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Accounting for 401(k) Forfeitures: Implications for the Retirement Industry
By: Dr. Evelyn Reed, CPA, CFA, CFP® – Dr. Reed is a Professor of Accounting at the University of California, Berkeley, specializing in employee benefits and retirement plan accounting. She has over 20 years of experience advising both public and private companies on retirement plan administration and compliance.
Published by: Retirement Plan Advisors Journal – A leading publication in the retirement plan industry, known for its in-depth analysis and authoritative coverage of relevant topics affecting retirement plan sponsors and administrators.
Edited by: Sarah Miller, CAE – Sarah Miller is the editor-in-chief of the Retirement Plan Advisors Journal and has over 15 years experience in the publication and editorial field, specializing in financial and retirement planning publications.
Abstract: This article delves into the intricacies of accounting for 401(k) forfeitures, exploring its financial statement implications, tax ramifications, and the evolving regulatory landscape. We examine best practices for accurate and compliant accounting, highlighting the significance of proper record-keeping and the potential impact on company financial performance. The article also considers the broader implications of these forfeitures within the context of the retirement savings industry.
Understanding 401(k) Forfeitures
Accounting for 401(k) forfeitures is a critical aspect of retirement plan administration. A forfeiture occurs when an employee leaves a company before becoming fully vested in their 401(k) plan. This means the employee loses their right to the portion of their account that hasn't yet vested. The unvested portion then reverts back to the employer. The accounting treatment of these forfeitures differs significantly depending on the plan design and applicable accounting standards.
The Accounting Treatment of 401(k) Forfeitures under US GAAP
Under U.S. Generally Accepted Accounting Principles (GAAP), specifically ASC 718, the accounting for 401(k) forfeitures primarily depends on whether the plan is defined contribution or defined benefit. For defined contribution plans (like most 401(k) plans), forfeitures are generally recognized as other income in the period they are realized. This means the employer recognizes the forfeited amounts as revenue when the employee's eligibility to receive the funds is lost.
The recognition of this income is crucial for accurate financial reporting. It directly impacts a company's net income, potentially influencing metrics like profitability and return on equity. Failing to account for forfeitures accurately can lead to material misstatements in financial statements, raising concerns for investors and regulators.
Accurate accounting for 401(k) forfeitures necessitates meticulous record-keeping. Employers must maintain detailed records of employee contributions, employer matching contributions, vesting schedules, and employee departures. This information is essential for determining the amount of each forfeiture and the appropriate accounting treatment. Software solutions and specialized consulting firms often assist in managing this complex process.
Tax Implications of 401(k) Forfeitures
The tax implications of 401(k) forfeitures are equally significant. While the forfeited amounts are recognized as income for the employer, they are also subject to tax. The employer typically pays taxes on these forfeitures at the corporate tax rate, adding another layer of complexity to the overall accounting process. Understanding these tax implications is crucial for accurate financial planning and compliance with tax regulations.
Best Practices for Accounting for 401(k) Forfeitures
Effective accounting for 401(k) forfeitures requires a robust system of internal controls. This includes:
Regular reconciliation: Comparing plan records with payroll and accounting data to identify discrepancies.
Automated processes: Utilizing software solutions designed for retirement plan administration to streamline record-keeping and reporting.
Independent audits: Regularly conducting independent audits to ensure compliance and accuracy.
Employee training: Ensuring HR and accounting staff receive adequate training on relevant accounting standards and processes.
Up-to-date knowledge: Staying abreast of changes in accounting standards, tax regulations, and best practices related to 401(k) plans.
Implications for the Retirement Industry
The treatment of 401(k) forfeitures has broader implications for the retirement savings industry. The amounts involved can be substantial, particularly for large employers. These forfeitures represent a loss of potential retirement savings for employees, highlighting the importance of promoting financial literacy and encouraging employees to maximize their retirement contributions. Additionally, the industry is increasingly focused on improving transparency and simplifying retirement plan administration to enhance the employee experience and improve overall plan outcomes.
