If you are caring for an elderly or disabled relative who needs help managing their monthly Social Security or SSI benefits, you can apply to be representative payee. Social Security will conduct a careful investigation to determine if you meet the requirements. You can use the person’s benefits on his or her behalf. Therefore, you [...]
Every women should have an IRA or Roth IRA
Every women should always have an IRA or Roth IRA, even if they are a stay-at-home mom. If a divorce was to happen to a women, her separate retirement fund would still be intact and will come in handy when she reaches the age of 65. She should invest in mostly stocks when she is [...]
Roth on Roids For IRA – Retirement Plan Investing – CPA Or Lawyer Viewpoint
By Rocco Beatrice With a Roth IRA on Roids, you could contribute $5,000, $20,000, $50,000 and $100,000 depending on how much money you have and how much you want to contribute and when you want to begin to withdraw your money. It is powerful wealth building tool. When I heard about this from Roccy DeFrancesco, [...]
Self Directed IRA Account – The Best Retirement Plan For Business Savvy People
By Ricky Devel It was in 1975, when an investment option was introduced and grouped in the lists of the individual retirement accounts, which is now commonly known as the Self directed IRA account. Many people who begin to study all the possible retirement investing selections, most of the time don’t take a good look [...]
What is Defined Benefit Plan?
This type of plan, also known as the traditional pension plan, promises the participant a specified monthly benefit at retirement. Often, the benefit is based on factors such as your salary, your age, and the number of years you worked for the employer. Source: U.S. Department of Labor
What is Cash Balance Plan?
A type of defined benefit plan that includes some elements that are similar to a defined contribution plan because the benefit amount is computed based on a formula using contribution and earning credits, and each participant has a hypothetical account. Cash balance plans are more likely than traditional defined benefit plans to make lump sum [...]
What is 401(k) Plan?
In this type of defined contribution plan, the employee can make contributions from his or her paycheck before taxes are taken out. The contributions go into a 401(k) account, with the employee often choosing the investments based on options provided under the plan. In some plans, the employer also makes contributions, matching the employee’s contributions [...]
Types Of Retirement Plans
The first step to understanding your retirement benefits is to find out what kind of retirement plan your employer has. There are two major types of plans, defined benefit and defined contribution. Keep in mind that your employer may have more than one type of plan, and may have different participation requirements for each. A [...]
What You Should Know About Your Retirement Plan
Your employer’s retirement savings plan is an essential part of your future financial security. It is important to understand how your plan works and what benefits you will receive. Just as you would keep track of money that you put in a bank or other financial institution, it is in your best interest to keep [...]