401k’s, IRA’s, Pensions, and SOCIAL SECURITY?

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401k’s, IRA’s, Pensions, and

SOCIAL SECURITY?

A secure, comfortable retirement is every worker’s dream no doubt. We have our 401k Plans, Our IRA’s, and other Investments, that are geared towards that goal. However, many that are close to retirement tend to forget about Social Security and the other benefits provided by the Social Security Administration. Even though this benefit may not be around for the long term, it still provides a valuable benefit for those nearing retirement. Please read below and see how you can incorporate Social Security into your retirement plan.

eRollover has found retirement tools and links that will help you to see your Social Security Benefits:

How the Social Security Retirement Planner can help you now
This planner provides detailed information about your Social Security Administration retirement benefits under current law and points out things you may want to consider as you prepare for the future. If you are:

• Looking for Social Security Administration and information, you can:
o Find your retirement age,
o Use our Retirement Estimator and our other benefit calculators to test different retirement ages or future earnings amounts,

o Learn about Social Security programs,
o Find out what happens if you work after you retire, and
o Learn how certain types of earnings and pensions can affect your benefits.

• Already near retirement age, you can:
o Discover your retirement options,
o Get information about how members of your family may qualify for benefits,
o Find instructions on how to apply for benefits and what supporting documents you’ll need to furnish, and
o Apply for retirement benefits.

Reminder: You need to sign up for Medicare close to your 65th birthday, even if you will not be retired by that time. (If you are getting Social Security benefits when you turn 65, your Medicare Hospital Benefits start automatically.)

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401k Planning | 2009 Contribution Limits Increase

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2009 Contribution Limits Increase for 401k, 403b, 457, and 401a Plans

The IRS maximum allowed 401K, 403b, 401a, or 457 Plan contribution will increase from 2008’s $15,500 to $16,500 in 2009 (for those over 50 years old it increases to $22,000).

What Does this Mean for you?

Your 401k or IRA probably has seen much better days. However, the slight silver lining to this market downturn is that 401k investors are able to dollar cost average at much cheaper levels than a year ago. Try to be an optimist. Think of buying securities at a 401k 30% off sale. Since your outlook for 401k or IRA funds is long term, this is a great opportunity.

How do I calculate how much I need to Contribute to Max out my 401K?

Simply take $16,500 divided by your total salary. For instance, if you make $100,000 per year (including bonuses), then take $16,500/$100,000. You end up with about or 16%. In this instance, this means that you would have to work with your HR department or more likely, your 401K administrator, to change your contribution to 16% in order to max out your 401K for the year.

Review your 401k Holdings

It is always a good idea to screen your mutual funds in your 401k. Take the fact that 2009 is a new year to go back and review who funds have performed well in your 401k, and which have been less than desirable. Make sure that you come up with the correct asset allocation as well, as your risk tolerance may have changed. eRollover has a great free 401k tool that helps to insure that your asset allocation is dead on with your goals.

Do not forget that many companies have a 401k match.

For those who can AFFORD to do it, maxing out your 401K can rarely be seen as a bad strategy. If your employer matches you up to the max, it may especially be to your benefit to take advantage of the free money.

Things to think about for your 401k in 2009:

• Did you max out your 401K, 403b, or 401a Plan?
• Do you plan on maxing out your 401K, 403b, or 401a Plan in 2009?
• What percentage of your contributions are eligible for an employer match?

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Required Minimum Distributions not required for IRA’s in 2009

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RMD Alert: Temporary Relief for 2009

Required Minimum Distributions (RMD) Background and Summary

On December 23, 2008, President Bush sgned into law the Worker, Retiree, and Employer Recovery Act. The Act states that no RMD is required for 2009. As you are aware, the current global economic conditions have caused sharp declines in many contract values. This Act is designed to provide relief to contract owners who would otherwise be forced to take a distribution in 2009. The goal is to not force contract owners to take a distribution when their contract value is at a low point and instead allow those funds to stay invested in the contract and participate in any economic recovery.

The RMD Rules, Briefly Stated:

Individuals are required to take at least a minimum annual distribution from their account after they reach their required beginning date, which is the April 1 after they reach age 70 1/2.
For beneficiaries of deceased individuals not already receiving RMDs, the required beginning date is either following the 5th anniversary of death (for a complete distribution) or following the 1st anniversary of death (for a periodic distribution). Special rules apply if the only designated beneficiary is the surviving spouse.

