Home and Family

Q: How can i prepare my home and family for a typhoon?A: within the case of a typhoon, you and your own family ought to usually be organized for the hurricane before it moves.the following steps will assist you come to be prepared:develop a own family plan – talk for your youngsters- discover the most secure areas in your house and make sure all contributors of your own family are aware of them. submit emergency numbers in which children can attain them.Create a catastrophe supply package – ensure to continually have sufficient water, meals, blankets, pillows, clothing, first resource and toiletry items in case you are with out resources for days or perhaps weeks. other true objects to encompass on your package are phones, coins and credit score cards, spare keys and critical documents.Have a place to move – resorts and resorts might not be an alternative in the event of a hurricane. try to locate a member of the family or friend that lives extra inland in which you will be welcome inside the case your circle of relatives has to evacuate. recognize wherein your local shelters are in case you plan to locate safe haven there.comfortable your private home – make certain to shield and beef up the roof, stairs, shutters and doorways in and round your house. touch your nearby building code reliable for extra facts on home development projects in order to defend your house within the event of a typhoon. contact a domestic insurance agent to discover if you are covered for flood coverage. word: general home insurance policies do no longer cover flood harm.Have a plan in your pets – if you plan to preserve your puppy at a puppy shelter, make certain that your pets are present day on their vaccinations as they’re required. Have a cutting-edge image of your pet and collar with identification.

Our domestic and our family is the pinnacle precedence in our lifestyles. As a lot as viable, we do the whole thing we can to defend each our home and own family. The charge of crimes has been increasing for the past few years and we can’t even be safe in our own home. this is why we need to do everything we are able to to have safety in our domestic. try this no longer simplest to your however to your complete family. right here are a few examples on how we can be safe and guarded in our domestic.it is essential which you have the right lock machine in your home. there are numerous different sorts inside the marketplace today that you can pick from. The trick to that is which you locate one that is suitable to the scale of your private home and if that organization is trusted. these days it isn’t enough that you padlock and chain your doorways. Criminals in recent times have many forms of abilties that could wreck in your own home. it’s miles crucial that you have a lock system that can help you out.Fences have a variety of reason for our home. you could use it to present your family and domestic more privacy from your neighbors. in case you use the proper partitions it can also be a decorative part of your house and the maximum critical reason of fences is that it can function safety to us. that is one factor that wishes to be on top of your listing when you make a decision to construct partitions or fences for your house. make sure that the fences can shield you from intruders and that your gates have a locked machine as nicely.there may be a new shape of technology this is getting famous nowadays that you could use as safety for your private home. you may use spy cameras hooked up your property and use to protect your family. installation it in unique parts of your own home specifically the components of your own home in which criminals can climb in and out of your property, like doors and windows. you may connect it into some monitors in which you may view it anytime you need. you can also document the movies.There would be an example in which the intruder is inside your private home. whilst this occurs, it is better which you have something to protect your self like a stun batons. Stun batons are secure which will use and it can shield you from intruders. Have it hidden in some elements of your property in which you realize that you can use them in case an outsider that comes in your private home. it’s also important which you conceal when you have children in your property because in the event that they do not know a way to use it properly it can be risky for them.those are a few methods that you can do to guard your own home and family. keep in mind that earlier than you do any of this it’s miles vital that you have these examined so you realize that it is able to be safe to use.

Major changes to the tax laws now allow small business owners to … 401(k) plans more easily than ever before, and benefit from bigger 401(k) plan … than they’ve ever seen. These 401(k

Major changes to the tax laws now allow small business owners to establish 401(k) plans more easily than ever before,Guest Posting and benefit from bigger 401(k) plan deductions than they’ve ever seen.
These 401(k) plans have been dubbed “solo” 401(k) plans because of the new rules’ popularity among single-owner businesses. Yet, it is possible to have more than one owner and maintain a “solo” 401(k) plan, as noted below.

To obtain the benefits for the 2003 tax year, however, you must act before December 31st. (For more about the types of investment services our investment affiliates offer, please visit http://www.marcjlane.com/decisiontree.htm) In contrast, SEP IRAs can be established at the same time your individual income tax return is filed (i.e., April 15 of the following tax year).

This report highlights some of the significant benefits of a solo 401(k) plan.

A solo 401(k) plan allows a small business owner and his or her family to defer and invest tax-deductible (pre-tax) retirement contributions at a fast rate. The importance of maximizing retirement plan contributions cannot be emphasized enough. Over time, compounding tax-deferred investing can significantly increase one’s wealth. (For “A Case For Professional Money Management,”and more about this important aspect of growing wealth, please visit http://www.marcjlane.com/decisiontree.htm)

How you might benefit from a solo 401(k).

Eligibility. While a small business owner could establish a 401(k) plan under prior law, the administrative hassles might have discouraged you from doing so. Recent legislation makes establishing a 401(k) plan much more attractive for small business owners. Now, a business entity whose only eligible participants are business owners, partners, and/or spouses of owners or partners may establish a 401(k) plan easier and with greater deductions than ever before. Children, parents, and grandparents may also participate as long as they earn income from the business. (However, specific plan administrators may have their own guidelines or limitations regarding participants.) Nearly all forms of business entities and ownership are eligible for a Solo 401(k). Sole proprietors, partnerships, corporations (including S-corporations), LLCs, and LLPs may all establish Solo 401(k) plans.

