Individual Retirement Plans
Retirement plans are much like a pair of shoes, some want something fancy, others may want something comfortable, while some may just want thee bare essentials- one size does not fit all! Some retirees may want to travel and see the world, while others may just want to relax in front of the fireplace.
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Most Individual Retirement Plans will commence when an employee is around the age of 50, but this can also be available for persons as young as 40 years of age. Even so, this type of plan may not be for everyone. Considerations which should be made for those interested in Individual Retirement Plans could include current and projected income, the desired rate of returns, the nature of your employment and several other key factors. Due to their generally higher level of complexity, it is most advisable to speak to a specialist with sufficient training and experience to guide you through the various available options and benefits of this kind of retirement plan.
Advice for Individual Retirement Plans
Most pension schemes are however group schemes and offer very little wiggle room for customising the kind of benefit package which may suite your needs. For this reason you may want to consider an Individual Retirement Plan- while is essentially a retirement plan for just one member, you. Although these types of plans are typically aimed at higher income individuals, there are options available for every income bracket.
Even though this can be entirely funded by an employer, there are options available for co-contributions by you and the employee. The great thing about this specific type of plan however, is that unlike other retirement plans, this one becomes more beneficial to you the older you are when you start.
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Are you just looking for an answer to a general question? We always provide free advice to individuals and self employed persons. You can send us an email, call us or fill in the form. But you should be asking answers to general questions.
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No we do not charge any fee for initial consultation. We will try to give you free guidance if its something you can do easily by yourself. We will only charge you if you appoint us to do some work for you.
We are giving free advice on general questions and this is one way of paying back to our local community who cannot get through to tax man. But if your question is of specific nature, we will tell you about our fee.
You can certainly ask question about accounting but you should know that we cannot teach you accounting over the phone or online. If you are not familiar with book keeping or accounting, its best to hire an accountant?
If you are only after advice, we will make a decision after hearing question. It may take further investigation and we may have to look into your personal circumstances to answer your question.
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If a person already has 35 qualifying years or is likely to do so by the time that they reach state pension age, missing a year will not adversely affect their state pension entitlement. However, if they have less than 35 years (and will be able to reach the minimum 10 years needed for a reduced state pension by the time that they reach state pension age) making voluntary contributions can be worthwhile.
While any gain on the sale of a property that has been the taxpayer’s main residence throughout the period of ownership is covered by private residence relief, the flip side is that if the main residence is sold at a loss, the loss is not an allowable loss for capital gains tax purposes.
Taking a loan can be tax efficient, particularly if paid back before the trigger date for the s. 455 charge. It may be an attractive option to get over a difficult period where a return to profitability is anticipated, allowing a dividend to be declared to clear to loan balance.