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There are a number of factors that need to be taken into consideration when identifying your savings options for retirement. Cost is not the only consideration, but an important one since fees can seriously erode your earnings.
The author says that economic stimulation in the United States cannot last forever and eventually we will have to go through some suffering to make things right. She says federal employees may see more changes coming to their retirement benefits and should have a realistic plan before making the decision to leave government service.
With an increased concern over tax rates, there is compelling need to protect what may be for many individuals their largest single asset: their retirement plans. The author outlines critical decisions that she says must be made before January 1, 2013 as they relate to tax implications in planning for retirement.
While the economic challenges facing the country today are challenging, they create cycles that we have no choice but to get through. The author offers considerations to keep in mind when planning for retirement in the face of these current challenges.
Will the Bush era tax cuts be extended by Congress? Nobody knows, but regardless of what Congress does, the authors offer steps one can consider taking before year end to improve your personal finances.
Carol Schmidlin is the President of Franklin Planning and has been advising clients on how to grow and preserve their wealth for over 18 years. She specializes in retirement planning for federal employees. She provides a holistic approach to retirement planning, and is highly trained in key areas of wealth management: investments, taxes, insurance, estate planning, and income planning (including pensions and Social Security). She has extensive knowledge on federal retirement benefits and years of experience working with federal employees to help them maximize their benefits and integrate them into a successful retirement plan. Carol regularly provides a variety of benefit and retirement classes throughout the country. A few of the most popular are, “Fed Savvy, Tools and Tips to Maximize Your Federal Benefits”, “Women and Money” and “Maximizing Social Security”. She also provides training on the CSRS, CSRS Offset, FERS and FERS Transferees programs. Her main office is located in Sewell, NJ, however, she often works with Federal Employees throughout the United States. Please feel free to contact Carol at (856) 401-1101 or via email using the form below.