, you will have to opt for the indirect rollover and open a new IRA account to deposit the money into. Make sure this transaction is completed within the allowed 60 days. When you have made the decision to do a rollover, you must be aware of the rules associated with the rollover. For example, certain IRA accounts may not be rolled over to some types of accounts. You must know exactly what is allowed to perform a successful rollover and avoid paying additional taxes and penalties. Most people will choose to rollover their retirement accounts to a traditional IRA or a Roth IRA, provided you meet the eligibility requirements for a Roth IRA. This is the most common rollover method. If you currently have an IRA account, the process is fairly simple. A traditional IRA can be rolled over to a Roth IRA with no penalties. In addition, if you leave your current employer and have a 401(k) or 403(b) account, these can also be rolled over to the Roth IRA. If you do not currently have an open IRA account, you will need to open one to perform any type of rollover. A rollover is commonly used when you leave your place of employment and wish to continue saving for retirement. A 401(k) rollover to an IRA is allowed. You can take the money that is in your retirement plan at work and rollover the amount into an IRA to continue saving. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: ira rollover for dummies Best ira rollover Ira roll over Ira rollovers fully explained How to understand the pros and cons of an ira rollover in minutes for you retirement planning needs https://www.youtube.com/watch?v=omj6A-yMTtI
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A discussion on employee benefits including health insurance, life insurance, retirement plans, Employee Assistance Program, transit subsidy and the Health Examination Program. (Video content current as of posting date.) CHAPTERS: :11 Health Insurance 3:32 Dental & Vision 5:21 Flexible Spending Account 7:25 Long Term Care Insurance 9:58 Life Insurance 12:16 Designation of Beneficiary 14:20 Retirement Plans 17:09 Thrift Savings Plan (TSP) 19:29 401(k) 21:13 Employee Assistance Program 23:44 Transit Subsidy 25:21 Health Examination Program 26:53 TALX
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What are the best retirement plans – What is the best retirement plan? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of retirement plans and learn how you can avoid the most common mistakes that individuals have made when looking to set up the best retirement plans. How to Find the Best Retirement Plans? Here's How People think it is really hard to find the best retirement plans. Actually, the truth is, it is not hard at all. It is very easy. A good retirement plan is something that ensures financial security. It is as simple as that. How do you define financial security? By the time you retire, you should have built quit a nest egg that you don't have to depend on either your friends or the government for your daily needs. Sounds simple, right? Before we discuss further about retirement plans, I need to ask you a question. Are you in charge of your money? Do you have the freedom to invest your money wherever you want or are you still dependent on your employer to make all these decisions? The answer to these questions decides how your post retirement life will be. Unfortunately, a lot of people do not put their retirement funds to good use. The funds remain dormant in their traditional accounts due to two important reasons. Here they are. A lot of people are unaware of the fact that they can do something with their retirement funds. You can actually opt for a self directed IRA (individual retirement account) and invest your retirement funds whichever way you want and make lots of profit. A lot of people are not aware of this at all. People think that they lack the financial acumen to be able to make the right investment decisions. They think of options like the stock market and they are wary of the fact that they could lose their money by the thousands by investing in a volatile market. So, they decide to play safe by earning a tiny little interest on their retirement funds. Like I already said, the best retirement plans are the ones that give you financial freedom. How do you get financial freedom? Simple - by getting higher returns on your investment, you can safely build a nest egg for your post retirement life. How do you get higher returns? Again, the answer is simple - by investing wisely. How do you invest wisely? Now, this is a very important question. Let us take a detailed look at the answer now. To invest wisely and to pick the right retirement plans, you need to have freedom. In other words, you should be in charge of your own money, not your employer. With traditional retirement accounts like 401Ks, you are always dependent on your employer. Pick the right investment option, get steady returns, and enjoy complete financial freedom in your post retirement life. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: best retirement plans annuities best retirement plans income best retirement plans explained best retirement plans reviews best retirement plans review What is the best fixed indexed best retirement plans vs the top immediate income best retirement plans https://www.youtube.com/watch?v=_gINxOpI5kA
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Financial Strategist John Bearss explains a creative strategy to leave all of your estate to your heirs or to charity.....not the IRS! What happens if the Bush tax cuts are not extended in Jan. 2011? John reviews the potential estate tax and tells you how you can avoid these taxes on your estate. Listen every week for a new financial strategy! Visit us at http://www.ftmdaily.com
