Retirement planning for those under 59 1/2

Article Abstract:

Clients who need access to funds in IRAs, qualified plans or TSAs before they are 59 1/2 years old need assistance in avoiding the 10% tax penalty. The most feasible exemption is if the withdrawal is a part of a series of periodic payments that are substantially equal. However, the payments must be carefully structured to provide the client with flexibility once they have passed the required age, unlike annuities that provide the same income until death. The Annuity Factor, Amortization and Life Expectancy methods can meet the goals of both flexibility and tax avoidance.

Personal Tax Planning, Management, Personal finance, Tax planning, Retirement income

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Living for today while saving for tomorrow

Article Abstract:

Few Americans are adequately prepared for retirement, despite the goal of maintaining their current standard of living. Retirement planning has to consider inflation, income rates, retirement asset growth, expected retirement period and expected lifestyle. Some techniques that can help in planning for retirement include defining goals, adopting an investment policy statement, planning for retirement before estate planning and using a spreadsheet to determine future financial needs.

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Rational choice theories: contributions and limitations

Article Abstract:

Financial planners may become more adept at selling their products if they understand that rational choice theory is largely inapplicable to actual occurrences such as intergenerational financial transfers. Studies of such transfers show that entirely rational cost-effective decisions are not the norm. Adult children may transfer funds to their parents for noneconomic reasons. Financial planners should discover what is rational for individual clients and not for abstract consumers.

Analysis, Usage, Financial services industry, Financial services, Advertising, Consumer preferences, Rationalism

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