money sectionmoney sectionYou've no doubt heard many of the old adages about building a retirement nest egg: Aim to save $1 million, withdraw 4% a year to live on, plan for expenses that are 75-80% of your pre-retirement…
If you die before collecting your pension, a few key things are going to happen next. Find out what happens if you die before collecting your pension with help from a financial expert in this free…
You should start saving for your retirement as early as possible during your working career. Learn what to do if you need to retire but haven't saved enough with help from a best-selling author and…
How much money you’ll need to save every year to achieve your retirement goals depends on a number of personal factors that include: your life expectancy; your desired lifestyle; whether you…
The term "rollover" broadly refers to the process of moving your retirement savings either between accounts or financial institutions. Typically, most people roll over their 401(k) or other…
When it comes to retirement, time is mostly on your side. Thus, if you are still many years away from retirement you still have time to build up your nest egg. However, if you are closer to retirement…
After 10 years of marriage, you and your spouse decide to divorce. You amicably agree on a 50/50 split of all assets. But wait. Through your employer, you have a pension. Likewise, your spouse has a…
Calculating your income tax during retirement can be an intimidating and complex process, depending on how you've saved for retirement. Many retirees draw income from a variety of assets. The main…
Roughly half of all marriages in the United States end in divorce. Consequently, many married couples currently planning for retirement may eventually need a Qualified Domestic Relations Order (QDRO).…
When you receive a lump sum distribution from an employer’s pension plan, you have several options. If you hold onto the funds -- depositing them in your savings account, for example -- federal…
You can set up retirement withdrawals in a very specific way. Get help with setting up retirement withdrawals with help from the manager at an independent investment advisory firm in this free video…
Joining the military has its advantages, especially when it comes time for retirement. Those in the military enjoy a number of benefits that civilians are simply not entitled to. Going into military…
Pension settlements are typically offered by businesses wishing to decrease the amount of money paid to you upon retirement. The pension settlement could propose a lump sum payment in lieu of lifetime…
Pension plans are funded based on the requirements set forth by the Pension Protection Act of 2006. This particular act defined the manner in which a lump sum distribution is calculated, including the…
Pensions allow employees to contribute funds to benefits plans that will offer them fixed or variable payments when they retire. If you are married, your employer may reverse pension funds acquired…
When you are enlisted in the military, you are entitled to many special benefits both during and after service. One of these benefits includes potential access to military medical retirement pay,…
If you have served in the military, the United States government rewards your sacrifice with retirement benefits. If you became disabled while serving in the military, the Department of Veterans…
Stakeholder pensions were developed in the United Kingdom as another savings alternative for workers preparing their retirement. Stakeholder pensions have advantages over other savings products that…
When you invest in a retirement plan such as an employer-sponsored 401k, you may have the ability to choose from a variety of stocks, bonds and mutual funds to help you grow your retirement savings.…
A multi-employer pension plan is a retirement plan to which a group of businesses contribute. These types of plans are designed so that the businesses share the cost of administrating the plan and its…
When emergencies come up, it may be necessary to apply for a hardship withdrawal from your pension. Applying for a hardship distribution from a retirement plan should never be the first option, but…
The Illinois Department of Employment Security administers the unemployment insurance program for the state. If you receive Social Security or a pension, you may receive reduced unemployment benefits…
When a worker chooses early retirement or receives strong encouragement from an employer to accept early retirement, the arrangement might require financial adjustment on the part of the worker. If…
A 401(k) plan is a way for employees to save some of their earnings toward retirement. Most employers who sponsor 401(k) plans allow employees to contribute to the plan through automatic payroll…
If you've come to an agreement with your soon-to-be ex-spouse on dividing pension assets, you can facilitate the split by having an Illinois family court issue a Qualified Domestic Relations Order…
Unlike employed individuals, who often have access to an employer-matched retirement plan, as a self-employed worker, you must stash away 100 percent of your cash for retirement with no matched funds.…
The Internal Revenue Service offers a number of tax benefits to pension plans to encourage their use as retirement accounts. If you need to cash in your pension benefit before retirement, the…
Some people recommend that people save 10 percent of their income each year they work for retirement. The prevalent thought is that as long as a person saves 10 percent of his income, he should be…
While retirement benefits such as pensions may seem abstract when you begin your career, they become an increasing concern for many workers the closer they are to retirement age. One issue workers of…
Employers are required to pay taxes each year, though tax rates and amounts vary by state and other factors specific to each business. These include the type of business, the number of employees and…
