Children of Soldiers Fund

When you’re learning about something new, it’s easy to feel overwhelmed by the sheer amount of relevant information available. This informative article should help you focus on the central points.We all know that there is a growing need in this country to take our retirements into our own hands if we want the funds necessary to have any quality of life upon retirement. The problem is that most of us have no idea where to begin when it comes to financial retirement planning programs or investing. The sad news is that for most of our lives retirement was something that was taken care of if we put in an honest lifetime of work. However, the climate has changed and the retirement funds that many of us have labored to pay for the vast majority of our lives are slipping away.The good news is that this need has not gone unnoticed by the powers that be and while they aren’t offering solutions for the funds we’ve already invested or in salvaging what is left of the failing system, they are empowering people to take some control for their personal retirements by offering investment options and strategies that

If you are planning on using your pension during retirement, you may be in for a HUGE shock. Just like those folks who were told that the Government would never tax Social Security, you will be in for a surprise. But why?Pensions come – normally – in two flavors. Funded and unfunded. This is a “pay as you go” system which looks and feels very similar to Social Security. The current retirees are paid from the current workforce.The city of Pittsburgh PA, for example, has promised its workforce (police, firefighters, municipal employees, etc.) a total of $524 million in pension retirement funds. So far, the city has set aside exactly $0.It is assumed with an unfunded pension that when individuals retire, there will be sufficient future revenues to cover all promised liabilities. These projections represent a confidence game – a “trust me” scenario – if you will. What happens if the city’s future revenues are not enough to cover promised pensions? Don’t ask.Moving on…many private companies have the same problem.For those who have a funded pension – that is, the employer sets aside money over a period of time to cover promised benefits – have an

The financial world has so many rules and fees when it comes to withdrawing money from your individual retirement account (IRA), that it is any wonder that people are able to retire at all. Rolling over the money from one account to another is no problem. Actually getting your hands on the money is a whole other matter. Unless of course you are 59 1/2. Most people stop counting half birthdays after about age eight, but rules are rules and 59 1/2 is the magic number.There are two withdrawal methods for releasing money from your 401k.1. Wait until you are 59 1/2 and you can to start withdrawing money. You will pay 20% in taxes and can take a lump sum or begin taking the minimum amount required. You can leave it there as long as there is more than $5,000 and let it continue to earn interest. After 70 1/2 you may be required to start taking the minimum amount.2. If you are younger than 59 1/2, you can still access your money, but be prepared to pay a 10% early payment penalty, plus the 20% in taxes.Hardship withdrawals allow