The Situation That Congress Sought to Relieve:

In the current economic environment, many contract values have been diminished by the deep declines in the stock market.

Congress was concerned that requiring individuals to take 2009 RMDs could have the unintended effect of forcing individuals to “sell low.” As a result, the RMD would diminish the likelihood of the individual being able to participate in any economic recovery.

What This Act Changes:

No RMD is required for 2009.
Any individual who attains age 70 ½ in 2009 will not be required to take a first RMD by April 1, 2010, but the distribution for the 2010 calendar year must be taken by December 31, 2010.

If the individual takes a partial withdrawal, the distribution is not subject to the mandatory 20% withholding that is typically required of RMDs.

For beneficiaries under the 5-year rule, the 5-year deferral period is extended by one year (e.g., if an individual died in 2007, the period would end in 2013 instead of 2012).

Frequently Asked Questions

Q1. If I don’t take a 2009 RMD, won’t I be required to pay a tax penalty? No. Under the Act, there is no RMD required for 2009, and no tax penalty will be assessed if you do not take your RMD. In a normal year, the Tax Code assesses a 50% excise tax on any required distribution that fails to be distributed. But 2009 will not be a normal year. No excise taxes will apply because there will be no required distributions in 2009.

Q2. I’ve been taking RMDs for years and I’ve grown to depend on them as a source of retirement income. Can I still take the distribution that I had planned on? Absolutely. Your access to your contract hasn’t changed. The only thing that’s changed is that you aren’t required to take a 2009 minimum distribution. If you would like to take a distribution anyway, you can certainly do that.

Q3. I currently have a systematic withdrawal set up on my contract. Will I still receive my
payments? A systematic withdrawal is an automatic withdrawal that you take monthly, quarterly or annually. If there is currently a systematic RMD withdrawal set up on your contract, and you wish to keep it, there is nothing you need to do. The payment you receive will be based on the RMD calculation. However, you may elect to receive a systematic withdrawal in any amount that you request.

Q3a. If I stop my payments, what will happen in 2010? Starting in 2010, your systematic payments will resume in accordance with your original instructions.

Q3b. How do I stop my payments? If you wish to stop receiving the payments, please contact us.

Q3c. Can I return a systematic payment that I received? You can roll over any payments received back into the contract. The transaction will be processed on the day that all paperwork is received in good order prior to the close of the New York Stock Exchange.

Q4. What period does the relief apply to? The relief applies to RMDs due to be paid out to satisfy the 2009 RMD requirement. Any individual who attained age 70 ½ in 2008 and opted to defer his or her 2008 payment up to April 1, 2009, would still need to take a 2008 payment between now and April 1, 2009.

Q5. Which plans does this relief apply to? The waiver applies to the following plans: IRA, 401(a), 401(k), 403(a), 403(b) and governmental 457(b) plans.

Q6. What is the relief being provided with regard to RMD payments for the 2009 calendar year?
Relief is being provided in the following ways:

a) No RMD is required for 2009.

b) Any individual who attains age 70 ½ in 2009 will not be required to take a first RMD by April 1, 2010, but the distribution for the 2010 calendar year must be taken by December 31, 2010.

c) If the individual takes a partial withdrawal, the distribution is not subject to the mandatory 20% withholding that is typically required of RMDs.

d) For beneficiaries under the 5-year rule, the 5-year deferral period is extended by one year (e.g., if an individual died in 2007, the period would end in 2013 instead of 2012).

Q7. What about the RMD I just took for 2008? Am I going to receive any relief for that?
This relief applies only to 2009.

This information is provided as general guidance. It is not intended to be legal or tax advice. Any taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor. The information source for this advisory is from ING-USA.

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Income Annuities: A Guaranteed Retirement Income Forever

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Income Annuities: Creating Guaranteed Cash for Life

Retirement today requires more planning than in previous generations. Sources
of steady retirement income have changed, as fewer and fewer workers are
covered by traditional employer-provided pensions that provide a lifetime benefit.
In addition, advances in medicine have resulted in increased longevity—today’s
retirees may spend 20, 30 or more years in retirement.

