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Financial Planning

RETIREMENT PLANS

A retirement plan is any sort of account that is designed to retain money for the investor that will typically be paid out once the investor reaches retirement age. These plans are often tax-exempt, or at the very least tax-deductible, in order to encourage individuals to plan for their own retirement. Given that fewer and fewer companies are offering their employees sizable pensions in the modern market, opening a retirement plan and planning for your own retirement with your personal funds is becoming increasingly vital.


401 k PLANNING

A 401k is a variety of retirement savings account that allows the investor to withdraw funds when he or she reaches 59 1/2 years old. Removing funds before this age is reached can result in strict tax penalties. Due to the fact that Social Security is on the decline, and fewer and fewer employers are offering pension benefits, it is increasingly more important to factor 401k planning into your financial portfolio. Having a solid 401k plan can ensure that retirement is as comfortable as possible, and make it so that individuals do not have to suffer a reduction in quality of life when they stop working.


403 B PLANNING

A 403B Plan Is a form of retirement plan that is intended for public-school employees, ministers, and employee's of tax-exempt organizations. An individual 403B account is established and maintained by employees. 403B plans tend to come in three different forms: an annuity contract through an insurance company, a custodial account, or an IRA. The employer may determine where the 403B account is held.


COLLEGE PLANNING

There are a variety of different ways to save for the expenses incurred in college. Due to the fact that higher education is becoming more and more expensive, it is more important than ever to arrange for the cost of a college education while a child is still young. There are a variety of different college plans that can help interested investors accomplish this. Some are offered from the federal government, others through the state government, and there are also private investment accounts. Examples of college plans include the Educational IRA or a 529 College Savings Plan.


ESTATE PLANNING

The process of estate planning involves making provisions for how and in what ways an estate will be liquidated after the death of an individual. Estate planning generally attempts to keep the surviving family and friends of an individual out of probate court by making stipulations for property and monetary assets prior to the death of the person who holds the estate. The devices involved in estate planning can include wills, trusts, beneficiary designations, powers of attorney, and more. Estate planning is a vital part of planning for actions that will be taken after the death of the individual that currently holds the estate.


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