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Pension News

Cash Balance Pension Plan

A cash-balance plan is a defined benefit plan that is a lot like a traditional pension, but with a few elements that closely resemble a 401(k). Here’s what’s the same: You don’t invest any of your own money in the plan, nor do you have any responsibility for the investment choices. Here’s what’s different: Instead […]

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401(k) Mistakes Job Switchers Make

When you change jobs, an assortment of taxes and fees could significantly reduce your retirement savings. Before making any significant career moves, be sure to take a close look at 401(k) vesting schedules and waiting periods. Here are some 401(k) mistakes that job switchers make: Leaving before you’re vested. Not saving during the waiting period. […]

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Is now the time to convert your Traditional IRA to a Roth?

With historically low tax rates, now is the best time to convert traditional individual retirement accounts into Roth IRAs. With the recent stock market downturn the benefits of converting your traditional IRA to a Roth has heightened. Now may be the ideal time to initiate a Roth IRA conversion because: Low tax rates Stock market […]

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How to Appraise an Offer of Early Retirement

Some companies offer early retirement packages to reduce their number of paid employees, especially during economic pressure. If your employer asks you to consider retirement now, you need to carefully consider your options. It may be very tempting, however, it is not always the best option. When considering an early retirement package from your employer […]

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Ways to Avoid the IRA Early Withdrawal Penalty

Withdrawls from individual retirement accounts (IRA’s) before aged 59½ usually generate a 10% early withdrawal penalty. However, the IRA withdrawal rules contain several exceptions to the 10% penalty if you meet certain criteria or spend the money on specific items. Delay IRA withdrawals until age 59½ Once you reach age 59½, you can withdraw any […]

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UK Pension for US Residents – How to report to IRS

The IRS reporting of United Kingdom retirement for Foreign Bank Account Report (FBAR) & Foreign Account Tax Compliance Act (FATCA) isn’t as complex as the tax rules, but they still can be confusing. The main rule for the IRS is that you have to report foreign retirement on the FBAR (Foreign Bank and Financial Account […]

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UK Pensions – Resident in the US, is Income tax payable in the USA?

UK Pension and the tax implication of living in the USA The US Tax rules involving foreign pensions are complicated. The UK and the US entered into a complex bilateral double tax treaty in 2002. This tax treaty is very detailed involving the IRS and US taxation of UK pension scheme incomes, retirement rules, and […]

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You don’t need a high-paying job or family money to become a millionaire

With careful planning, patience, and smart savings, it’s possible to make a million dollars. However, you need to start saving early and be cautious of every dollar you spend. Start Saving Early The easiest way to build your savings is to start early. Doing so lets you take advantage of compound interest. For example, if […]

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How to plan to retire early

Lots of people would like to retire as early as possible, whether it is to travel, pursue a passion project, start a business, volunteer, or just stop working. Unless you are independently wealthy it will take work and discipline. Estimate Your Retirement Expenses If you want to retire early, the first stage is to estimate […]

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Estimating your future expenses

A recent survey found the average 401(k) contributor believes that they will need $1.7 million to retire. However, many people in the U.S. aren’t investing enough to achieve that savings target and the potential income it could bring. To establish if your retirement income will be enough, you have to begin by estimating your retirement […]

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How Much Do I Need to Retire?

A major component of retirement planning is to understand how much you need to save for your retirement, however, the answer varies by individual, as it depends largely on your income now and the lifestyle you want in retirement. However a recent survey concluded that, 401(k) participants believe they need $1.7 million, on average, to […]

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Keogh & HR10 Pension Plan

Referred to as Keogh or HR10 plans or IRS Publication 560 names them Qualified Plans. They are different from individual retirement accounts (IRAs). There are two types of plan either defined-benefit or defined-contribution. In a defined-contribution plan, a fixed contribution; either percentage of total paycheck or a fixed sum is made per pay period. It […]

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UK Pension transfer to the US

There appears to be a lot of confusion over what can be done with a UK pension, both Personal Pensions and Occupational Pensions if somebody lives in the USA. This answer will apply to both US citizens as well as British Expats residing in the USA. A few years ago there were several listed QROPS […]

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VA Survivors Pension

A VA Survivors Pension offers monthly payments to qualified surviving spouses and unmarried dependent children of wartime Veterans who meet certain income and net worth limits set by Congress. Am I eligible for a VA Survivors Pension as a surviving spouse? If you haven’t remarried after the Veteran’s death, and if the deceased Veteran didn’t […]

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Foreign Pensions – What US Expats Need to Know Regarding Taxation

If you are planning to retire overseas or move back to the US later in life, you should be aware of some of the tax issues regarding your foreign pension. Foreign Pensions and US Taxes Many US citizens living abroad face US taxes as well as taxes from the country in which they reside. Generally, […]

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USA Resident with a UK Pension – Your Questions Answered

There are around 1 million British Expats living in the USA with a UK pension who have previously worked in the UK and have a workplace pension or private pension. If you’re not a UK resident, you don’t usually pay UK tax on your UK pension, but you may have to pay tax in the […]

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Retirement Distribution Approaches That Will Ensure Your Money Lasts

Saving money for your retirement fund is only part of ensuring a financially secure future. The other half involves making intelligent decisions about when and how to withdraw your cash. Finance experts say there are a handful of retirement distribution approaches that can be used to stretch money further for a long retirement, and these […]

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How to Correct Your Social Security Earnings Record

Here’s how to remedy an error on your Social Security statement. Annual Earnings You annual earning determine the amount you will receive from Social Security in retirement. But incorrect earnings could mean that you to miss out on thousands of dollars in retirement benefits. It’s up to individual employees to spot mistakes and take action […]

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Personal Pension or 401(k)?

The 401(k) can be a good way to accumulate assets for retirement, but it provides no certainty as to what kind of standard of living you will be able to afford once you retire. The Personal Pension, similar to a traditional employer pension, provides a defined benefit. The 401(k), on the other hand, is a […]

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Use Your Tax Refund Towards Retirement

The average tax refund for the 2018 tax-year was $2,729. If you receive some money back from the government this year, there are many ways to use it towards your retirement. It is important to consider about what your tax refund is. A tax refund is not free money or a bonus. It is an […]

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Retirement basics

This guide will provide you with the basic information you need for retirement planning and pension benefits, such as how Social Security works, retiring from the civil service, and managing a private pension scheme. How Social Security Works Social Security provides you with a source of income when you retire or if you can’t work […]

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Defined contribution plan

A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis.Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the […]

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Defined benefit plan

A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on […]

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Retirement plans in the USA

A retirement plan is the financial allocation of savings designed to replace employment income when you retirement. These plans can be set up by employers, insurance companies, trade unions, the government, or other institutions. Congress wants to encourage responsible retirement planning by granting favorable tax treatment retirement plans. Federal tax aspects of retirement plans in […]

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