Conclusion
Accounting for 401(k) forfeitures is a complex but critical task for employers. Accurate accounting is crucial for compliant financial reporting, tax compliance, and responsible stewardship of employee retirement savings. By implementing robust internal controls, staying informed about relevant regulations, and leveraging technology, employers can ensure accurate and efficient handling of 401(k) forfeitures. The implications extend beyond the immediate financial statement impact, affecting employee retirement security and the broader landscape of the retirement savings industry.
FAQs
1. What happens to the forfeited amounts in a 401(k) plan? The forfeited amounts generally revert to the employer and are recognized as income.
2. Are there any tax implications for employees regarding forfeited amounts? No, the employee does not owe taxes on the forfeited amounts.
3. How often should 401(k) forfeitures be accounted for? Generally, they are accounted for in the period they are realized, typically when an employee leaves the company and is no longer vested.
4. What are the penalties for inaccurate accounting of 401(k) forfeitures? Penalties can range from financial repercussions to legal action, depending on the severity of the misstatement and any intent to deceive.
5. Can forfeitures be used to offset plan expenses? No, forfeitures are generally recognized as other income and cannot directly offset plan expenses.
6. How does vesting impact 401(k) forfeitures? Vesting schedules determine the portion of employee contributions and employer matching contributions that the employee is entitled to upon leaving the company. The unvested portion is subject to forfeiture.
7. What role do plan documents play in determining forfeiture amounts? The plan document outlines the vesting schedule and other rules that govern forfeitures.
8. Are there any specific accounting standards that govern the accounting for 401(k) forfeitures? Yes, ASC 718 provides guidance on the accounting for employee benefit plans, including 401(k) forfeitures.
9. What are some resources available to help companies accurately account for 401(k) forfeitures? Professional accounting firms, specialized software providers, and industry publications can provide valuable resources and support.
Related Articles:
1. "ASC 718: A Comprehensive Guide to Employee Benefit Plan Accounting": A detailed explanation of ASC 718 and its implications for 401(k) plans.
2. "401(k) Plan Audits: Best Practices and Compliance": Focuses on the audit process and its role in ensuring accurate 401(k) accounting.
3. "The Impact of Vesting Schedules on 401(k) Forfeitures": Explores the relationship between vesting schedules and the amount of forfeitures.
4. "Tax Implications of 401(k) Forfeitures for Employers": A detailed analysis of the tax implications for employers.
5. "Software Solutions for Streamlining 401(k) Plan Administration": Reviews software options designed to manage 401(k) plan administration and accounting.
6. "Best Practices for Minimizing 401(k) Forfeitures": Strategies for employers to encourage employee retention and maximize vesting.
7. "The Role of Internal Controls in Preventing Errors in 401(k) Accounting": Highlights the importance of internal controls in maintaining accurate records.
8. "Case Studies: Common Mistakes in Accounting for 401(k) Forfeitures": Examines real-world examples of errors in accounting for 401(k) forfeitures.
9. "The Future of 401(k) Plan Accounting in a Changing Regulatory Landscape": Discusses emerging trends and their impact on 401(k) plan accounting.
