Retirement Plans

When most people think of tax shelters, they imagine Swiss bank accounts or gold hidden in a vault in an island country. However, contrary to popular belief, tax shelters are more commonly a very proper function of the tax code.
When it comes to finding 401k investment companies for your retirement account, the choices are vast, indeed. However, the plethora of investment selections can make it difficult to know which company and investment product will meet your needs best.
If you are carefully managing your retirement plans, there will be times when you will want to move funds from one IRA or 401k product to another. These moves are carefully monitored by the federal government, and strict rules apply to the transfers.
A traditional IRA is an investment vehicle for retirement that allows you to contribute after-tax dollars to a tax deferred account on which you will not pay taxes on until you begin taking distributions at retirement; presumably in a lower tax bracket.
There are extensive 401k early withdrawal penalties in tapping into your retirement money before your golden years. Some savers may be exempt from 401k early withdrawal penalties, while others will pay dearly. How do you know which camp you’ll be in? This can be answered in one simple question: why do you want the money?
As tax time quickly approaches, investors planning their tax strategies must understand the 2001 401k contribution limits. Unfortunately, investors looking to make a quick catch up in their 401ks will be disappointed with the 2011 401k contribution limits—they’re stuck!
As the tax code continues to play a larger role in retirement planning and preparation, insurance products are very commonly being substituted for other more traditional retirement products. One commonly sold product is the whole-life insurance policy, which provides for a benefit after death, as well as exposure to the stock markets and an opportunity to extract cash out of the policy in retirement years. Even more frequently, whole-life policies are redeemed for annuities, allowing for a pension income and death benefit all in one.
The massive shift in international commerce and the growing importance of globalism have forever shaped our world – and retirement accounts. Does your retirement account reflect today’s globalism, or is it still stuck in yesteryear’s domestic boundaries?
Tim Ord
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