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Advantages and disadvantages of retirement plan?
Depends on what type of retirement plan, for specifics. But, "retirement plans" are usually covered by two major laws (ERISA and PPA) which grant certain tax advantages and protections to the plan's participants and beneficiaries. Most retirement plans are tax-deferred vehicles. That is, the money that is set aside in them, for retirement, grows without accruing tax liabilities. (Or, in English that means that while the money is in the plan, the money doesn't owe taxes... although typically when a participant withdraws the money in retirement it is considered taxable income on the participant's form-1040.) This is an advantage because the money grows faster over time without paying annual taxes than with. Another key thing about retirement plans, is that the assets are protected from bankruptcy. An employer's plan, is not an asset of the employer, but an independent trust. Also, while an employees money may be in the plan, it's not a direct asset of the participant. So, for example, if a company were sponsoring a 401k plan, and it goes bankrupt, the law provides that the assets are held specifically for the participants and beneficiaries. Similarly, if a participant in a plan files for personal bankruptcy, their retirement plan assets aren't subject to his/her creditors either. There certainly are other advantages, but you'd need to ask a more specific question for me to elaborate. There are a few disadvantages to a retirement plan as well. One that I hear occassionally is the limited availability of the money. As I said, most plans are governed by both law, and the specifics of the plan, found in a Plan Document. And, one of the general rules of law, is that that tax-advantages mentioned above, means that in general, plans make it difficult for a participant to take their money from the plan prior to retirement age (often "retirement age is considered to be 59 1/2 yrs old.) Usually, to take your money prior to retirement age, you would pay a 10% penalty in addition to counting the withdrawal as income. And, depending on your plan, there may be restrictions on why and how much you can take. More recently, some have commented that retirement plans also have hidden expenses and fees. I think some of this is press hype, since the fees are required by law to be disclosed if you ask... but, retirement plans may have some "different" (not "extra") fees associated with it. Again, the government requires that most plans have an annual audit, be held in a retirement trust, and do "testing" to be sure the plan doesn't discriminate in favor of some over others. These rules, and the accounting, recordkeeping, and other services to administer the plan may result in fees being charges to participants. (The law also requires the plan's trustees and sponsors to ensure that these fees are reasonable.) So, to be sure, a retirement plan isn't "free". But, when you compare these fees with other ways employees have to save -- bank funds, mutual funds at brokerage firms, or insurance policies -- typically the plan is cheaper since it gets a "group" discount because of the plan's size, as opposed to individual "retail" fees charged to a small individual investor. hope that helps
How many Ace Hardware stores are there in us?
There are 4400 USA stores accordign to Ace's VP of new business Development. They said they will open 100 stores in 08 and about the same in 09. Listen to his radioshow interview to undersand more about their store plans. IT is on the website www.acehardware.com
Never Touch Your 401k Retirement Plan?
When something big comes up, such as the need for a new car, you may be tempted to use the money in your 401k retirement plan to pay for it. This is possible, but it is not wise. For one thing, you will have to pay certain fees and penalties because you are not using the money in the way that you said you would when you started the plan. This will also mean that you will have the gratification of a new purchase quickly, but you will not have enough money to retire comfortable in the long run.
Why does the outsourcing of manufacturing improve the financial picture of many companies?
because God said
Who said Never was so much owed by so many to so few?
Winston Churchill
Who said No one ever plans to fail they just fail to plan?
Winston Churchill
Who said nobody plans to fail they fail to plan?
I think the quote is "by failing to plan, you're planning to fail" I could be wrong, and I think its by Abraham Lincoln, but I could be wrong. :]
Who said failures dont plan to fail they fail to plan?
Harvey Mackay said, "Failures don't plan to fail; they fail to plan."
Nobody plans to fail they just fail to plan?
That's true. Though after a few times failing, for lack of planning, I think it can be said that the very act of not planning is itself "planning to fail".
Who said the quote if you fail to plan then plan to fail?
I believe the quote is actually "If you fail to prepare then you are preparing to fail" and it would be Benjamin Franklin.
What is the meaning of if you fail to plan you plan to fail?
The meaning of the phrase "if you fail to plan you plan to fail" simply means if you do not plan out, it is recipe for failing. It means to plan out before you do something, think it out so to speak.
Can long term goals be accomplished without a plan?
Any perceivable goal could be achieved by suitable and feasible plan as it is said that usually we fail to plan but a good plan never fails .If we succeed without plan it will be a by chance achievement.
What does the idiomatic expression 'irons in the fire' mean?
Having other ( or many ) irons in the fire means having alternative plans of action. Usually said when one plan is threatened with failure or frustration.
What are evanescence's plans for the future?
Amy Lee said that she doesn't want to plan anything for Evanescence at the moment. She wants to do her own thing for now.
Do you fail to fail but suceed to suceed?
No you succeed to fail and succeed to succeed,and you fail to succeed.But if you succeed, but you meant to fail, then you had to of failed to fail, thus what you said is incorrect.Paradox anyone?
What should a security plan should address?
Most companies, and even families, have security plans. A security plan should identify possible threats, analyze said threats as to plan strategies to reduce the chances of those threats happening, and a plan ready in case one of the threats does occur.
What company offers medi gap insurance plans?
Medigap is offered by Medicare. You can contact Medicare and ask them questions about this type of insurance plan for your family. It is said to be very reasonable.
