most public utilities, they pay their employees to new stock offerings. also big three, oops, one auto makers used to, however, their stock would be somewhat useless at this time, GE, motorola, although these only offer it to upper management, most ALL traded companies in japan, they try to keep their employees happy, westinghouse, but only to upper management, also, most of the defense contractors, but is varies as to who gets the options...
Well I'll mention the upside first. At face value QROPS offer huge benefits particularly in terms of the flexibility that you posess as a pension holder. In particular, you can avoid a compulsory annuity purchase; you can retain the pension fund value until death and pass that on. These are major benefits, but do discuss your specific circumstances with a registered advisor.
On the subject of risks and downsides, really there are none specific to QROPS that are not present in any other Pension scheme. As qualfiying and recognised schemes, they must follow UK pension rules for a reasonable period of time which is normally about 5 years of somebody being non resident from the UK.
There are potentially charges associates with the transfer itself that you should think about carefully and discuss with your advisor. These might be as little as 0%; they can be as high as several percentage points depending on the type of scheme and type of investment that the individual pension holder wants to do. Sometimes you will get transfer penalties as well from your existing provider.
The trade off between charges and penalties on the one hand, and potential benefits on the other is the bit you really need your advisor to go through with you in detail. If the numbers don't stack up, then perhaps QROPS are not right for you at the moment.
Potentially, you could argue that the government might "move the goal posts" in a few years if they realise that these schemes offer too many tax advantages. To a limited extent, this is already happending, as aggressive financial services companies tend to stretch the boundaries of the spirit of the legislation, whilst not breaching the letter of the law.
I’ve already seen, for example, that a QROPS scheme in Singapore had its authorisation status removed by Her Majesty’s Revenue and Customs, so they authorities are keeping a close eye on what’s actually going on and if they see anything they don’t like, or they feel there’s abuse of the actual system, HMRC will readily stop further transfers of pension arrangements to a scheme or even a whole jurisdiction.
But with places that are closer to home - the Channel Islands, the Isle of Man - there are very good relationships between the legislative bodies, and the Financial Services Commissions, which keeps everything in check. HMRC is keeping a close eye on QROPS and any abuse but if they are operated within the framework of the rules that are actually there, there should be no sort of major changes in the long-term. Again, one to talk to your advisor about.
If a QROPS schemes has been closed to new transfers, then HMRC have been very good to prior transferees, and have said that people who are already in those schemes can carry on benefiting. But if a fund member has taken money out of a pension which perhaps they wouldn’t have been entitled to under the UK scheme, the Revenue does have the ultimate facility to impose sanction and tax charges and those will be a liability which would fall on the individual which really they would have to pay or the pension scheme would have to pay in the very near future.
It depends. They all come from the Treasury Department. For instance, I live in Indiana, and my back payments came from Kansas City. If I were you, I would just call SS and ask them.
You don't pay a fixed % your tax is calculated in different tax brackets minus your tax credits and deductions. You can use the calculator to estimate your tax liability.
http://www.ey.com/CA/en/Services/Tax/Tax…
What is the company match for your 401K? Most have 6%, so always match what your employer does since it is free money.
Here is a suggestion that I followed from the advice from my father. Do you have automatic deposits for your paychecks in your company? If so, have them set up $100 per pay period to go into a savings account. IF you cant afford $100, then $50 per pay period. Now when this money is deposited, don't touch your savings unless you have to. Most people will live on what they have in their checking accounts, so if you leave the savings alone, then you will be saving more for just an emergency.
Get your credit card paid down if possible and try to calculate a certain amount to charge per month and once you get to that amount, stay home and leave your credit cards there so wont be tempted.
Now here is an important lesson I learned from my father. When you get your next pay raise, put some of the additional amount into your savings. So say for instance you get a 5% raise. After taxes you have an extra $50 in your check. Now increase your savings for another $20 and keep the remaining $30 in your account. Since in most cases the 1st month with the extra money you find you have money left over due to the raise, but by 6 months, you find you are living on the extra money and wonder how you ever lived on the prior amount. So the reason for the automatic deposit is that you don't see that money and ultimately save more.
good luck
5% is better than most people with their 401K.
As a single person, you should be able to put aside 20% of your income. I'd shoot for 1/3rd 401K, 1/3rd Roth and 1/3rd regular savings. That way if you are out of work, you won't touch the 401K and if you have an emergency, you can use the Roth and avoid a tax bill.
5% is a great start, but I suggest putting an additional 5% (at least) into your emergency fund each month. The larger your emergency fund is, the more financial options you will have in the future.
I learned how to increase my savings by creating a free 5G Plan account. I suggest you do the same. It will give you lots of ways to increase your savings, spend less, and earn a little more. You can find it at 5gplan.com.
I hope it works as well for you as it has for me. Good luck!
Just automatically start saving another 5% into a savings account and every couple months try to increase it. Save first and then spend...not the other way around.
When you get any significant amount seek financial help.
I would call the company in the morning and see if that will happen. If so maybe see if they can do something since you have never been late.
Chances are, even though 1 day late, you will be charged the interest to the account. The company that issued you the credit has not been making any money off of your account and it probably costs them more to keep the account open than the revenue that is brought in. If you call the financial institution they will be able to tell you if it was considered late.
In the future, I would recommend setting up automatic payments to at least have the minimum payment amount deducted automatically on the due date, just in case something comes up, such as family illness, travel or vacation.
It is very likely that you will get hit with all the accrued interest. That's how those no interest deals work.
I assume you paid online thru their website. In the future you may want to consider paying bills online thru your bank's billpay. Most banks offer it free of charge. You can schedule payment in advance of all your bills and even set up auto payment for recurring bills like rent or car payments. You have complete control and can change or delete payments up to a couple days before the due date.
Being 1 day later shouldn't effect your credit. I'd wait 60 days then request your free credit reports from annualcreditreport.com for on line or just call Tran Union toll free @ 1-877-322-8228 for all 3 free credit reports by mail.