Planning is an integral part of a manufacturing company’s management process. It enables a company to operate profitability and maximize its investment in equipment and raw materials for an…
On Jan. 1, 2011, 10,000 baby boomers celebrated their 65th birthday. Ten thousand more will celebrate it every day for the next 19 years; by 2030 the entire boomer generation will be senior citizens.…
Depending on your age and how long you might live, you might need to save more than $3 million to live comfortably in your golden years. For some, working for wages may linger a bit longer than…
A retirement fund such as an Individual Retirement Account (IRA) is designed to help you save for retirement, not to help you buy a home. As a result, you may face certain taxes and penalties if you…
Contributing to a qualified retirement plan usually results in income tax benefits, but setting aside too much results in tax penalties. On certain types of retirement accounts that permit both…
According to an IRS ruling, employees may force employees to participate in the company's retirement plan provided sufficient notice is given to the workers. Employer-provided retirement products such…
Retirement distributions from your employer’s pension program generally are included in your taxable income. Pension distributions may be fully taxable or only partially taxable, depending on…
Like your married couple counterparts, you've commingled your finances with your significant other and purchased property. If you've split up or are thinking about your future, it's natural to be…
Your pension may become an important source of income during retirement. Your pension is usually retirement income funded entirely by your employer, although some pension schemes allow you to fund…
When assessing how to proceed with your retirement planning, it can be frustrating when trying to choose the "right" plan. This can also be the case for employers who must choose what type…
In the United States, weekly unemployment compensation benefits are potentially available to workers who are temporarily unemployed. While each state may have slightly different requirements for…
The closer that employees in a pension plan get to retirement, the more mature that fund becomes. If a pension is not properly funded, that is if there are not enough assets to cover liabilities, as a…
American citizens can save for retirement through a variety of means, from personal retirement accounts to employer-provided pensions. Employer-provided pensions provide continued payment in…
A pension plan is a retirement scheme funded by your employer. Generally, the pension is funded entirely by your employer, but some pensions allow you to contribute to the plan through salary…
When you go through divorce, it can lead to many financial issues, including depleting your retirement savings. If you are in the process of going through divorce, you may be able to take a hardship…
The Thrift Savings Plan is essentially an alternative to the 401k for federal employees. Like the 401k plan offered by many private employers, if you are a federal employee, you can opt into the TSP…
Your retirement plan may be your greatest investment. This money will support you when you can no longer work. Because of this, it's important that you protect this money from loss by making wise…
When you cash in a pension plan, you receive your account proceeds as a lump sum. Normally, you cannot withdraw money from a pension that your current employer funded while you are still employed.…
The Survivor Benefits Plan is an insurance plan that allows retired military wives to receive their deceased husband’s pay. At retirement, the husband's automatic enrollment in the Survivor…
In a perfect world, everyone would have enough money to pay off all their debts, build a savings fund for emergencies and fund a comfortable retirement. But in the real world, people must prioritize…
When deciding on a retirement home, career members of the military often take into account the way a particular state taxes retired military pensions. Oklahoma offers a state tax break for retired…
When you work for a company with a pension, you are building a retirement benefit. A pension is designed to pay you monthly retirement payments as long as you are alive. What happens to your pension…
After putting money into a 401(k) or a similar employer-sponsored retirement plan, you may decide that you need access to some of that money immediately for a financial emergency. While individual…
There are many scholarships available to the children of retired military parents, and the majority of them are available to students pursuing an undergraduate degree -- in fact, the majority of them…
Pension is a general term for a retirement benefit offered to an employee from a government or from a private business or individual. Pensions are considered defined benefit retirement plans, as…
What happens if someone sues you and the only substantial asset you have is your 401(k) plan? Can that be attached by a creditor or lawsuit? Knowing the rules that govern the vulnerability of these…
Many qualified retirement plans offer tax deductions for your contributions, such as traditional IRAs, 401(k) plans and 403(b) plans. Even if you claim these deductions, you may be eligible to claim…
Pensions are retirement plans funded entirely by your employer. A pension plan allows your employer to fund your retirement by making contributions to the plan for you. These contributions are…
Your 401(k) plan is an important part of your total retirement plan. This retirement account allows you to put money away for your future and invest it in a basket of investments made available to you…
When you stop working for the federal service, you will no longer be allowed to contribute to your Thrift Savings Plan for retirement. If you begin working for a private employer, consider moving your…
A person seeking a loan might be required to provide collateral — usually a non-cash asset — to secure the loan. This allows the lender some security against the loss of too much money if…
The Internal Revenue Service offers several types of qualified retirement plans that reduce your tax burden when you save for retirement. To reduce your tax burden, you need to make your contributions…
For those that aren't lucky enough to have an employer that offers a pension, saving for retirement may seem like a burden. One of the hardest parts of saving is getting started and adding money to…
If you are terminated from your current employer, you may be eligible to keep your pension benefit. Your total pension benefit is based on the number of years you worked at your company and your…
In most cases, you can only withdraw funds from an account that has your name on it. This is true whether or not you are the spouse of the account owner. While you can usually make a deposit to…
The types of retirement savings can be categorized several different ways. The federal government stresses the importance of retirement savings by providing income tax advantages to different programs…
Income taxpayers who live full time in the state of Montana and earn income from pension plans may be required to pay taxes on all pension earnings if their federal adjusted gross incomes (AGI) exceed…
Your pension distribution in most cases will be either fully or partially taxable. At the end of the year, your pension administrator sends you a Form 1099. This form lists the amount you should…
Retirement is a time to celebrate your work accomplishments and look forward to the leisure of retired life, but poor planning stands to ruin that possibility for some retirees. Identifying potential…
If you make a hardship distribution from your company's retirement plan, your short-term investment options will be limited. You cannot rollover the hardship distribution into any sort of company…
When you work for a company that offers a pension plan, you know that your retirement will be taken care of when you reach the proper age. If you pass away before you reach retirement, your pension…
If your spouse had a pension benefit at work, you should be able to claim the remaining benefit for yourself. A pension does not begin making payments until a worker reaches a specific retirement age,…
A pension is supposed to provide a steady income after an individual retires. Although the benefit contracts for most pensions specifically protect the retiree from an arbitrary cancellation of…
If you participate in an employer-sponsored pension plan in California, it is probably either a defined-benefit plan or a defined-contribution plan. Pension plans in California and other states are…
Variable pay plans are schemes of remuneration in which the amount of money paid out depends on some metric. There are two types of variable pay plans: bonus plans and incentive plans. The plans are…
Many people find themselves in positions where they either have no employer-sponsored pension plan, or they feel they need to create their own to supplement the pension plans they already have. There…
The idea of a comfortable retirement after a productive career has long been part of the American dream. But unfortunately, statistics show that most Americans are less prepared than ever for…
The IRS provides a variety of tax incentives that encourage investors to save for retirement and lower their income tax bills at the same time. In order to take advantage of these incentives, these…
Many individuals approaching retirement age are unable to continue working because of a chronic illness or disabling condition. While most of these individuals decide to take early Social Security…
When debtors owe money, creditors use different tactics in an attempt to obtain money owed. One of these tactics is garnishment. Garnishment allows a creditor to have money taken out of bank accounts…
When you receive a pension lump-sum amount, you're getting more than just a lifetime of retirement savings. You're taking on a significant responsibility. You must manage your retirement savings…
Saving for retirement is an important endeavor that you should plan carefully. According the United States Department of Labor, more than 50 percent of Americans fail to calculate the amount needed…
If you accept a lump sum payment when you retire, you could end up paying income taxes on this money. Whether you do or not depends on a few things: first, the type of retirement account you have,…
Many Americans choose to move when they retire. Some want to be closer to their grandchildren, while others have always wanted to live in the mountains or on the coast and finally have the chance to…
Self-employed individuals have several options when it comes to saving money for retirement. They are not eligible to set up a regular 401k plan for themselves, even if they do so for their employees.…
Saving a portion of your earnings combined with a conservative investment strategy result in a safety net for emergencies and a comfortable retirement income. If you've just punched your first time…
It may seem as though moving from job to job will give you great experience with an array of companies and positions -- and this is an advantage of job hopping. However, along with the advantages are…
Social Security regulations allow qualifying individuals to take early retirement at age 62 at a reduced monthly payment. Retirement at age 62 pays about 25 percent less than you receive at full…
When you work for a railroad, you receive a pension benefit that lasts for the rest of your life. Working on a railroad system in the U.S. entitles you to certain tax exemptions. These tax exemptions…
Science experiments at all levels of skill and complexity, from school through to company research, must be planned and thought through carefully before executing. Within schools, this helps children…
