Planning Ahead Article


Save for Retirement

It is not too late to save for retirement. Consider depositing your earnings (up to $5,000 in 2006) into a tax-deferred Individual Retirement Account (IRA) up to age 70-1/2. As part of a “catch-up” plan, you generally can set aside more if you are 50 or older. (IRC § 219(b)(1)(A) and 219(b)(5)(A)).

Check out a non-traditional Roth IRA. If your annual adjusted gross income is less than $110,000 ($160,000 for a married couple), you may qualify for such an account. The taxes are not deferred, but the distributions will be tax-free. (RT § 17507.6)

Find out if your employer offers a tax-deferred investment savings plan, such as a 401(k). In general, employees can set aside a portion of their earnings (up to $15,000 in 2006). And, as part of a “catch-up” plan, you can generally put away $5,000 more if you are 50 or older.

Ask about your company’s pension plan. Most pension plans include a survivor’s pension. Contact your pension plan administrator. For general information, contact the Department of Labor’s Employee Benefits Security Administration on-line  or call (866)444-3272. You can also visit the Pension Benefit Guaranty Corporation on-line for help.

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QUESTIONS

  • What are rules for Medicaid recipients with regard to the other spouses rights? I'm planning for if I would have to go to a Nursing Home.
  • My mom and stepdad have a trust that was set up by their insurance broker. I am the trustee and the trust states that all assets are to be sold and split equally between the 6 children. This is a blended family. Do they need a will in addition to the trust?
  • What is a conservator?
  • where can i get free or very low help in filling out a qualified domestic relations order (qdro)
  • MY mother is currently on hospice for liver cancer she is 71 I have a little brother that is in prison serving 45 years he has only been in there 13 years me and him are my mother's beneficiary when that time comes the check will be in both of our name's how would go about cashing and putting his part up or possibly sending it to him?
  • If I already have a Durable POA, and need to change my address how do I do this on the original document?
  • Do I need a will?
  • My mother is the guardian for my brother, who has Down's Syndrome. He is dependent on her for many of his needs. How can she plan ahead in terms of his care and guardianship? In other words, can she put that in her will or does she need to set something up in the courts? What happens if she does not? Kindly,
  • Can I just leave my savings in a bank account for later use?
  • When my mother was living she put my sister's name on my decease fathers money and now she has passed. What should be done with the money my sister has. Shall if be divided among the siblings?

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