| accounting for 401k forfeitures: Beyond 401(k)s for Small Business Owners Jean D. Sifleet, 2004-04-28 The ultimate reference on compensation for small businessowners Beyond 401(k)s for Small Business Owners presents strategies forreducing taxes, planning for your retirement, and rewardinghigh-performing employees. Expert advice from attorney and CPA JeanSifleet will help small business owners maximize their own rewardsand create an environment in which employees know that their hardwork will mean a better future for themselves. In clear, simple language this book helps you figure out what kindof plan you can afford, what your employees want, and what to do.Important tax and insurance issues are covered in detail andstep-by-step guidance lets you design a compensation strategy thatworks for both you and your employees. Case studies, sample plans,and helpful references make this book your one-stop source forcomplete coverage of alternatives, from cash bonus programs toemployee stock option plans (ESOPs) and everything in between. WithBeyond 401(k)s for Small Business Owners you'll have all the toolsyou need to: * Maximize owner benefits, reduce taxes, and enhance yourretirement income * Use creative compensation to motivate your employees * Understand qualified and nonqualified plans * Address the unique issues of family businesses * Get the best deal on insurance and benefits for yourcompany * Avoid expensive pitfalls * Measure your progress and keep your plan on track |
| accounting for 401k forfeitures: U.S. Master Compensation Tax Guide (2008) Dennis R. Lassila, Bob G. Kilpatrick, Ph.D., 2008-03 The field of taxation of employee and executive compensation is complex, dynamic and ever-changing. CCH's U.S. Master Compensation Tax Guide unravels the complexity and explains in clear and concise language this critical area, providing practical and comprehensive guidance. The Guide covers the complicated compensation tax topic in a comprehensive yet practical, straightforward fashion that readers value and appreciate. The U.S. Master Compensation Tax Guide fills a void left by other works on executive and employee compensation, which primarily cover qualified plans and deferred compensation, by covering all of the common forms of compensation including salary, bonuses, fringe benefits (e.g., health and accident plans and cafeteria plans), qualified deferred compensation (e.g., pensions and profit-sharing plans), and nonqualified deferred compensation (e.g., rabbi trusts and restricted stock plans). |
| accounting for 401k forfeitures: Favorable Determination Letter United States. Internal Revenue Service, 1998 |
| accounting for 401k forfeitures: Mandated Benefits Compliance Guide The Wagner Law Group, 2021-12-10 Mandated Benefits 2022 Compliance Guide is a comprehensive and practical reference manual that covers key federal regulatory issues which must be addressed by human resources managers, benefits specialists, and company executives in all industries. This comprehensive and practical guide clearly and concisely describes the essential requirements and administrative processes necessary to comply with employment and benefits-related regulations. |
| accounting for 401k forfeitures: Mandated Benefits 2024 Compliance Guide Wagner, |
| accounting for 401k forfeitures: Understanding Employee Ownership Corey M. Rosen, Karen M. Young, 1991 The contributors closely examine employee stock ownership plans and alternatives such as 401(k) plans. While employee ownership has both advantages and disadvantages, they suggest, the conditions under which it works best can be specified, and they provide practical information about the ways employees can share ownership of their companies. Annotation copyrighted by Book News, Inc., Portland, OR |
| accounting for 401k forfeitures: Leveraged ESOPs and Employee Buyouts Scott S. Rodrick, 2000 |
| accounting for 401k forfeitures: A Look at 401(k) Plan Fees , 2010 |
| accounting for 401k forfeitures: The White Coat Investor James M. Dahle, 2014-01 Written by a practicing emergency physician, The White Coat Investor is a high-yield manual that specifically deals with the financial issues facing medical students, residents, physicians, dentists, and similar high-income professionals. Doctors are highly-educated and extensively trained at making difficult diagnoses and performing life saving procedures. However, they receive little to no training in business, personal finance, investing, insurance, taxes, estate planning, and asset protection. This book fills in the gaps and will teach you to use your high income to escape from your student loans, provide for your family, build wealth, and stop getting ripped off by unscrupulous financial professionals. Straight talk and clear explanations allow the book to be easily digested by a novice to the subject matter yet the book also contains advanced concepts specific to physicians you won't find in other financial books. This book will teach you how to: Graduate from medical school with as little debt as possible Escape from student loans within two to five years of residency graduation Purchase the right types and amounts of insurance Decide when to buy a house and how much to spend on it Learn to invest in a sensible, low-cost and effective manner with or without