It's High Time for Lifetime Savings Accounts
I'm constantly reading articles on the internet and in financial magazines in which so-called financial planning experts express perplexity as to why about 30% of employees do not participate in their employers' 401(k) plans. These writers don't seem to have clue. Well, allow me to enlighten them a bit. For the most part, it's because of the restrictions imposed on the employees' money. Also, because many people never know when they might need access to their money, they are unwilling to tie it up for long periods of time.
They would rather give up the tax advantages as well as their employers' matching contributions than to have those restrictions and age requirements placed on their money.
I know because I was one of those people for many years. I just couldn't bring myself to tie up my savings like that until I could see that my retirement was less than 25 years away. Unfortunately, it's not advisable or practical to wait that long to start saving for retirement.
It's not just 401(k) plans that tend to scare people off.
All of the tax-sheltered accounts currently available require us to either use the money the way the government dictates (for retirement, education, medical expenses, buying a house, etc.) or jump through a bunch of hoops (which usually requires extensive knowledge of tax laws or the services of an accountant or tax lawyer) to be allowed to do otherwise.
Anyway, what good would even a 50% average annual return do you if died before you were legally allowed to access those funds? It's high time we got a tax-sheltered account which allows us to spend our money when, where, and how we want, without having to ask for anyone's advice or permission. After all, it's our money and we don't need a government nanny watching what we do with it.
So, what's the solution? Congress should get busy and pass legislation to create a Lifetime Savings Account option for taxpayers. There is at least one proposal for this kind of account floating around in Congress right now, with more expected soon.
These accounts are not be confused with the so-called personal savings accounts that might be a part of any Social Security reform. Lifetime Savings Accounts would not be in any way connected to Social Security.
My version of the Lifetime Savings Account would be just like a Roth IRA in many ways, including the fact that withdrawals would be exempt from federal tax except (1) there would be no income eligibility limit, (2) withdrawals could be made at a time and at any age, and (3) the annual contribution limit would be higher. During the first year it was available, I would allow a "catch-up" contribution of up to $50,000 per individual and $100,000 per married couple. This would be an attempt to offset the fact that we should have had this option several years ago.
This money could be shifted from a person's taxable savings, IRA, Roth IRA, 401(k), or any combination of those vehicles. Beginning in year two, the maximum contribution would be set at $10,000 ($20,000 per married couple) and would be increased a little each subsequent year, based on the inflation rate.
A Lifetime Savings Account would encourage more people to save money, even if just for the short term. More people could afford a bigger down payment on homes and automobiles. More people would likely begin saving for retirement and/or their children's education using this kind of account because of its lack of restrictions.
Overall, it would be better for our economy.
Write or call your representative and senators and ask them to pass legislation to create Lifetime Savings Accounts. For more information about Lifetime Savings Accounts, see the following link: http://www.lifetimesavingsaccount.com..
Five Top Colorado Bioscience Company CEOs Present at This Year’s BioWest Investor Forum
Denver, CO (ContentDesk) July 28, 2006 -- The Colorado BioScience Association (CBSA) and the Colorado Office of Economic Development and International Trade (OEDIT) jointly announce participation of the following Colorado bioscience CEOs in the BioWest Investor Forum on August 24, 2006 (3:45 - 5:45 p.m.), at the Colorado Convention Center:
Paul Berns, Allos Therapeutics; John Serino, Encision; Bill Freytag, Myogen; Patrick Mahaffy, Pharmion; and Ken Collins, Replidyne. This is the first time that a group of CEOs at this level have presented in one place at one event in Colorado, says Denise Brown, CBSA Executive Director. They will discuss their newest clinical findings, regulatory approvals and other relevant investor information. Conference registration is required in order to attend the Investor Forum.
Complete registration details for the BioWest Conference and Expo are available at http://www.BioWestConference.com."The...
Ira > Five Top Colorado Bioscience Company CEOs Present at This Year’s BioWest Investor Forum
Ohio PR Veteran Establishes Pecchia Communications
CANFIELD, Ohio (ContentDesk) Nov. 11, 2005 -- Dan Pecchia, a 24-year veteran of Ohio's public relations and news circles, today announced the establishment of Pecchia Communications, a business writing and PR firm.The new firm will serve challenging writing and PR needs of companies and marketing agencies.
Pecchia Communications maintains a website at www.pecchiacomm.com.
"Today's business climate puts a premium on fast, precise and efficient communications," Pecchia said.
"Our practice is set up to serve this growing need."Pecchia had worked for seven years at Innis Maggiore, a Canton-based marketing agency, most recently as a vice president and one of its five managing principals.
Prior to that, he was with Ira Thomas Associates in Youngstown for six years, most recently as director of editorial services.Previously, Pecchia served four years as business editor of The Vindicator, Youngstown, Ohio, a daily newspaper serving northeastern Ohio and western...