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In Service Rollovers – What is an In Service Rollover http://www.RetireSharp.com 1-800-566-1002. What are in service rollover rules and how can you avoid the most common mistakes that individuals have made when trying an in service roll over to IRA? 401(k) Rollover to Your Retirement Wealth 401(k) rollover opportunities are becoming a common event in today's economy. Current layoffs, early retirement, and changing jobs are all times when contemplation of what to do with your 401(k) comes to the forefront. Any of these qualifying events are an opportunity to rollover your 401(k) to an IRA. Even if you are still with your current employer, you may still be able to do an in-service rollover. First, congratulate yourself for saving through your 401(k). If your employer matched your savings, your account probably grew at a nice pace and your nest egg may give you a sense of security. As social security benefits are in doubt, saving for retirement has become a significant goal. Your retirement plan is your financial destiny. Secure Your Retirement with a Rollover IRA Switching your job? Retiring? Congratulations! A window of opportunity opens for you with the Rollover Individual Retirement Account or Rollover IRA. In an era of corporate restructuring and outsourcing, Rollover IRA is among the most powerful means available for securing one's retirement. Yet, its potential to enlarge one's assets for the sunset years commonly remains under-appreciated. The Rollover IRA dramatically increases the range of choices available to you for investing your retirement savings. By offering investment choices hitherto unavailable in employer-sponsored plans such as 401k, 403b, or Section 457 plans, Rollover IRA provides you the means to have direct control of and more aggressively grow your nest egg. This article discusses the advantages of Rollover IRA over employer-sponsored retirement plans. So, if you are leaving your job and have accumulated assets in the employer-sponsored retirement plan, continue reading this article to learn about your options and more. Setting up the Rollover IRA Let's say you decide to move your retirement savings to a Rollover account with a mutual fund company. How do you make it happen? Contact the mutual fund company in which you wish to open an account and ask them to send you their Rollover IRA kit. Complete the form for opening the Rollover IRA account and mail it to the mutual fund company. Next, complete any forms required by the retirement plan administrator of your previous employer and request transfer of your assets into the Rollover IRA account. You have two choices for moving your retirement savings to your Rollover IRA account. One is to elect to have the money transferred directly from the employer-sponsored plan to the Rollover IRA account. This is called direct rollover. With the indirect rollover alternative, you take the distribution from the retirement plan and then deposit it in the Rollover IRA account. Unless exceptions apply, you have 60 days to deposit the distribution and qualify for tax-free rollover. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: in service rollover age In service rollover tsp In service rollover 401k In service rollover 403b What is an in service rollover? In service rollovers to an ira retirement account https://www.youtube.com/watch?v=kBJDFddvh2M
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Check out our FAQs for more information regarding FEGLI and retirement: http://go.usa.gov/6wRh To cancel or reduce your coverage, send a signed letter to the OPM Retirement Operations Center. P.O. Box 45, Boyers, PA 16017-0045. Remember that cancellation is permanent - you will never be able to reinstate your FEGLI coverage once you cancel. To change your beneficiary, fill out the designation form below and follow the instructions. A new designation form will replace all previous designations. http://www.opm.gov/forms/pdf_fill/sf2823.pdf
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After breaking down the 8 best states for retired taxpayers I had to go the other direction and share what I believe are the most taxed states for retirees. Now please be advised, my list revolves first and foremost on property tax. Property tax is one area that can not be controlled or planned for. It simply is what it is. You live in a state with a 1% property tax and no homestead exemption you pay 1% of your home value to the state and/or county in property tax. Other than moving there is nothing you can do. The second concern is sales tax. Sales tax can be dealt with a bit differently than property tax. You can go over the line to buy goods in a state with no sales tax for instance. You can grow you own food to avoid sales tax. Etc. So there are things you can do to minimize, if not outright avoid sales tax. Lastly, is income tax. Income tax is MUCH less prevalant for retirees than most people think. Without question it is a concern, but first priority needs to be focusing on the first two mentioned above. Income tax can be worked around with smart planning techniques, maximizing Social Security, Roth conversions and asset location strategies too. But like most things, if you do nothing, you'll probably pay more. So, proactive tax planning is a must. Okay the 10 worst states for retirees. In no particular order by the way. 1. Connecticut - high income taxes. high property tax. high gas tax. moderate sales tax, but groceries are not taxed. Income over $20k tax rate is 5%. No much of a homestead exemption. Have to have income below $43k to qualify. Estate tax too. 2. Vermont - high income tax, high property tax, sales tax is moderately low. Groceries are exempt. high gas tax. Income needs to be below $47k to qualify for homestead exemption. Social Security partially taxed. 3. Illinois - High sales tax. high gas tax. #2 property tax. But income tax not nearly as bad as some other states. But property tax is bad, real bad. Not much of a homestead exemption either. 4. Wisconsin - 4th highest income tax. 4th highest property tax. Low sales tax though. Social Security not taxed. Gas tax is high. Taxable income over $30k and your marginal rate is a steep 6.27%. Basically no homestead exemption either. 5. Nebraska - middle sales and gas tax. Groceries exempt. Property tax in top 10 and Social Security is taxed as well as all other retirement income. Taxable income over $60k puts you at the 6.84% bracket. Not much homestead exemption. 6. Minnesota - Top 20 for income, sales and property tax. Social Security is partially taxed. Retirement income taxed. Not much of a homestead exemption. Taxable Income greater than $37k puts you in the 7.05% marginal rate. 7. Kansas - Sales tax #6 and Property tax is the 15 highest. Social Security mainly exempt. Taxable Income greater than $60k puts you in the 5.7% marginal rate No real homestead exemption. 