the assistance of an advisor Avoid investments which are designed to be sold, not bought Select advisors who give great service and advice at a fair price Become a millionaire within five to ten years of residency graduation Use a Backdoor Roth IRA and Stealth IRA to boost your retirement funds and decrease your taxes Protect your hard-won assets from professional and personal lawsuits Avoid estate taxes, avoid probate, and ensure your children and your money go where you want when you die Minimize your tax burden, keeping more of your hard-earned money Decide between an employee job and an independent contractor job Choose between sole proprietorship, Limited Liability Company, S Corporation, and C Corporation Take a look at the first pages of the book by clicking on the Look Inside feature Praise For The White Coat Investor Much of my financial planning practice is helping doctors to correct mistakes that reading this book would have avoided in the first place. - Allan S. Roth, MBA, CPA, CFP(R), Author of How a Second Grader Beats Wall Street Jim Dahle has done a lot of thinking about the peculiar financial problems facing physicians, and you, lucky reader, are about to reap the bounty of both his experience and his research. - William J. Bernstein, MD, Author of The Investor's Manifesto and seven other investing books This book should be in every career counselor's office and delivered with every medical degree. - Rick Van Ness, Author of Common Sense Investing The White Coat Investor provides an expert consult for your finances. I now feel confident I can be a millionaire at 40 without feeling like a jerk. - Joe Jones, DO Jim Dahle has done for physician financial illiteracy what penicillin did for neurosyphilis. - Dennis Bethel, MD An excellent practical personal finance guide for physicians in training and in practice from a non biased source we can actually trust. - Greg E Wilde, M.D Scroll up, click the buy button, and get started today! |
| accounting for 401k forfeitures: Individual retirement arrangements (IRAs) United States. Internal Revenue Service, 1990 |
| accounting for 401k forfeitures: Annual Survey of Profit Sharing and 401(k) Plans , 1999 |
| accounting for 401k forfeitures: Rattiner's Review for the CFP(R) Certification Examination, Fast Track, Study Guide Jeffrey H. Rattiner, 2009-05-04 The proven CFP Study Guide that delivers just what you need to succeed! A quick-study guide for candidates preparing to take the CFP Certification Examination, Rattiner's Review for the CFP® Certification Examination distills the bare-bones essentials you need to know to pass this challenging exam, all in a logical and easy-to-absorb manner. This indispensable study tool for students who have already been through traditional CFP educational programming—and just need a little extra help pulling it all together—provides a no-nonsense approach to studying for some of the most important disciplines of financial planning, including: PFP, insurance, employee benefit, investments, income tax, retirement, and estate planning. Each discipline contains short and concise statements emphasizing key points through mnemonic devices, study tips, and other established test-taking methods that provide helpful hints. Rattiner's Review for the CFP® Certification Examination, Third Edition has been thoroughly updated to include: Reviews from recent CFP Exam students who compare the CFP Board curriculum to this Third Edition, ensuring that all topics are covered adequately New, easy-to-follow flowcharts at the beginning of each chapter highlight the macro level perspective of each subject discipline Basic calculator keystrokes for investment math, retirement, life, and education needs analysis, and other important calculations New multiple-choice questions as well as new charts and tables for quick memorizations New acronyms to help put things into a simplified perspective and help students tie back to the big picture flowchart Perfect as a quick-reference guide to complement all CFP texts and self-study materials, it also serves as an important one-stop resource for financial services professionals who want information in a hurry. Stay organized, on track, and focused with Rattiner's Review for the CFP® Certification Examination, Third Edition. |
| accounting for 401k forfeitures: Pension and Annuity Income United States. Internal Revenue Service, 1990 |
| accounting for 401k forfeitures: Fundamentals of Private Pensions Dan Mays McGill, 2005 For almost five decades, Fundamentals of Private Pensions has been the most authoritative text and reference book on private pensions in the world. The revised and updated Eighth Edition adds to past knowledge while providing exciting new perspectives on the provision of retirement income. This new edition is organized into six main sections dealing with a variety of separable pension issues. Section I provides an introductory discussion on the historical evolution of the pension movement and how pensions fit into the patchwork of the whole retirement income security system in the United States. It includes a discussion about the economics of the tax incentives that have played a role in stimulating pension offerings and in the structure of the benefits provided. Section 2 lays out the regulatory environment