MONEY AND FINANCE

Tax Free Retirment Planning Guide

All of us start out in our working life knowing that some day we will walk away from the job and into a new lifestyle called retirement. This is true whether you work for someone or are self-employed or own a small business.

That is why employer retirement plans are a key part of retirement savings. This little understood benefit is important to being able to plan adequately for retirement. Not many of us want to run out of money in our golden years.

Congress has changed the retirement planning laws and now permits employers who sponsor an employer retirement plan to provide qualified retirement planning services to employees or their spouses as a tax-free fringe benefit. This change permits self-employed individuals and small business owners to spend pre-tax dollars on retirement planning services.

As a point of information, employer retirement plans include SEPs, SIMPLEs, Profit Sharing, Money Purchase Pension Plans, 401(k) plans, annuity plans, 403(b) and 457 plans. The good old standby, IRA, is also used as a retirement program by some people.

The question becomes, what if you don’t have access to qualified retirement planning services, does an alternate resource exist to help? The answer is a solid yes and comes in the form of an ebook titled, “1040 Goldmine”.

It is an ingenious way to take your own Form 1040 and turn it into your personalized financial planning guide. You have to complete a Form 1040 each year so you have your personal information at your fingertips.

How do I know? The Form 1040 forces you to become your own record and book keeper. Without the information, you cannot complete the form.

The book doesn’t promise you a tax free retirement but it does open your eyes as to how you might be able to create such a retirement bonus. A sharp person would use their financial life as it exists now to tailor a pleasant retirement as possible.