What is GST?

The Prime Minister is currently in Japan where he was asked when GST (Goods and Service Tax) will be implemented and he responded by saying that GST will not be implemented by the current government. GST is one single tax that will replace all existing indirect taxes, and it is supposed to simplify the tax […]

Roth 401(k) Plan

November 16, 2006

The Roth 401(k) plan is a combination of Roth IRAs and the traditional 401(k) plan. Commonly known as Roth 401(k) the plan also differs in some respect from the originals. The employer can offer the Roth 401(k) as well as the traditional plan 401(k) and the employee can contribute to both the plans but the […]

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Retirement Plan 401(k)

November 16, 2006

A longer healthier life translates inevitably into additional years in retirement. This is the phase of life for which you have to provide income if you are to relax and enjoy these twilight years of your life.  The Social Security provisions are not enough to live the comfortable life which you were used to during […]

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Education IRA versus Education Plan 529

November 16, 2006

Education IRA is a popular savings plan for all those aspiring to study in future. It provides an appreciable coverage of various education expenses including tuition fees, lodging, supplies cost and any other special costs involved during the course of education. However, over the last few years many alternative options have developed. One of them […]

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Benefits and Risk of Plan 401(k)

November 16, 2006

401(K) plan is one of the most critical financial instrument for any individual in US. Hence, its very important to know about the benefits and risks involved in the plan. This plan was initially meant for the executives but it was the workers who popularised it as they found the yearly contribution limits to be […]

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Basics of Roth IRA

November 16, 2006

Basics of Roth IRA The Individual Retirement Arrangement (IRA) or what is generally known as the Individual Retirement Account is the personal retirement savings plan of an individual, with taxable income that includes salaries, wages, tips, fees, bonuses, commissions, taxable alimony and separate maintenance payments. The Roth IRA is also an Individual Retirement Account which […]

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Traditional IRA – An overview

November 9, 2006

As the name suggests, Traditional IRA is one of the oldest Individual Retirement Account in United States. IRA accounts are primarily savings account; the benefits of which are reaped in one’s old age. IRA accounts are used to accumulate money with a government sponsored agency or some other reliable private agency. For example you can […]

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Traditional IRA compared with Roth IRA

November 9, 2006

No wonder how healthy we might be but we all realize that one day we will grow old. Hence, we all know that we should plan our retirement such that we have sufficient money to support ourselves and our family in those last 2-3 decades of life. Most of us invest money in retirement plans […]

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Simple IRA – Key Terms

November 9, 2006

IRA or the Individual Retirement Account provides double benefits to the customer. In the first instance it provides Compound Interest and the additional benefit is that there is no tax on this income. This mode of saving is really good if you have the money and can afford to keep it in the account for […]

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Introduction to Education IRA

November 9, 2006

Education IRA is an account created by the Taxpayer Relief Act 1997. It is meant to be used for meeting the educational expenses of the student. The expenses on tuition, books, supplies and items required for enrolment or attendance at the selected institutions, also the expenses of boarding and lodging as determined by the institution […]

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Rollover

October 5, 2006

Rollover refers to the transfer of funds from one retirement plan to another. This is normally tax free and for being such the transfer has to be between two qualified retirement funds or from one fund to an IRA

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