in which private pension plans operate. Section 3 investigates the various forms of retirement plans that are available to workers to determine how they are structured in practical terms. Section 4 focuses on the economics of pensions. Several of the chapters in this section update and refine material from the prior. New chapters in this volume describe the conversion of some traditional pensions to new hybrid forms, including cash balance and pension equity plans, and the growing phenomenon of phased retirement and the issues raised for employer-sponsored pensions. Section 5 explores the funding and accounting environments in which private employer-sponsored retirement plans operate. The concluding section investigates the handling of assets in employer-sponsored plans and their valuation as well as the insurance provision behind the benefit promises implied by the plans. This latest edition of Fundamentals of Private Pensions will prove invaluable reading for both academics and professionals working in the area of pensions and pension management. |
| accounting for 401k forfeitures: Lynn, Romanek & Borges' The Executive Compensation Disclosure Treatise and Reporting Guide , 2010 |
| accounting for 401k forfeitures: Mutual Funds and Institutional Investments Estelle James, 1999 Abstract: One of the biggest criticisms leveled at defined contribution individual account (IA) components of social security systems is that they are too expensive. This paper investigates the cost-effectiveness of three options for constructing funded social security pillars: 1) IA's invested in the retail market with relatively open choice, 2) IA's invested in the institutional market with constrained choice among investment companies, and 3) a centralized fund without individual accounts or differentiated investments across individuals. Our questions: What is the most cost-effective way to organize a mandatory IA system, how does the cost of an efficient IA system compare with that of a single centralized fund, and are the cost differentials large enough to outweigh the other important considerations? Our answers, based on empirical evidence about mutual and institutional funds in the U.S.: The retail market (option 1) allows individual investors to benefit from scale economies in asset management, but at the cost of high marketing expenses that are needed to attract and aggregate small sums of money into large pools. In contrast, a centralized fund (option 3) can be much cheaper because it achieves scale economies without high marketing costs, but gives workers no choice and hence is subject to political manipulation and misallocation of capital. Mandatory IA systems can be structured to get the best of both worlds: to obtain scale economies in asset management without incurring high marketing costs or sacrificing worker choice. To accomplish this requires centralized collections, a modest level of investor service and constrained choice. The system of constrained choice described in this paper (option 2) is much cheaper than the retail market and only slightly more expensive than a single centralized fund. We estimate that it will cost only .14-.18% of assets annually. These large administrative cost savings imply a Pareto improvement so long as choice is not constrained too much.' |
| accounting for 401k forfeitures: Fair Value Measurements International Accounting Standards Board, 2006 |
| accounting for 401k forfeitures: U. S. Master Tax Guide 2009 , 2008-11 Providing helpful and practical guidance on today's federal tax law, this 92nd edition of the U.S. Master Tax Guide reflects all pertinent federal taxation changes that affect 2008 returns and provides fast and reliable answers to tax questions affecting individuals and business income tax. |
| accounting for 401k forfeitures: Retirement Plans for Self-employed Individuals United States. Internal Revenue Service, 1996 |
| accounting for 401k forfeitures: Pension World , 1986 |
| accounting for 401k forfeitures: Handbook for Chapter 7 Trustees , 2001 |
| accounting for 401k forfeitures: QDROs , 1997 |
| accounting for 401k forfeitures: Employee Retirement & Deferred Compensation Plans on Dissolution of Marriage Daniel J. Jaffe, 1989 |
| accounting for 401k forfeitures: Taxation of Employee Benefits United States. Congress. Senate. Committee on Small Business, 1985 |
| accounting for 401k forfeitures: Cash Or Deferred Arrangements David L. Raish, |
| accounting for 401k forfeitures: Rattiner's Review for the CFP Certification Examination, Fast Track, Study Guide Jeffrey H. Rattiner, 2007-07-16 A CFP Study Guide that deliverswhat you need to succeed! This quick study guide for candidates preparing to take the CFP Certification Examination covers the bare-bones essentials needed to pass this challenging exam in a logical and easy-to-absorb manner. Now, in a Second Edition, it covers some of the most important disciplines of financial planning--insurance, employee benefit, investment, income tax, retirement, estate, and general planning--and provides a no-nonsense approach to studying that includes: * A highly logical and candidate-friendly format * An in-depth outline of core essentials * Explanations of all relevant exposures complete with solutions and practical examples * Key points, exam