From the category archives:

Retirement Planning

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Rules and Limits to Open a SEP IRA

by Jeff Rose on March 9, 2010

in Business Owner, Retirement Planning

Are you a self-employed business owner that is looking for a cost effective to lower your taxes and help you save for retirement?  If that fits your profile then opening a SEP (Simplified Employee Pension) IRA might be a good retirement account to start for your business.

Open a SEP IRA: Contribution Limits and Rules
Creative Commons License photo credit: khowaga1

When I was researching what would be the best retirement plan to set up for myself when I first became self-employed, I narrowed it down between the SEP IRA and the Solo 401k.  Both allowed very favorable contribution limits, but the administrative costs and ease of setting up made the SEP IRA the easy answer.  If you are considering opening a SEP IRA for your business, here’s what you need to know about the SEP IRA rules and contribution limits and how easy it is to open one.
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Will You Work Past Your Normal Retirement Age?

January 29, 2010 Retirement Planning
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Working past normal retirement age is not unusual. According to the Social Security Administration, 28% of individuals between the ages of 70 and 74 reported income from earnings in 2006, the latest year data are available. Among a younger age group, those between 65 and 69, approximately 46% had income from a job.

photo credit: [...]

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Required Minimum Distributions Resume for 2010

January 14, 2010 Retirement Planning
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On December 23, 2008 the President signed H.R. 7327 into law, the “Worker, Retiree, and Employee Recovery Act of 2008,” which suspended Required Minimum Distributions (RMDs) for 2009. This meant that if you were 70 ½ or older in 2009 you did not need to take an RMD in 2009. The law change was applicable [...]

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Best Retirement Plan For Small Businesses

January 7, 2010 Featured
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When I worked for my old brokerage firm, I was a W-2 employee and the retirement plan options were simple.  I had the 401k and could also do a Traditional or Roth IRA outside of it.  Things changed a bit when I started my own company.  I officially became a small business owner and had [...]

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Warning! The 80% Rule May Not be Enough to Retire

December 13, 2009 Guest Post
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How much do you need to retire? The usual suggestion provided by financial planners and retirement calculators is 75% to 85% (roughly 80%) of your pre-retirement income. But is that really enough money to retire with security? Does the 80% rule-of-thumb work under all circumstances, or is it merely a rough approximation to simplify the [...]

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What are Deferred Compensation Plans?

November 29, 2009 Retirement Planning
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In recent years, the use of Deferred Compensation Plans has grown considerably. This is largely due to the current job market … employers are looking for new ways to appeal to and retain skilled employees. Looking at new ways to approach employee benefits is one way to work toward accomplishing that.  Make sure you read [...]

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Preparing For Retirement: Are You Ready?

November 1, 2009 Retirement Planning
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64% of Americans have no financial strategy at all. That’s right – no plan whatsoever to build wealth or keep it. That finding comes from the 2009 National Consumer Survey on Personal Finance conducted by the Certified Financial Planner Board of Standards, Inc. (The survey collected data from 1,700+ U.S. residents.)
Only 17% of us have [...]

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What you need to know about your Medicare and Medicaid Benefits

October 28, 2009 Life Planning
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Many seniors have misconceptions on the differences between Medicare and Medicaid eligibility benefits.  Throw in long term care insurance, and the water gets even more muddier. Even as a Certified Financial Planner, it’s tough trying to stay on top of all the issues concerning seniors.
To help clear some of the mental fog that [...]

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Should you roll over your pension into an IRA?

June 30, 2009 Retirement Planning
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Lately, I’ve had several clients that had a very important decision to make.   When you retire and you have a 401k, then the choice is usually pretty simple- roll the 401k over into an IRA.   There are some exceptions to the rule -under age 59 1/2 and if they hold employer stock- but usually that’s [...]

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What’s in a Number? Choosing a Withdrawal Rate for Your Retirement Assets

June 16, 2009 Retirement Planning
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It’s not just the amount of money you’ve saved that determines whether you’ll have a comfortable retirement; it’s also a matter of how quickly you spend it after you retire. The rate of annual withdrawals from personal savings and investments helps determine how long those assets will last and whether the assets may be able [...]

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Company Is Going Bankrupt. What About My Pension?

June 10, 2009 Retirement Planning
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If you work for a company that has a pension, should you be worried?  What protections do you have?   Will all the money you have been paying into your retirement just be gone?    Recently, auto giant General Motors and electronic leader Circuit City filed for bankruptcy leaving many wondering “What happens to their pension”.   [...]

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Cash Your Social Security Check Now Not Later

June 8, 2009 Retirement Planning
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Now or Later?  When it comes to when to take your social security, this is a common question that most retirees ask themselves.  And then they ask themselves again.  Then they ask the next door neighbor.  After they ask everybody the know, they are still confused on when the right time is.  Do you take [...]

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IRA Consolidation: The “Super IRA” Strategy

May 19, 2009 Popular
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The Traditional IRA and its offshoots (SEP, SIMPLE, rollover and Roth IRAs) play a leading role in helping millions of U.S. taxpayers invest for retirement.  However, many IRA owners are unaware of the opportunity they have to consolidate their multiple IRAs by using a “Super IRA” strategy.  An IRA consolidation strategy can lead to reduced [...]

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Hitting Your Peak: Investing Guidelines for Your 40s and 50s

May 11, 2009 Retirement Planning
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As you move through your peak earning years – usually considered your 40s and 50s – you’ll probably see your net worth steadily rise, until 2008 came along that is.  At the same time, you’ll still have some work to do before you realize your financial goals.  That’s why it’s important to have a solid [...]

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