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Pensions

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Pensions

Merriam-Webster dictionary describes the pension as a fixed sum paid regularly to someone. What was once the largest retirement option is now found only in a few industries or trades. Even more troubling is that the Federal Government has allowed some pension plans to be lowered due to insolvency and possible mis-management of the plan. This was true to Teamsters in parts of the North East and Mid West United States after the 2008 great recession.

IRA, An Individual Retirement Account which receives tax advantages by deferring taxation until age 72 ½ or withdrawn. These plans goal is to grow the investment higher then it would grow if it were taxed now and higher then the future tax rate.

Some “experts” suggest that a participant will expect lower taxes upon entering retirement based on not having income from a job, however this is not the case and we are currently enjoying monumental low tax rates which may only increase in the near future.

A higher tax rate upon retirement is a double negative for these plans and Tax Mitigation steps should be taken to take full advantage of an IRA. There is a time when this money can be made tax free, but it takes planning. Note, any money taken out prior to age 59 ½ will be subject to an additional 10% penalty tax.

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Disclaimer

Dyal Financial and our “guards” (advisors) are not an attorney of law, a certified public accountant or broker dealers.

Our firm provides links to third party articles in an effort to assist users in locating information on topics that might be of interest to them. Information presented has not been verified and is not guaranteed, nor can we attest to the accuracy of information provided. Linking to an article or web site does not constitute a representation of the services offered by our firm nor does it constitute an endorsement by Firm of the sponsors of the site or the products presented on the site. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual's situation.

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