Given this landscape, workers nearing retirement face an imminent crisis:
how to generate a stream of income that is guaranteed to last throughout
retirement. Whether they have access to employment-based retirement plans
or not, achieving stable and secure income in retirement is a challenge for many
Americans.

With the decline of defined benefit plans and increased popularity of defined
contribution plans, such as 401(k)s, responsibility for managing retirement savings
has shifted from the employer to the individual. Unlike traditional pensions that
provide a stream of payments to retirees for life, defined contribution plans
typically offer a lump sum that retirees must then manage on their own.

Other than Social Security and the defined benefit system, the only means to
create a guaranteed income stream in retirement is through an annuity. An annuity
is an insurance contract that offers an efficient solution to what otherwise could
be an overwhelming asset management task: creating a steady paycheck in
retirement that cannot be outlived. It helps to ensure retirees don’t overspend and
run out of money in retirement and that they don’t live too frugally either.

Individuals without access to workplace retirement savings plans have an even
greater challenge: to independently accumulate savings during their working years
and manage those savings to last throughout retirement. An annuity can address
both of those needs.

SCOPE OF THE PRODUCT

Annuities offer solutions to both sides of the retirement equation: They provide
ways to accumulate retirement savings and to turn savings into an income stream
that cannot be outlived.

The lifetime income option through annuitization allows retirees (and their
spouses) to maximize retirement income without having to worry about payments
stopping while they are alive. At the time of purchase, annuity owners are
guaranteed that if they choose to annuitize at a later date, they will receive
a benefit based on the purchase rates at the time the annuity was issued or
annuitized—whichever rate is more favorable to the annuity owner. Given the
changes that can occur over time with respect to the economy, longevity, or an
insurer’s costs, this is a valuable consumer benefit.

CURRENT TAX TREATMENT

By encouraging long-term savings during the working years and helping individuals
manage assets during retirement, the current tax treatment of annuities promotes
financial discipline.

For those who are years away from retirement, or are retired and have assets
that don’t need to produce income right away, a deferred annuity allows savings
to build up, free of current federal income tax. When payments are received, the
portion that comes from earnings is taxed as ordinary income.

The current federal income tax treatment of annuities is reflective of sound public
policy that recognizes the annuity’s unique role in helping Americans accumulate
savings for retirement and guarantee a steady stream of income for life.

CONCLUSION

An annuity can help American workers meet the challenges of the changing
landscape of retirement. In fact, eight out of 10 individual annuity owners say
they will use their annuity savings for retirement income.3 With the shift from
defined benefit to defined contribution plans and increased longevity, the role of
the annuity in retirement has never been more important. Policy-makers should
explore ways to encourage more Americans to turn to annuities for long-term
savings and guaranteed lifetime income.

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The 2009 Economic Recovery?

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Will 2009 be a better Year?

We all know that 2008 will go down as a year to remember. We had Oil trading at $150 a barrel. Lehman Brothers and Bear Sterns now have corporate tombstones that declare that they “passed away” during the 08 year. AIG and Citigroup had to be bailed out to avoid the same fate. The Big 3 automakers, Ford, GM, and Chrysler, have had to beg for government funds to remain solvent. The U.S. banking industry has, in effect, been nationalized and put under government control.

After all is said and done, the government will have put more money into the economy, and struggling companies, than it spent on all of the previous wars combined and the McCarthy Plan to rebuild Europe after World War II. I would say that these events have made 2008 one for the record books, but I think that we are pulling out of the recession. Here is why.

Gas Prices are at 6 year lows

The dramatic fall in gas prices is directly correlated to the chaos in the economy. However, with gas prices averaging $1.60 nationwide, the lowest point in 6 years, I think that this will have a very positive effect on the consumer. It will give them more money in their pockets, and moral will be greatly improved by not driving past gas stations advertising a gallon of gas at $4.50. It should have a positive effect on the mindset of consumers that will help to encourage spending. In addition, the cost of goods like plastics and other products that are dependent on oil will come down as well.

We are Seeing Improvements on Many Fronts

I was opening up a new business banking account on Thursday, and I had the opportunity to speak frankly with the assistant vice president. They were able to mention a few very interesting facts.

Medicare, Medicaid, and Long Term Care Insurance

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Medicare, Medicaid, and Long Term Care Insurance

What is Long-Term Care?

Long-term care is a variety of services that includes medical and non-medical care to people who have a chronic illness or disability. Long-term care helps meet health or personal needs. Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Long-term care can be provided at home, in the community, in assisted living or in nursing homes. It is important to remember that you may need long-term care at any age.
You may never need long-term care. This year, about nine million men and women over the age of 65 will need long-term care. By 2020, 12 million older Americans will need long-term care. Most will be cared for at home; family and friends are the sole caregivers for 70 percent of the elderly. A study by the U.S. Department of Health and Human Services says that people who reach age 65 will likely have a 40 percent chance of entering a nursing home. About 10 percent of the people who enter a nursing home will stay there five years or more.

Medicare and Long-Term Care:

While there are a variety of ways to pay for long-term care, it is important to think ahead about how you will fund the care you get. Generally, Medicare doesn’t pay for long-term care. Medicare pays only for medically necessary skilled nursing facility or home health care. However, you must meet certain conditions for Medicare to pay for these types of care. Most long-term care is to assist people with support services such as activities of daily living like dressing, bathing, and using the bathroom. Medicare doesn’t pay for this type of care called “custodial care”. Custodial care (non-skilled care) is care that helps you with activities of daily living. It may also include care that most people do for themselves, for example, diabetes monitoring. Some Medicare Advantage Plans (formerly Medicare + Choice) may offer limited skilled nursing facility and home care (skilled care) coverage if the care is medically necessary. You may have to pay some of the costs. For more information about Medicare Advantage Plans, look at the Medicare Personal Plan Finder.

Medicaid and Long-Term Care:

Medicaid is a State and Federal Government program that pays for certain health services and nursing home care for older people with low incomes and limited assets. In most states, Medicaid also pays for some long-term care services at home and in the community. Who is eligible and what services are covered vary from state to state. Most often, eligibility is based on your income and personal resources.

Choosing Long-Term Care:

Choosing long-term care is an important decision. Planning for long-term care requires you to think about possible future health care needs. It is important to look at all of your choices. You will have more control over decisions and be able to stay independent. It is important to think about long-term care before you may need care or before a crisis occurs. Even if you plan ahead, making long-term care decisions can be hard.

The following links provide you with information on planning for your long-term care:

• What kind of care you need
• How your needs may change
• What long-term care choices you have
• How you will pay for your care
• Long-Term Care Planning Tool

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Using Life Insurance to Protect your Business

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Life Insurance for Business Planning

One of the first things any business owner needs to consider is how to protect against events that may threaten the future of the business, like the death or disability of a proprietor, partner or key employee.

Individual Life Insurance

Let’s start with the worst-case scenario, the death of one of the business owners. What will happen to your business if you die? Many small business owners take out loans to help grow their businesses, and often secure these loans with personal assets. If you have business loans and were to pass away before they were paid off, you might think your family could sell or liquidate the business to cover the debts and provide financial security for them.

In reality, this rarely happens. When the family is forced to sell the business quickly, they may have to sell at a discount or during market conditions that make the business less attractive. In other cases, the business may be worth very little without the proprietor or partner. Individual life insurance can protect your family by providing funds to cover debts, ongoing living expenses, and future plans in the event that something happens to you.

Buy-Sell Agreements

Life insurance also can be structured to fund a “buy-sell” agreement. This is an agreement among owners to buy a deceased owner’s share of the business at a previously agreed upon price in the event of death, disability or retirement.

Why are these agreements so important? You might think that if you die, your family could maintain their income by running the business themselves or by hiring someone to handle the day-to-day management. The fact is, your loved ones may not have the skills or the desire for the job, and your co-owners may not welcome the idea of an unintended partner. With a properly structured and funded buy-sell agreement, your business partners won’t have to scramble to come up with the money to buy out your share of the business and you’ll be guaranteed that your survivors will be compensated fairly and promptly.

Buy-sell agreements are typically funded by life insurance policies purchased on the lives of each of the business owners. The amount is usually specified in a contract created with the help of an attorney. You can enter into a buy-sell agreement at any time, but it often makes sense to do so when a business is formed or when new owners are brought into the business. Because business values can fluctuate, it’s important to review the contract with your accountant at least once per year or to include a calculation method in the agreement. Also be sure the insurance coverage funding the agreement is up to date.