The good news: As long as the eligible 401(k) participants are limited to those mentioned above (“eligible solo participants”), the solo 401(k) will not be subject to all the administrative, recordkeeping, and investment monitoring regulations that traditional 401(k) plans must follow. Full-time employees who are at least age 21 and have one year of service must be offered the opportunity to participate in any 401(k) plan. However, for these purposes, a part-time employee working less than 1,000 hours per year can be disregarded and will not affect the solo 401(k)’s legal compliance. It may be a good idea to set up a solo 401(k) now, even if you may add an employee who is not an eligible solo participant in future years. At that time the solo 401(k) plan can simply be suspended or terminated.

Key benefits. Under the new law, you may deduct up to $40,000 for each participant in a solo 401(k), as explained in more detail below. Even more appealing, if you and your spouse are actively involved in your business and have sufficient business earnings, you and he or she may be able to contribute – - and deduct – - up to $80,000 for retirement.

Another benefit under the new law is that you can reach the maximum deduction of $40,000 at a faster rate than ever before – - with as little as $112,000 of income in 2003. In contrast, at that income level, other retirement plans allow much lower contributions (e.g., a SIMPLE IRA would generally allow about a $11,360 deductible contribution, and a SEP IRA or Profit Sharing Plan would generally allow about a $28,000 deductible contribution. See the comparison chart below.)

If I have a side business, will a solo 401(k) benefit me, even if the business doesn’t make much income?

Yes. In fact, a side business is a prime candidate for a solo 401(k). A traditional employee, if he or she has a side business, may now make additional deductible retirement contributions very rapidly via a solo 401(k) plan. With just $20,000 of income, you may be able to deduct up to $17,000 and only pay income taxes on the remaining $3,000. The rapid deductible contribution rate (in this case, 85%) can be very appealing to those wanting to save more for retirement, particularly if the income generated from a side business is not required for their immediate needs. What’s more, if the participant is 50 years or older as of January 1st, “catch up” provisions allow even higher contributions for that year ($2,000 in 2003, and increasing by $1,000 each year to a maximum of $5,000 in 2006 and later years).

What other benefits does a solo 401(k) offer?

Solo 401(k) plans also offer several other advantages:

Roll over other plans. Once your 401(k) plan is established, you may roll over other retirement accounts into it.

Loans. You may borrow up to 50% of your account balance (up to a $50,000 loan) and repay it over five years (or over 10 years, if the loan is used for a principal residence).

1) Provide for contingencies

Most of us tend to underestimate our retirement needs. Provision for medical emergencies with inadequacy of medical insurance in old age requires financial provision. Lack of government social security schemes and retirement benefits to self-employed and private sector employees creates requirement for more provision for contingencies after retirement. 2) Think that you will live long: This is true with increased life expectancy. Now you will have more years of life after retirement. Thanks to medical advancements. So it is better to plan for the additional years and avoid living frugally in old age. 3) Plan that you will retire early: It is wise to provide for contingencies arising that require you to retire early. You could suffer ill health,Guest Posting lose your job, or need to care for a sick or elderly member of the family. Women may have to opt voluntarily to look after the family needs. All this requires more savings for retirement needs. 4) Beat the inflation before it beats you:
Inflation affects the personal finance needs of the working class, but pay rises could help them resolve it to a certain extent. However the retired have to save more to reduce the impact of inflation. Investing in modes that give you extra returns could help greatly.

Investors come to me and say “I would like to accumulate 2 crores and retire”. But when we really work out the inflation adjusted retirement corpus, the 2 crores would not be sufficient for him to have comfortable retirement. 2 crores may feed you enough in the first year after your retirement. The returns from the same 2 crores will not be sufficient for you take care of all your needs on the 10th year after your retirement because of the skyrocketing inflation figures.

5) Provision for increased medical expenses after retirement:
Most of us underestimate medical expenses after retirement, with these expenses being inevitable in old age. Hence more provision for medical insurance helps. A consideration of your family’s general health, family history of certain genetic disorders, and the class of hospital you get treated would help in proper estimation for medical insurance.

6) Provide for your spouse and dependents who may outlive you:
It is inevitable that this need should not be overlooked. Your spouse and dependents need to live a secure financial life after your lifetime. Taking up insurance policies during your working life and well thought out retirement planning will take care of your dependents and spouse financially.

7) Realize you need to be vigilant about sources of retirement income:
Sometimes we may be ignorant of benefits on retirement like provident fund, gratuity and other benefits. In India the lack of social security schemes after retirement makes it necessary to invest more in good income generating sources for steady flow of retirement income. The advice of investment consultants, along with financial education and information contributes to good financial standing after retirement.

Educate yourself about retirement savings plan management:
When the majority is relying on the pension schemes in the form of ulips offered by various public and private insurance companies, as a smart investor you need to understand the hidden charges of these pension policies. These policies are all heavily front loaded.

So you need to evaluate various investment options available for retirement. You need to accumulate sufficient knowledge in this regard. In addition learning to keep track of them with professional help makes these saving plans work for you.

9) Plan for an income for life:
Your retirement plans need to be financial plans to make income last you a lifetime. Pensions or annuities providing best income need to be safeguarded, as withdrawing large sums from them could end you in financial insufficiency in the final years of your life.

10) Take professional investment advice that works:
Many do realize the importance of financial advice from professional financial advisors, but in practice seek it from family, friends and colleagues. A right financial advisor could give you good investment advice to have financially secured retirement ife.

A final note: