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Posted by on Jan 18, 2013 in Blog | 0 comments

Web-conferencing Tool Used by Finance Guys

Web-conferencing Tool Used by Finance Guys

Previously, financial advisors built their clientele primarily through personal connections and referrals. This typically consisted of financial reps meeting their clients face to face, observe their body language and gather important clues about their prospects lifestyle, personality and outlook. However, it later became quite impractical to every time drive to client’s home for any discussion. Apart from the time lost in this process, it even became worse due to heavy traffic conditions and exhaustion due to long distances covered.

That’s where the importance of web conferencing tools like GoToMeeting and others come.

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Posted by on Dec 24, 2012 in Blog | 0 comments

When must you start taking Retirement Plan Distributions?

When must you start taking Retirement Plan Distributions?

You can take out any amount at any time from your retirement plan without facing an early withdrawal penalty once you have reached age 59½, but you must begin withdrawing minimum annual amounts from your plan once you reach age 70½.

You must begin withdrawing minimum annual amounts from your plan once you reach age 70½.

If you fail to take out the required minimums, you may face a 50 percent excess accumulation tax. TheInternal Revenue Service imposes the tax on any part of the annual minimum distribution that you fail to take.

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Posted by on Dec 24, 2012 in Blog | 0 comments

Distribution of Retirement Benefits at death

Distribution of Retirement Benefits at death

Retirement fund assets go directly to the benefiiary named on the account. In most cases, the beneficiary should be named individuals, but sometimes a trust or a charity is an appropriate beneficiary. Using the beneficiary option allows the proceeds to bypass probatecourt. The beneficiary, if a married qualified retirement plan participant does not specify otherwise, defaults to the spouse. That is appropriate in many, but not all, family situations. Furthermore, the spouse would have to consent in writing in order for the plan proceeds to be payable to anyone else.

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Posted by on Dec 24, 2012 in Blog | 0 comments

Annuity Tax advantages

Annuity Tax advantages

Perhaps the second most attractive annuity feature is the ability to defer taxes during theaccumulation period. As long as the earnings generated remain in the annuity account, no federal or state income taxes are due. Once the money is annutized—given over to theinsurance company in exchange for a stream of payments over a predetermined period of time—a portion of each payment is taxed according to an IRS formula, while another portion is considered a return of premium, assuming premiums were paid with taxable dollars.

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