Though not as common as insuring against death, business owners can also insure against the risk of becoming disabled and unable to work. In this case, disability income buyout insurance would fund the buy-sell agreement, allowing the disabled owners to be bought out, typically after a one-year waiting period.

Key Person Insurance

Key person insurance is another essential component of a smart business continuation plan. Key person insurance is life or disability insurance purchased by the business on the life of such an employee and payable to the business. When a “key person” dies or becomes disabled, insurance can help make up for lost sales or earnings or cover the cost of finding or training a replacement.

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Old 401k Plans with Past Employers

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Do you have old 401k plans?

Do you have old 401k plans that are “Left Behind” with old employers? Surprisingly enough, the overwhelming answer is usually yes!

One would think that 401 plans would be immune to the procrastination that we all exhibit in our lives, however even sometimes substantial sums of money fall under the category “Out of Sight, Out of Mind”.

Speaking personally, I generally try not to leave bank accounts with thousands of dollars behind when I change my checking or savings. It would be very disconcerting to have these account or accounts scattered over my former financial life, sometimes earning very little or no interest at all. Investment accounts generally do not have the same stigma though. I truly believe since you don’t make a physical deposit in many of these 401k plans, the cash or investments just don’t carry the weight of a primary checking account that enable you to put food on the table, pay your bills, and take care of your family.

Okay, you probably get my point by now. Now what are other reasons that you have not consolidated your retirement accounts?

Here are a few Old 401k Planning Excuses:

Complacency

Lack of a comprehensive roadmap to retirement

The thought that “They are doing okay where they are”

My firm belief is that you can do a much better job with most of your retirement in one self directed IRA instead of old 401k plans. Most 401k plans have limited investment options, while a self directed IRA has more of the financial buffet approach. More simply put, would you rather have only one choice, or a buffet option when choosing your next meal?

Quite frankly, when you have an IRA, you have the opportunity of investing in over 10,000 mutual funds, stocks, bonds, or even commodities. Now that is quite the variety compared to the 10 or 20 funds dictated to you in a 401k plan. That way you or your advisor can go out there and get the funds that are considered the “Allstars” in their categories. This ultimately results in better planning and better results.

Please keep in mind, you can make additional tax deductible contributions to your Self Directed or Roth IRA, while still investing in your current 401k plan

This gives you 2 pots of money that you can be adding to instead of just your current company’s plan. Be careful and weigh your options though. You do not want to start contributing to your IRA until you have exhausted the company match in your current plan.

Now you may be asking yourself……How do I go about making this change? The quick answer is that any old 401k plan or plans can be rolled over into a single self directed IRA. You can either do this yourself online with a company like TradeKing, or seek out a trusted advisor to help you in developing your retirement goals and planning. Please keep in mind though that this does not apply to your current 401k plan. You can only roll over plans from companies with which you have severed employment.

In closing, you will be better off most of the time by keeping your retirement under one umbrella, and sticking to a defined plan of attack. Take the initiative and you can help to secure your future! As always, please email us with ideas and suggestions at .

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Your Company’s 401(k) Plan, Don’t Give Up Free Money!

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Your Company’s 401(k) Plan, Don’t Give Up Free Money!

The term 401(k) gets thrown around so often but so many employees have no idea what the plan is or how it benefits them. A 401(k) is free money that your employer is trying to give you. All you have to do is accept. If you’re not utilizing your company-sponsored 401(k), you are really missing the boat.

Let me explain how this benefit works.

In a very cursory view, a 401(k) allows you to set aside money from each paycheck for your retirement. The true benefit though is that your employer will match what you set aside up to a certain point! In most cases, a company will match dollar-for-dollar what the employee sets aside, up to 6%.

Let’s take a look at a very simple example. For the sake of easy math, let’s say that you make $52,000 per year. You receive $1,000 a week before taxes or $2,000 every paycheck if you are paid twice a month. If you agree to set aside 6% for your 401(k), you will automatically have $120 taken from each of your paychecks. Your company will also add $120 to your account so you will end up with $240 per paycheck going toward your retirement! That is free money! Why would you not take it?