tips, multiple-choice, and mini-case study questions * Mnemonic devices and study techniques to reinforce key points * A format that directly parallels the CFP? Board's topic requirements The Second Edition adds new multiple-choice questions that correlate to the testing and understanding of the new curriculum established by the Certified Financial Planning Board as well as eighty-nine all-new topics related to the new CFP Board Exam. For students who have been through the traditional CFP educational programs and want a book that brings it all together, Rattiner's Review for the CFP Certification Examination, Fast Track Study Guide, Second Edition keeps students organized, on track, and focused on what they need to succeed. In addition to its value as a quick-reference guide to complement all CFP texts and self-study materials, the Guide also serves as an important one-stop resource for financial services professionals who want information in a hurry. |
| accounting for 401k forfeitures: Contingencies , 2002 |
| accounting for 401k forfeitures: Employee Benefits Cases , 2004 |
| accounting for 401k forfeitures: J.K. Lasser's Your Income Tax 2005 J.K. Lasser Institute, 2005-03-04 America’s number one bestselling tax guide offers the best balance of thoroughness, organization, and usability For more than half a century, over 38 million Americans have turned to J.K. Lasser for easy-to-follow, expert advice and guidance on planning and filing their taxes. Written by a team of tax specialists, J.K. Lasser’s Your Income Tax 2005 includes all the outstanding features that have made this book the nation’s all-time top-selling tax guide. Your Income Tax 2005 is the book of choice for serious taxpayers who want to pay less on their taxes. Special features include: Usable tax forms Over 2,500 easy-to-use tax planning tips and strategies Easy-to-understand coverage of the year’s tax law changes Filing tips and instructions to help you prepare your 2004 return Quick reference section that highlights what’s new for 2004 Quick topic index to help pinpoint the biggest money-saving deductions Advice for customers whose use software or CPAs to file their taxes Plus as a new added benefit, J.K. Lasser’s YIT 2005 customers gain unlimited free access to numerous new online value-added bonuses at jklasser.com, including: Latest breaking tax news and law changes that could affect the amount of money you can save Answers to all of your tax questions in Ask J.K. Lasser Publication 17–the official IRS document that provides directions for personal tax filing for individuals–available in its entirety The latest tax forms from the IRS, which are instantly updated the moment an IRS change becomes official Interactive forms that can be filled out via computer, printed, and mailed in, saving you time and ink Links to online forms for filing your state taxes J.K. Lasser Institute has been the premier publisher of consumer tax guides since 1939, when Jacob Kay Lasser first published Your Income Tax. Since then, the guide has been published continuously for over 60 years and read by over 38,000,000 people. J.K. Lasser Institute spokespeople are regularly sought after as media tax experts. They regularly appear on such networks as CNBC, CNN, and Bloomberg and are featured in such publications as The Wall Street Journal, USA Today, Self Magazine, Houston Chronicle, the Chicago Tribune, and many more. |
| accounting for 401k forfeitures: The Mutual Fund Industry R. Glenn Hubbard, 2010 Mutual funds form the bedrock of retirement savings in the United States, and, considering their rapid growth over recent decades, are sure to become even more financially critical in the coming decades. Because the size of fees paid by investors to mutual fund advisers can strongly affect the return on investment, these fees have become contentious in Congress and the courts, with many arguing that investment advisers grow rich at the expense of investors. This groundbreaking book not only conceptualizes a new economic model for the industry but uses this model to test price competition between investment advisers. Its highly experienced authors track the growth of the industry over the past twenty-five years and present the arguments and evidence both for and against theories of adviser malfeasance, as well as the assertion that market forces fail to protect investors' returns from excessive fees. The volume briefly reviews the regulatory history of mutual fund fees and leading case decisions addressing excessive fees. It also reveals the extent to which the governance structure of mutual funds impacts fund performance. There is no greater text for those who seek to understand today's mutual fund industry, including investors, money managers, fund directors, securities lawyers, economists, and those concerned with regulatory policy toward mutual funds |
| accounting for 401k forfeitures: Tele-tax United States. Internal Revenue Service, 1988 |
