Retirement Plan
When determining your retirement you must first assess your source of income, savings, expenses and managing of income. You have to take into consideration the location, the standard and when you will work your final day ("Retirement Planning Definition"). Retirement planning will vary throughout your life because each stage a different goal is trying to be achieved. In the early stages the ultimate goal is putting enough aside and it the later stage it is about the non-financial, lifestyle aspect ("Retirement Planning Definition"). There are a variety of retirement plans (and a brief description) that are offered:
• Traditional IRAs – may be tax deductible, earnings grow on a tax deferred basis, tax isn’t taking until the money …show more content…
- Estate Planning - Fidelity")
Although, there a wide variation of trust; they fall in the one of the two categories (revocable or irrevocable).
Revocable trust - can be altered or canceled dependent on the grantor, earned income is distributed to the grantor and only after death is property transfer to beneficiaries ("Revocable Trust Definition").
Irrevocable trust – cannot be altered or terminated with the permission of beneficiaries. The grantor assets into the trust effectively losing his right and of ownership to trust and assets ("Irrevocable Trust Definition").
Estate Planning
Investopedia list some of the major estate planning tasks include:
• Creating a will
• Limiting estate taxes by setting up trust accounts in the name of beneficiaries
• Establishing a guardian for living dependents
• Naming an executor of the estate to oversee the terms of the will
• Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
• Setting up funeral
When determining your retirement you must first assess your source of income, savings, expenses and managing of income. You have to take into consideration the location, the standard and when you will work your final day ("Retirement Planning Definition"). Retirement planning will vary throughout your life because each stage a different goal is trying to be achieved. In the early stages the ultimate goal is putting enough aside and it the later stage it is about the non-financial, lifestyle aspect ("Retirement Planning Definition"). There are a variety of retirement plans (and a brief description) that are offered:
• Traditional IRAs – may be tax deductible, earnings grow on a tax deferred basis, tax isn’t taking until the money …show more content…
- Estate Planning - Fidelity")
Although, there a wide variation of trust; they fall in the one of the two categories (revocable or irrevocable).
Revocable trust - can be altered or canceled dependent on the grantor, earned income is distributed to the grantor and only after death is property transfer to beneficiaries ("Revocable Trust Definition").
Irrevocable trust – cannot be altered or terminated with the permission of beneficiaries. The grantor assets into the trust effectively losing his right and of ownership to trust and assets ("Irrevocable Trust Definition").
Estate Planning
Investopedia list some of the major estate planning tasks include:
• Creating a will
• Limiting estate taxes by setting up trust accounts in the name of beneficiaries
• Establishing a guardian for living dependents
• Naming an executor of the estate to oversee the terms of the will
• Creating/updating beneficiaries on plans such as life insurance, IRAs and 401(k)s
• Setting up funeral