With the advent of the 401k, SIMPLE, SEP and 403b as retirement plans, many people have multiple accounts with various employers, because they have changed jobs for any number of reasons. One of the problems with this is the duplication of objectives within each account. Having a lot of funds, in several accounts, does not always provide the diversification we aim to achieve. It also makes it very difficult to keep track of your assets, when you have statements coming from multiple brokers and mutual fund companies.
The Pension Protection Act of 2006, which was signed into law on August 17, 2006 was intended to provide a legal framework for defined contribution plans that will enable plan sponsors to improve the effectiveness of their retirement plans and assist participants with increasing their retirement plan assets. One of the highlights of the PPA is the ability of employees to have greater flexibility to rollover workplace savings plans to IRA's. In general, the PPA allows for direct rollovers of the entire balance of workplace plans into either a Rollover IRA or a ROTH IRA. Previously only the ROTH portion of the workplace plan could be rolled over into a ROTH IRA.
Many employees find themselves or a family member in the situation of having multiple employer plans. Individuals can consolidate these assets into one diversified IRA or ROTH IRA and receive just one statement. It is very important to find someone who can analyze the assets in the accounts, make recommendations and assist with the paperwork involved in consolidating to an IRA. As long as you have terminated employment with your employer, or the particular plan has been terminated, you are eligible to roll the funds over to an IRA. Whether the Traditional IRA or the ROTH IRA best suits your needs depends on your income and tax situation. You do not have to be of retirement age to effect a rollover.
Of course, if you are of retirement age, and want to retire, you have the option to move assets out of your employer plan and into an account, which can provide a lifetime income, when you retire. The whole idea is to work with someone you trust and is available to you, when you wish to discuss your account. Every employer plan is different, and every individual is different, so personal preference is very important, and there is no ?one plan fits all?. Many employer plans are with large firms, such as Vanguard, Fidelity or Merrill Lynch. Some questions you might wish to ask yourself, when considering a change are: Is it important for me to get the same person when I call? Do I get a response, if I leave a voice mail? Can I get someone to come to my house? What are the fees involved? Am I a "Do It Youself" type person, or do I want someone to complete the paperwork and provide advice? These are some of the types of service I provide, within geographic reason. If you are considering a rollover or retirement, please feel free to contact me to discuss your options.
Some may think that by going with a specialist broker and allowing them to shop around for the best deals and cheapest premiums for your car insurance cover it will work more expensive. However this is far from true, in fact by going with a specialist broker you can actually save money by getting cover that is suitable for your needs and at the same time making savings on your previous years insurance.
It?s that time of the season again, the fall, when you pack up junior?s items and ship them off to college. You remember the days when you had to pack up your bags and attend college as well. As we all know, the older you get, the more you want to go back into your youth and change the things ways were. From saving your money to fixing those costly relationship mistakes, these were just a few things that many human beings would love to go back and change.
Investment mortgage, as it is generally called, is the mortgage that is invested in real estate property ? either residential or commercial. You can find mortgage lenders, who are ready to provide real estate investors with money. Though applicable for both residential and commercial properties, mortgage lenders see residential property as ?safer?. The collateral here is the home. The secure feeling by mortgage financiers can be the feeling that no one is likely to make defau...
Your Federal Government has mandated (as of June 30, 2006) that before you qualify for nursing home care, you must spend-down all of your assets. These restrictive new rules are designed to impoverish the healthy spouse. They have mandated a 5 year look-back, that means you better have done something to protect your assets 5 years before you become sick.
Not so very long ago the moral climate in this country was very different. People had more time for each other, and more time to examine and compare their own moral standards with others. One of the many results of this was an almost unspoken pride in making your own way through life without looking for handouts from the state or elsewhere.
Debt is no stranger to most Americans. Credit is becoming easier to obtain and people are charging well beyond their means and at interest rates reaching 20% or more. While ?debt? is a scary word that usually is seen in a negative light, not all debt is bad. You can actually make intelligent decisions and use debt as a vehicle for building personal wealth.