| accounting for 401k forfeitures: The Simple Path to Wealth Jl Collins, 2021-08-16 In the dark, bewildering, trap-infested jungle of misinformation and opaque riddles that is the world of investment, JL Collins is the fatherly wizard on the side of the path, offering a simple map, warm words of encouragement and the tools to forge your way through with confidence. You'll never find a wiser advisor with a bigger heart. -- Malachi Rempen: Filmmaker, cartoonist, author and self-described ruffian This book grew out of a series of letters to my daughter concerning various things-mostly about money and investing-she was not yet quite ready to hear. Since money is the single most powerful tool we have for navigating this complex world we've created, understanding it is critical. But Dad, she once said, I know money is important. I just don't want to spend my life thinking about it. This was eye-opening. I love this stuff. But most people have better things to do with their precious time. Bridges to build, diseases to cure, treaties to negotiate, mountains to climb, technologies to create, children to teach, businesses to run. Unfortunately, benign neglect of things financial leaves you open to the charlatans of the financial world. The people who make investing endlessly complex, because if it can be made complex it becomes more profitable for them, more expensive for us, and we are forced into their waiting arms. Here's an important truth: Complex investments exist only to profit those who create and sell them. Not only are they more costly to the investor, they are less effective. The simple approach I created for her and present now to you, is not only easy to understand and implement, it is more powerful than any other. Together we'll explore: Debt: Why you must avoid it and what to do if you have it. The importance of having F-you Money. How to think about money, and the unique way understanding this is key to building your wealth. Where traditional investing advice goes wrong and what actually works. What the stock market really is and how it really works. Why the stock market always goes up and why most people still lose money investing in it. How to invest in a raging bull, or bear, market. Specific investments to implement these strategies. The Wealth Building and Wealth Preservation phases of your investing life and why they are not always tied to your age. How your asset allocation is tied to those phases and how to choose it. How to simplify the sometimes confusing world of 401(k), 403(b), TSP, IRA and Roth accounts. TRFs (Target Retirement Funds), HSAs (Health Savings Accounts) and RMDs (Required Minimum Distributions). What investment firm to use and why the one I recommend is so far superior to the competition. Why you should be very cautious when engaging an investment advisor and whether you need to at all. Why and how you can be conned, and how to avoid becoming prey. Why I don't recommend dollar cost averaging. What financial independence looks like and how to have your money support you. What the 4% rule is and how to use it to safely spend your wealth. The truth behind Social Security. A Case Study on how this all can be implemented in real life. Enjoy the read, and the journey! |
| accounting for 401k forfeitures: Qualified Retirement Plans , 2004 |
| accounting for 401k forfeitures: Farm Income Tax Schools Workbook , 1989 |
| accounting for 401k forfeitures: What You Should Know about Your Retirement Plan U.S. Department of Labor, 2006 Helps you understand your employer's retirement savings plan, know what information you should review periodically and where to go for help with questions. Explains when and how you can receive retirement benefits, the responsibilities of those who manage |
| accounting for 401k forfeitures: 1989 Farm Income Tax School Workbook , 1989 |
| accounting for 401k forfeitures: Medical and Dental Expenses , 1990 |
| accounting for 401k forfeitures: U.S. Tax Guide for Aliens , 1998 |
| accounting for 401k forfeitures: 2020 Guide to Small Business Tax Planning Dr. Charles E. Hall PhD, 2020-07-23 Federal and state tax laws are an integral part of business ventures, whether the business is a small sole-proprietorship, partnership or corporate entity. No matter if we like it or not, government, is a business partner which can be a burden, as well as, a useful tool for business growth. The United States Tax Code is very complicated. It is written as the Internal Revenue Code which is Title 26 of the United States Code. The Internal Revenue Code comprises some 10,000 plus pages and is further defined in the Internal Revenue Regulations which is written in some 10,000,000 plus pages. The intent of this book is to provide general guidance to small business. The books chapters provide accounting definitions, regulations and explanation in detail how business is created from its inception and what small business must do in order to be successful. Planning techniques for ongoing business ventures, as well as, retirement planning vehicles are explained. The book takes the business owner from the first day he or she opens their business, through the closure of the business. If the business owner is subjected to an examination by IRS, this book outlines the functions, procedures, rules and regulations that taxpayers and the IRS must follow. |
| accounting for 401k forfeitures: Tontines: A Practitioner’s Guide to Mortality-Pooled Investments Richard K. Fullmer, 2019-07-10 Tontines and similar mortality-pooled investment arrangements offer a useful and unique value proposition to the global retirement challenge. |
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