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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Hi, my kids and I I live and take care of my mom and dad and I make sure my father gets to his appts, takes pills etc, and my moms on hospice and i am both the medical power of attorney for them. I am the youngest of 8 and I fear that is something happens to my parents and their home is under my dad and brother that comes around every cpl days for a bit then leaves. Is there or should I do something now before its too late in order for us not to be in the street after parents pass. I pay all the bills and property taxes and I dont want the place under my name I just dont want my brother to get mad cuz he drinks and gets dumb and threatens to kick us off his property for telling him not to drink here. Now us is myself and 3 daughters. we all take care of my parents.
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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 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.
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what does the law say I must do if my wife dies during the night. we have a living will, power of attorney. donator list and we don't want heroic measures if there won't be s good out come. we want to be cremated (in paperwork) can I just drive her to the hospital etc?
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My question is can a person have two people to be her representative and alternate? Would that be power of attorney? I am at that place in my life where this is urgent I fill out and choose to be my power of attorney. I was just diagnosed with cancer.
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my wife left my kids and i. i want to know my rights if my wife wants to move back in and tries to make me leave?
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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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I live in a manufactured home on my daughers land. In lieu of space rent, I "sold" my trailer and car to her back in 2010. It is now jointly titled. When I die, I will only have household possessions, clothes, some jewerly. My entire possessions if sold at yard sale prices would probably net less than $2,000. Would my daughter have to do a Small Estate Affidafidt for my few earthly possessions? The cost of filing and hiring a lawyer would surpass the value. I may have to go on Medicaid as well- do they go after personal possessions (not property)? I would hate to have to cause such a burden for such few possessions. Thank you!
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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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What is the difference between a 'living will' and a 'last will and testament' type of will?
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