8. Rhode Island -HIGH income tax... but just did recently add some nice exemptions as long as gross income is below $100k. High gas tax, high property tax, estate tax too. To get the homestead exemption you need income less than $30k. Sales tax not so high and groceries are exempt. 9. New Jersey - Highest property tax in the nation, by far. high income tax. Now high gas tax. sales tax moderate and groceries are exempt. 10. New York - Maybe worst in the nation. High income tax. High property tax. High sales tax. income greater than $23k puts you in a 5.25% bracket and quickly creeps up. ================================= If you like what you see, a thumbs up helps A LOT. So, give me a thumbs up, please! Don't forget to SUBSCRIBE by clicking here: https://www.youtube.com/channel/UCSEzy4i9xrKPoaU9z0_XbmA?sub_confirmation=1 Contact me: Josh@heritagewealthplanning.com GET MY BOOK: Strategic Money Planning: 8 Easy Ways To Put Your House In Order It's FREE if you're a Kindle Unlimited Subscriber! https://amzn.to/2wKGi50 GET ALL MY LATEST BLOGPOSTS: http://heritagewealthplanning.com/blog/ PODCAST: https://itunes.apple.com/us/podcast/josh-scandlen-podcast/id1368065459?mt=2 http://heritagewealthplanning.com/category/podcasts/ LET'S SOCIALIZE! Facebook: http://Facebook.com/heritagewealthplanning Linkedin: https://www.linkedin.com/in/joshscandlen/ Quora: https://www.quora.com/profile/Josh-Scandlen Google +: https://plus.google.com/u/1/108893802372783791910
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What are 702 j retirement plans – What is a 702 j retirement plan? 1-800-566-1002 http://www.RetireSharp.com . What are the best types of 702 j retirement plans for retirement and learn how you can avoid the most common mistakes that individuals have made when looking to purchase a 702 j retirement plan. 702 j retirement plan: The New Qualified Retirement Plan Did you know that permanent life insurance is considered the new qualified retirement plan? I didn't either until I came across a revolutionary product. Let me share some facts about traditional qualified retirement plans and how they compare to a properly structured permanent life insurance policy. A qualified retirement plan according to the IRS includes 401K, individual retirement accounts (IRAs), pension plans and annuities. While the structures of these plans are good, they are not the best. Here are some known facts about retirement plans: Retirement plan savings are accumulated tax deferred. Although the money is tax deferred, have you ever thought about what tax bracket you will be in when you retire? More than likely it will be the same bracket you are currently in or a higher bracket because of the amount of money you will need to withdraw monthly to maintain your lifestyle. Who wants to pay more taxes when they retire? Not me. Retirement plans have required minimum distribution age. The Uncle Sam, wanting to keep his hand in your pockets as usual, requires that you must start making withdrawals from your retirement plan by age 70 ½, unless it is a Roth IRA. Whether you need the money or not Uncle Sam forces you to receive regular distributions based on a calculation they came up with AND you have to pay taxes on it. Retirement plans cost you early withdrawals fees and penalties. Now suppose you need the money before you turn 59 ½, do you think you can take what you want with no problem? Nope. If you make a withdrawal before you are 59 ½ you will not only have to pay tax, but also a 10% penalty fee. But isn't it your money? Now let's compare these same benefits of retirement plans to a permanent life insurance policy. Permanent life insurance policies include a cash value account. This account is, in simple terms, a savings account that can be used as a retirement account. Did you know that IRS code 7702 states that you can use a retirement account as a supplement retirement account? It is truly an amazing thing. Let's compare. Life insurance cash accounts are accumulated tax-free. That's right tax free. Since you pay your life insurance premium after tax, the monies allocated to your cash account are after tax. This means that if and when you decide to pull funds out of your account, you will not have to report them to the Uncle Sam. Life insurance cash accounts have a higher maximum contribution limit. I would love to tell you that you can shelter any amount of money you want in a life insurance policy but that is no longer the case. At one point in time you in fact could do this but over the years the rules have changed. However, the great thing about this limit is that it is based on the size of your policy and how much you contribute above your premium every year. As a result, this limit can be higher than the $17,000 maximum 401K limit. Life insurance cash accounts can be withdrawn at any time. The cash accumulated in a life insurance contract can be taken out at anytime. The key is to withdraw these funds as a loan and not as a basic withdrawal. Why you ask? As a withdrawal, there is a possibility that you will have to pay taxes on the interest earned in that account. But with a loan you will not have to pay any tax. In fact you won't even have to pay the loan back. As long as the policy is current, the loan balance will remain. In the event that the funds have to be distributed to the beneficiary, the loan balance will be deducted from the payout amount. Life insurance cash accounts do not cost you additional fees. I just told you that you can take the money out tax free and now I am telling you that it is also penalty free. You don't even have to pay the interest on the loan, if you take the funds out as a loan like I told you above, because the interest owned on the loan is offset by the interest earned on the cash account. Feel free to subscribe to our YouTube channel and receive instant access on different retirement related topics. Thanks for watching! Related Search terms: 702 j retirement plan annuities 702 j retirement plan income 702 j retirement plan explained 702 j retirement plan reviews 702 j retirement plan review What is the best fixed indexed 702 j retirement plan vs the top immediate income 702 j retirement plan https://www.youtube.com/watch?v=rOGl0ym2XdM
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