Boosting Your 401(k) Plan's Returns
Your 401(k) plan's ultimate size is primarily
a function of two factors - how much you contribute and how much
you earn. Of course, you know you should contribute the maximum
amount possible ($14,000 in 2005 plus a $4,000 catch-up contribution
for individuals over age 50, if permitted by the plan). But what
steps should you take to maximize your returns? Consider these
tips.
[FULL ARTICLE]
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Is Your 401(k) Plan Enough?
For the vast majority of workers, a 401(k)
plan may be the only retirement plan offered by employers. If
you won't receive a traditional pension benefit from your employer,
will a 401(k) plan be enough to fund your retirement? Answering that question is difficult because
the 401(k) plan has only been around for 20 years, so no current
retirees have saved in a 401(k) plan for their entire working
career.
[FULL ARTICLE]
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Are Defined-Benefit Plans Extinct?
Defined-benefit pension plans have been
on a steady decline for the last couple of decades, while defined-contribution
plans, such as 401(k) plans, have increased dramatically. In fact,
defined-benefit plans have declined from 148,096 plans in 1980
to 56,045 in 1998 (the last year data is available), while participation
in defined-contribution plans has tripled during the same period
(Source: Federal Reserve Bank of Dallas, October 2004).
[FULL ARTICLE]
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Your Children and IRAs
Once your children start working, help them
develop good savings habits by encouraging them to fund an individual
retirement account (IRA). Even if your child only contributes
for a few years, an IRA can provide significant funds for retirement.
[FULL ARTICLE]
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Consider a Conversion
In tax planning, the goal typically is to
delay the payment of income taxes. Thus, it can be difficult to
understand why it might make sense to convert a traditional individual
retirement account (IRA) to a Roth IRA, which results in the current
payment of income taxes.
[FULL ARTICLE]
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David K. Sebastian, CFP®, and his team of experts at The Physicians Wealth Management Group specialize in working with individual physicians and group medical practices. David is considered to be one of the top financial advisors in the country with more than twenty five years of Wall Street experience as a chief investment officer, portfolio manager, institutional bond trader, and estate planning, benefits planning and retirement consultant.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Feel free to contact me at
www.physicianswealth.com or
dsebastian@sfr1.com
or call me at (973) 285-3600
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