Getting to retirement is one of the ultimate financial goals of most people, but once you get there, figuring out how much money to spend can be tricky. When planning out your retirement, you need to…
Kentucky residents must pay taxes on their retirement income, including pensions. However, a portion of the pension is excluded from Kentucky tax. You must complete a worksheet to determine your total…
People who serve in the U.S. military for 20 years or more, either as an active duty service member or a reservist, receive guaranteed retirement pay. As of 2011, this pay begins on the day the…
Setting objectives for your business is important because they clearly outline where your business wants to be. These objectives provide the framework for a plan that communicates how you will realize…
A pension in retirement can make you quite financially comfortable, and it's usually one of the perks of working for state or federal government. However, you still need to figure your future earnings…
Pensions are retirement accounts normally funded by your employer. Your employer makes contributions to the plan, invests those contributions, then distributes them to you when you retire. Pension…
If you withdraw from a 401(k) or an Individual Retirement Account before you turn 59 1/2, you'll pay a price. Specifically a 10 percent price: If you withdraw $2,000, you'll have to treat it as…
Postretirement income generally includes savings; Social Security; and distributions from annuities, CDs, IRAs, 401(k) plans and similar types of investment tools and retirement accounts used in…
The Illinois Department of Employment Security (IDES) administers the state's unemployment insurance program. The Illinois Unemployment Insurance Act requires certain employers to pay to the state's…
With the instability of the federal Social Security payment system as of 2011, saving for retirement has become commonplace for most Americans. Two popular methods for retirement savings are…
Though a pension is generally reserved for retirement use, unforeseen circumstances and financial considerations may prompt the need to borrow from it. If you are faced with either of these scenarios,…
How much money should you put into pretax retirement savings? For most people, it's as much as you can afford. According to Liz Davidson in "Are You Ready to Retire?", you will likely need at least…
With pensions shrinking and workers asked to take a more active role in their financial planning, it has never been more important to plan for a secure retirement. The government makes planning for…
Although the idea of retiring early may be appealing, ensure that early retirement makes financial sense before going through with it. Risks involved with early retirement include tax penalties, loss…
A 401(k) plan is a government-established retirement savings plan that lets you invest money earned before taxes are taken out. There are a number of significant tax advantages to opening a 401(k)…
Federal tax on pensions is determined by the IRS and the laws passed and codified in the Internal Revenue Code. The IRS administers law and issues publications to help taxpayers understand the…
Woodworkers, including custom cabinet makers, held 323,300 jobs in the U.S. in 2008, according to a December 2009 report from the Bureau of Labor Statistics. A number of them work as custom cabinet…
Although you may not be able to take it with you, you don't want to leave it on the table for Uncle Sam either. Pick up your money and deposit in into a retirement saving account to receive a tax…
People can make many changes to become more self-sufficient. Even those who live in urban areas can reduce their footprint on the Earth and save money in the process. To accomplish a more…
RPP and RRSP programs are savings accounts created by the Canadian government in order to help employees save. In some ways they are similar to American accounts like IRAs, in that they are often…
Planning for retirement requires understanding how retirement accounts work and designing a strategy that fits your present and future financial situations. Even with unique retirement strategies…
Many retired individuals receive distributions from a pension or other retirement plan. Depending on the type of plan, the distributions may or may not be taxable. In most cases, if you are receiving…
Retired workers who receive pension payments may have to pay federal income tax on their distributions. The amount of tax they owe depends on the type of pension plan they participate in, when they…
Pensions are retirement plans funded by your employer. These retirement plans consist of contributions which are professionally invested on your behalf. The employer does not have direct control over…
Conducting layoffs are difficult, and one of the most undesirable tasks for a human resources manager. Telling an employee that his job is ending has a major impact on the employee's family and your…
The fear of not having enough money for retirement can be very real. While how much you should save for retirement will depend on your lifestyle, a basic consensus exists as to the average percentage…
Divorcing spouses have a right to a fair division of their marital retirement accounts. In most states, courts view both types of benefits marital property if the contributions were made during…
The Internal Revenue Service, IRS, does not require employers to offer hardship withdrawals from their 401k, 403b or 457b retirement plans, but allows them to include provisions for hardship…
Financial planning, and retirement, for self-employed individuals is necessary since you won't have a company pension to rely on. Social Security may provide some money for you, but your own efforts…
Retirement is supposed to signal the start of your golden years: relaxation and stress-free living, free from work obligations. The reality is that retirement budgeting befuddles the best of us,…