Common sense tells you that if your company is trying to give you a 6% raise, you should take it immediately but so many people do not. The reason most commonly cited is, “I just can’t afford to have 6% taken from my paycheck.”

This is no excuse. If you are using every penny of your paycheck for expenses, some work needs to be done to lower your cost of living. Are you spending too much eating at restaurants or paying too much in rent? Scale back! You cannot afford to ignore the 401(k)! In this instance, if you are living at a bare-minimum and are coming up a little short, this is the time to use your credit cards. Even if you are paying 21% in credit card interest, you’re earning an astonishing 100% return on your money through your 401(k)!

Another complaint I hear from people is, “My company is only matching up to 6%. What difference will that make?” It is absolutely huge! Let’s take a look at someone making $30,000 per year. A 6% contribute will be $1,800 per year. If you put in your part and the company adds another $1,800 to it, you’ll have a decent chunk of money when you are ready to retire! After 30 years in the 401(k), if your investment earns a modest 7%, you will have accumulated $340,058! If you earn only 1% more on your investments, you cross the $400,000 mark and end with $407,819! All of this for only giving up 6% of your check!

If you don’t think you can afford to give up the 6%, think again. Give it a shot and you will be surprised at how easy it is to contribute. You will surely get used to your checks being slightly lower than usual and your spending will adjust. Reverse your thinking, you cannot afford not to contribute!

Naturally, there is a lot more that goes into a 401(k) plan so do your research online or consult a financial adviser. Your company’s Human Resources department can also be a great resource for learning more about this benefit. The point is, when someone offers you free money, you take it.

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Keys to Personal Financial Planning

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Keys to Personal Financial Planning

Financial Planning Basics - Personal Finance 101

Financial planning covers a wide variety of money topics including budgeting, expenses, debt, saving, retirement and insurance among others. Understanding how each of these topics work together and affect each other is important for laying the groundwork for a solid financial foundation for you and your family.

1. Budgeting

At the very basic level of personal finance you are dealing with a budget; you make money and then you spend that money. Even if you haven’t created a detailed and written budget you continue to budget on a daily basis. When you are faced with spending money on something, you think about it and realize that by spending that money, you will not be able to spend that same money on something else.

When you create a budget, you begin to see a clear picture of how much money you have, what you spend it on, and how much, if any is left over. When you can clearly see where your money is going, you can then budget appropriately so your money is going where it should.

2. Cutting Expenses

After you have successfully created a budget, you’ll have a much better understanding of where your money goes and where you can possibly trim expenses. For many people, this is as simple as cutting back on some of the little things that can add up.

3. Getting Out of Debt

Even after creating a sound budget and cutting unnecessary expenses, you may still find yourself with lingering debt to get rid of. Using credit and taking on some debt itself isn’t necessarily a bad thing, but when you can’t keep up with the payments or borrow more than you can afford to pay back, you could be in trouble.

One of the most important steps in getting out of debt is to pay more than the minimum amount due each month. Even a modest credit card balance can take over a decade to pay off if you simply pay the minimum amount due. In addition, paying the minimum will end up costing you thousands of dollars in interest over that period.

Debt Consolidation Alternative for Today’s Consumer - Reduce Credit Card Debt - Debt Free 12-36mo

4. Saving for Retirement

With fewer companies offering full pension plans and the uncertainty of Social Security, it has become more important than ever to save and plan for your own retirement. Unfortunately many people feel that they simply don’t have enough money left over each month to save.

Retirement savings needs to become a priority instead of an afterthought. The Internal Revenue Service has made saving for retirement even more attractive with special tax-advantaged accounts such as employer 401(k) plans, individual retirement accounts and special retirement accounts for the self-employed. These accounts allow for tax deductions, credits and even tax free earnings on some retirement savings.

5. Insurance

You’ve created a budget, cut expenses, eliminated your credit card debt and, have started saving for retirement, so you are all set, right? While you’ve definitely come a long way, there is one more important aspect of your finances that you need to consider.

You’ve worked hard to build a solid financial footing for you and your family, so it needs to be protected. Accidents and disasters can and do happen and if you aren’t adequately insured it could leave you in financial ruin. You need insurance to protect your life, your ability to earn income, and to keep a roof over your head.

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