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.Comments:
QUESTIONS
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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?
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When making a will what advantages are there to drafting a single verses joint will?
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Can I be barred from handling my own affairs for any reason?
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Our living will was updated for the state of California; should it be updated for Arizona since this is our primary residence?
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Where can I get A template to revise my Living Trust & Power of Attorney?
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My mother passed away. She does have a will and I was nominated as the executer and trustee. I am the sole beneficiary. She only has a bank account but when the account was setup nobody was on the account but her. no payable unpon death. What is required by the bank for me to access the account to begin paying for her expences? Her will did state that I shoud have immediate access without going through the courts.
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where can i get free or very low help in filling out a qualified domestic relations order (qdro)
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What is the difference between a 'living will' and a 'last will and testament' type of will?
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My Mother lived in and owned property in Sun City, AZ for about 30 yrs. She had two living children whom have had a rather toxic relationship. She had a living trust and her son is named Successor Trustee. In 2003 she suffered a small stroke and (while still mentally alert) she had a problem with her speaking ability. As a result, she retired as Trustee and named her son who divides his time between New Mexico and Alaska. Her son physically relocated her to New Mexico about 10 months before she passed in Feb. 2011. He had sold her property in AZ in Sept 2010 but moved all her personal belongings to his property in NM prior to that date. Her remains are interred in AZ. Which state would have jurisdiction if a probate proceeding is necessary? (i.e.- Say the Successor Trustee fails to act?)
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My late husband suffered from Alzheimer's Disease when he borrowed money and signed documents that deeded his home to another person. That person refuses to return title of the home to my late husband's estate even though the loan was paid off in full. What are my rights?
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