Federal government employees have a bewildering variety of options to choose from for their retirement. The benefits offered by federal retirement programs depend on an employee's length of service…
When you retire, you have to rely on income from your pension, Social Security and other investments. You can raise money for your retirement years by setting aside some of your earnings during your…
When you retire, your employer may offer to pay a lump sum payout for your time with the company or a monthly pension amount until you die. Before choosing your pension payment method, consider the…
Many baby boomers face an insecure financial future as retirement age approaches, according to an Associated Press article appearing in the "Charlotte Observer" in December 2010. The story points to a…
Retirement planning may seem complex and daunting at first blush. Trying to figure out how much you're going to need 20 or 30 years in the future and how much you need to start saving now to reach…
Individuals who worked for the General Telephone and Electrics Corporation are typically entitled to pension benefits when they retire, but these benefits may begin at different times for each worker.…
After beating the final boss in "Torchlight," a new non-player character named Goldenrod appears in town. She offers the option to retire your character. The retirement system is designed to give you…
Saving for retirement is one of the most important things you can do with your money. Since the number of companies offering traditional pensions has decreased to nearly nonexistent levels, and the…
If you have your savings in a typical retirement account, such as an IRA or a 401(k), you can benefit from the deferral of taxes on any income you earn within the accounts. Unfortunately, the deferral…
As the pension funds of cities and states struggle to meet increasing financial responsibilities with dwindling resources, more workers are looking to additional work sponsored investment plans to…
A pension is a regular income after you retire from working. You may receive a pension from a former employer or trade union, from a government body or from an insurance company. Maryland considers a…
Veterans with disabilities qualify for a number of benefits from the government. The veteran has options as to which type of benefits he wishes to collect. Ex-spouses of disabled veterans and any…
The federal government looks after the welfare of retirees and their surviving spouses. In fact, the Social Security Administration has published policies and guidelines that surviving spouses can…
The laws about retirement accounts in the U.S. are extremely complex, verging on arcane, as they have been modified dozens of times to add new classes of accounts and close various loopholes. One of…
The funds that you or your employer contribute to your pension plan are tax qualified, which means that the money grows tax-deferred. In the United States, qualified pension plan operators must abide…
While grants for college students or young men and women may seem like the norm, many grants are also available to older women who may need financial assistance with living expenses or educational…
If you experience a short-term need for cash and have exhausted other resources, you may consider tapping into your retirement account. Only certain types of retirement accounts permit loans. IRAs do…
Divorce is often stressful and complicated. Depending on your circumstances, you will need to agree on a number of issues, such as child support and custody, spousal support and asset distribution.…
A retirement account holder may take an early retirement plan distribution before he is 59 1/2 years old. The IRS charges a 10 percent early distribution penalty in addition to federal income taxes.…
It's possible to borrow from your retirement pensions, such as a 401k, but will depend on what your retirement plan allows. If you do borrow, it's risky and should only be done if in dire need and…
Children of deceased veterans are entitled to benefits under the provisions of the old Montgomery GI Bill. However, the U.S. Department of Veterans Affairs has launched a newer version of this bill;…
When a person is filling out a resume, he will almost always include a list of his former employers. This list will generally include the name of the employer, the position you held and the employer's…
There are many savings and investment programs available to help you prepare for your retirement years. Numerous corporations have established pension and profit-sharing plans. The federal government…
The financial industry provides estimates on how much people should spend on housing. However,no clear-cut answer exists for how much you should pay in rent because the cost of living in your area…
You could challenge the fact that gold is money, based on comments made by Federal Reserve Chairman Ben Bernanke to Congressman Ron Paul, that "gold is not money; it is an asset." Unfortunately, the…
An employee may choose to receive funds from his qualified retirement account in several ways, including a lump-sum payment. Many employers automatically withhold 20 percent of a lump-sum distribution…
Being the widow of a veteran is challenging enough without having to consider whether or not you will receive benefits from your husband's term of service and what those benefits may be. The U.S.…
Georgia state laws differ from federal law on the issue of income taxation. When you spend your entire life building a retirement savings, having this money taxed means you are losing your precious…
When you have money built up in a retirement account and you are getting close to retirement age, you have to decide how to best access the money. You may have to decide between taking money out…
A Keogh plan offers a retirement investment alternative to employer 401k plans for individuals who are self employed, as well as for their employees. Like a 401k plan, a Keogh plan permits retirement…
