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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I work at home and currently have Joint 50/50 decision-making and parenting time. If I continue to exercise my first right of refusal while the other party is working would that be helpful when going back to court post-decree to help get more time with the children?
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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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Will my beneficiaries’ inheritance be taxed?
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When making a will what advantages are there to drafting a single verses joint will?
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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,
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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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How do I begin to file probate if there is no will?
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Does the principal's signature on the Healthcare Directive and Power of Attorney need to be witnessed or noterized in Arizona?
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Is it legal to sell meat without the weight and cost per pound identified?
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When a spouse passes away and has debt in his/her name only, like credit cards, and or contractual obligations for satellite services or cell phone service that charge fee for early termination, etc.- is the remaining spouse responsble for that debt and fulfilling contractual obligation?
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