Ohio PR Veteran Establishes Pecchia Communications
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Kindred Media Group and Solaris Entertainment Announce Production Begins on 'Superheroes'
West Hollywood, CA (ContentDesk) October 28, 2005 -- Kindred Media Group announced today that it has partnered with Solaris Entertainment to begin production on writer-director Ed Radtkes Superheroes, the first film to be financed at the production stage by Kindred.Produced by Greg OConnor ( Tumbleweeds, Miracle ) and Solaris exec Josh Fagin with industry veteran Ira Deutchman, Superheroes is an lyrical and imaginative independent feature film that tells the story of a thirteen-year old orphan thief who escapes the mean streets of New York by stealing video cameras with his friends and retreating into the documented lives of New York City tourists. Superheroes began production on October 15, 2005, and stars Jeremy Allen White, Peter Appel, Justin Soto, Samantha Hosie-Leung, Gil Rodgers, and Ed Seamon. OConnor is also producing the upcoming Pride & Glory for New Line, which will star Colin Farrell, Edward Norton, and Nick Nolte. Ed Radtkes last film, the highly acclaimed...
Kindred Media Group and Solaris Entertainment Announce Production Begins on 'Superheroes'
Ira > Kindred Media Group and Solaris Entertainment Announce Production Begins on 'Superheroes'
Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
Woburn, MA (ContentDesk) October 26, 2005 -- Employers who offer 401(k) or 403(b) plans can start to offer their employees a Roth version of their plans on January 1, 2006. So, now's the time to ask your employer's benefits department whether they have started the process of amending their plan documents.
Don't be surprised if your employer balks, however, since Roth 401(k) s are scheduled to sunset on December 31, 2010 - meaning you'll have only five years to contribute to this type of account, unless a future tax bill extends their shelf life. A Traditional Salary Deferral Plan Versus A Roth
While contributions made to your current 401(k) or 403(b) plan reduce your taxable earnings, you will be taxed on money withdrawn from these retirement savings accounts eventually. With a Roth account, you forgo a tax savings today, but the money invested within the account grows tax-free - provided you're at least 59 1/2 and the account has been open for at least five years...
Ira > Find Out Now If The New Roth 401(k) or 403(b) Is An Option For You
The Basics of Business Record Keeping
As a business owner, you may rely on an outside accountant to do your taxes and prepare financial statements. However, it's best that you or someone in your organization take on the responsibility of keeping an accurate set of financial records. Keeping good records yourself, no matter how unpleasant it may seem, will minimize the costs of paying an accountant and allow you more control of your financial information and operations. Maintaining good records can also help you avoid headaches at tax time by keeping track of your receipts and other records throughout the year. This can help you remember the various transactions you made during the year so you can properly document and maximize your tax deductions.
Normally, tax records should be kept for three years, but some documents - records relating to a home purchase or sale, stock transactions, IRA and business or rental property - should be kept longer.Good record keeping not only enables the IRS to evaluate your business...
The Basics of Business Record Keeping
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HSA for America Publishes Issue 6 of Maximize Your HSA
(ContentDesk) October 31, 2005 -- HSA for America has published Issue 6 of Maximize Your HSA. We feel it is important to help our clients get the maximum value from their health savings account, says Wiley Long, President of HSA for America.
Because HSA-qualified health insurance plans have high deductibles, charges for doctor visits, prescription drugs, and other medical expenses are typically paid for from the health savings account.
By knowing how to keep these expenses to a minimum, and what expenses can be paid for from a health savings account, an HSA owner can save hundreds or thousands of dollars. Maximize Your HSA is published monthly, and distributed via email.
Previous issues have covered ways to keep health insurance premiums low, how to pay for dental expenses from an HSA, and when over-the-counter medicines or nutritional supplements can be...
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Transfer of Power: How to Safely Restore Power to Your Home
Romeoville, IL (ContentDesk) May 8, 2006 -- With hurricane season just around the corner, homeowners are buying portable generators in record numbers. However, very few people truly understand how to safely get the electricity from the generator into the house.According to Jon Hoch, founder of ElectricGeneratorsDirect.com (http://www.electricgeneratorsdirect.com), you NEVER should back feed the electricity into the house. If...
It's High Time for Lifetime Savings Accounts Ira
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When Flowers Delivered Comes up Smelling of Roses
(ContentDesk) June 22, 2006 -- Providing flowers and Hampers across the UK, thanks-a-bunch.co.uk is one of a new class of online entrepreneurial enterprises offering deliveries of gifts, hampers and flowers. Lean, flexible and all too rare for an Internet start-up cash positive, thanks-a-bunchs online sales are soaring.What started as a cottage industry, Internet floristry is now big bucks and the company entered a highly competitive maturing market. So what is the secret to their success...
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Ira > When Flowers Delivered Comes up Smelling of Roses