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pension Archives - Wealth for Life

$5.8 Billion in 401k early withdrawal penalties. Should companies provide a more liquid savings option?

Posted by | pension, retirement income, small business, tax strategies | No Comments

The IRS collected more than $5 billion in 2011 from penalties incurred by taxpayers who withdrew money from tax-deferred retirement accounts before the age of 59 1/2. The people who pay the penalty include younger workers who switch jobs and don’t bother to roll over their accounts and older workers who believe they have no place else to turn. The cash out factor occurs among all age groups: Read More

The 401k Tax Deception Part I

Posted by | indexed life insurance, life insurance, pension, retirement income, small business, tax strategies | No Comments

People have been told they can save money in taxes by maxing out a 401k or Defined Benefit Plan. These plans are not tax savings plans. You still have to pay the taxes in the future when you take out money. High income earners could end up paying more in taxes by waiting. Watch this video to learn how these plans really work.

Detroit Bankruptcy Where Does Arizona Stand?

Posted by | economy, pension, retirement income | No Comments

With Detroit recently declaring the city Bankrupt, many people are wondering where does Arizona stand with pension programs? Retirees in the state of Arizona are now concerned about pension programs and 401k programs and suffering market losses. Thankfully Arizona is not in as bad of shape as Detroit is currently. Learn more in the video below on how Arizona is making changes to pensions and retirement plans.

 

Detroit Bankruptcy Where Does Arizona Stand? | Retirement Planner Denver Nowicz Scottsdale Arizona from Sequence Media on Vimeo.