by VentureStreet  Join Our Network
Financial Planning and You
By Joseph Solomon



So what goes into a Financial Plan? There are a lot of vehicles these days that make it quite complex to determine what is right for you.

Many folks just have a 401(k) with their company and think they are good to go. But there are some things that were recognized during this recent financial crisis that these same folks didn’t realize could happen. Because 401(k)’s are based on the stock market, there was a huge loss to that nest egg that had been accumulated over time.

I’m not a financial planner, but I can tell you that for the sake of taxes, this decline does not do you very much good by the way of taxes. You can’t take your money out to save it from further losses because you are hit with penalties unless you are above a certain age. You could invest more, and hope that the market turns around and you get a good bargain on what you put in. But you are looking at more taxes if you are in a Traditional IRA, where you are taxed when the funds are taken out.

So what is the solution? Well there are many. For one, there’s life insurance. Yes, I said it, life insurance. There are many tax benefits to having a life insurance plan that coincides with your other retirement savings. Likewise there are substantial tax savings that once you look at your entire estate and how you are going to betaxed upon your death (not something people commonly plan for, but it happensto 100% of the people).

So in a nutshell, I think the solution is to have a sound financial planner who can help your money grow over time, and a tax planning specialist that can hedge your overall burden to ol’ Uncle Sam. This combination will give you the customized plan for what you are looking to accomplish based on your age, risk adversity, and your long term goals.



Need some help finding an accountant? We can match you to a professional in your local area.
Find Local Accountants
Other articles you may like:
It's not what you earn, it's what you get to keep!
Using the tax code in your favor, to reduce your tax burden.

Invoice Financing - Purchase Order Financing
Have you overlooked Invoice Financing as a tool to keep your business finances liquid?...

5 Things to Consider when Starting a New (Small) Business
Get some tips and advice on the 5 things to consider when starting a new (small) business.

Tax Tips: How to Record Your Mileage for the Year
Provides tips on how to record mileage for the year. This will eventually save the...

Payroll Solutions - We Are Payroll Made Easy
We can provide a cost effective solution for any employee size business.

Be the first to find this article helpful.
Need some help finding an accountant? We can match you to a professional in your local area.
About the Author

Joseph Solomon, Joseph Solomon, CPA
8626 Manassas Rd.
Tampa, FL 33635
813-727-5382

If you would like to re-print this article, please contact the author.
Other articles you may like:
Why Businesses for Sale Don't Sell
The five main reasons businesses do not sell.

Preparing Your Business for Sale
A quick overview for a business owner who may be considering selling their business.

Creative Tax Deductions
Creative but legal ways to get deductions on this year's filing.

How to Hire or Retain a Business Broker Including Business Broker Fees and Terms
Business brokers, business intermediaries, or investment bankers work to sell your...

3 Steps to Gaining Control of Your Business Finances
Create a system to gain control of your finances in three easy steps. If you follow...

Editorial Disclaimer: The views expressed in articles published on this website are those of the authors alone. They do not represent the views or opinions of this website or its staff. The articles on this site do not constitute a recommendation or endorsement with respect to any views, company, or product. Authors affirm that article submissions are their original content or that they have permission to reproduce.

Home   |   Articles & Videos   |   Affiliates   |   Networking Groups   |   Search by Category   |   Professionals

Terms of Use   |   Privacy   |   About Us   |   Contact Us   |   Member Login

© 2003-2014 - VentureStreet, LLC

Join Our Business Network