Though it will be a while til I retire (like probably over 30 years from now) I am seeking clarification. I am a state employee and have a pension plan. For my state job, they do not take out Social Security taxes. I also run my own business and do pay Social Security taxes. Does that mean that when I retire from my state job (who knows when) I will be eligible for both my state's pension plan and Social Security? Will I penalized for having both?
How much money do you get from a Pension Plan in Ontario, Canada?
K well i will be getting a pension plan cuz of losing one of my parents. Is there a way to find out how much money i get from this pension plan? I live in Ontario, Canada, and i'm turning 18 in a few months and curious how much i get, not be greety, it's going into my savings for College, and w.e else i need. thanks :)
How can i get a loan from my pension plan do yo the economy?
how can i get money from my HDFC pension plan do to the economy
Are we too old to start a pension plan?
My wife & I are aged 50 & 53. Recently we were offered a stakeholder/ISA pension plan that starts with a lump sum investment of £2028, then continues with a monthly investment of £65. If we keep this up for 10 years we get a tax free lump sum of £4000 & an index linked taxable monthly income of £32, if 15 years £6770 lump plus £63 monthly. This is meant to be more tax efficient. Instead we could just put the money into a savings account at 5% & pay tax on the interest. According to my spreadsheet, we'd still be better off in 30 years by putting the money into the savings account & paying tax. Are we just too old to start a pension scheme, or are the stakeholder & ISA arrangements not as good as they seem?
You are not too old to start a pension plan but I would urge you to seek advice from an INDEPENDENT financial adviser on this.
Friday, January 15, 2010
Thursday, January 14, 2010
Can one transfer provincial pension earnings to another provinces pension plan?
Which is the best Pension Plan for Senior Citizens run by Insurance companies?
My Parents aged 71 yrs and 60 yrs would like to invest in Pension Plan to get decent monthly amount as pension after certain years. Which plan they should opt for?
They should invest in a fixed deferred annuity account for their set time horizon. Annuities with many companies are yielding near 6% or more. After the selected term of the annuity is over, they can then annuitize for guaranteed, lifetime monthly income.
I work full time presently in Ontario. I have been for a few years now. Been contributing to the Ontario Pension Plan. However I might be getting a full time job in Alberta. To which there is a provincial plan there. Would I be able to transfer all my credits in Ontario to the Alberta Pension plan and just continue? Or do I have to start all over again from scratch?
The Income Tax Act does allow a transfer of pension credit from one registered plan to another. The real question is, will the Alberta plan accept the transfer, and will the Ontario plan release your accumulated credits? Contact the pension administrators and ask if the credit can be transferred.
What is better, work for a company with higher pay w/o pension plan. or stay where I am at?
I have been offered a job for much higher pay, but they do not have a pension plan like my present company does. Both have 401K
Depends on if you are a good saver/investor...you can do without the pension if you can save/invest with the extra money you'd be making.
My Parents aged 71 yrs and 60 yrs would like to invest in Pension Plan to get decent monthly amount as pension after certain years. Which plan they should opt for?
They should invest in a fixed deferred annuity account for their set time horizon. Annuities with many companies are yielding near 6% or more. After the selected term of the annuity is over, they can then annuitize for guaranteed, lifetime monthly income.
I work full time presently in Ontario. I have been for a few years now. Been contributing to the Ontario Pension Plan. However I might be getting a full time job in Alberta. To which there is a provincial plan there. Would I be able to transfer all my credits in Ontario to the Alberta Pension plan and just continue? Or do I have to start all over again from scratch?
The Income Tax Act does allow a transfer of pension credit from one registered plan to another. The real question is, will the Alberta plan accept the transfer, and will the Ontario plan release your accumulated credits? Contact the pension administrators and ask if the credit can be transferred.
What is better, work for a company with higher pay w/o pension plan. or stay where I am at?
I have been offered a job for much higher pay, but they do not have a pension plan like my present company does. Both have 401K
Depends on if you are a good saver/investor...you can do without the pension if you can save/invest with the extra money you'd be making.
Sunday, January 10, 2010
Best health insurance policy to go for?
What is the best health insurance policy to go with? I am recently out of the military and need to purchase an individual health ins policy. However, I am not sure which ones are the best. I am a student, do they offer any good student policies? Also, is the SGLI to VGLI conversion a good change to make? If not, which is better term or whole life insurance policies?
vgli is a 5 year renewable term policy meaning you can renew it every 5 years for the same amount of insurance but your premiums will have gone up cause you've gotten older. as far as whole life vs. term i tell people it depends how old they are and what they're responsible for financially. ie: If you're young and don't have a family basically you're just responsible for putting yourself in the ground. Here you can get free quotes from different companies in your area, its the best way to find an affordable health insurance with a reliable company. Hope this help,
What is the waiting period on a health insurance policy?
I was in a car accident about 1 1/2 months after I got my new health insurance coverage. I didn't have personal injury protection on my auto insurance policy so I'm billing my health insurance for the costs. Anyways they just sent me a letter saying that the services occurred within the waiting period of the policy therefore this claim is pending for receipt of physicians report. What does all this mean? Can they deny the coverage?
Companies normally have a 60 day "underwriting period" to see if they even want to accept your application. Since yours was a NEW application and still within this period, they are probably still waiting on reports from your doctors to see if you had any pre-existing conditions that might have caused the accident. If not...you shouldn't have a problem - it just takes a little waiting time. Good luck and I hope this helps!
vgli is a 5 year renewable term policy meaning you can renew it every 5 years for the same amount of insurance but your premiums will have gone up cause you've gotten older. as far as whole life vs. term i tell people it depends how old they are and what they're responsible for financially. ie: If you're young and don't have a family basically you're just responsible for putting yourself in the ground. Here you can get free quotes from different companies in your area, its the best way to find an affordable health insurance with a reliable company. Hope this help,
What is the waiting period on a health insurance policy?
I was in a car accident about 1 1/2 months after I got my new health insurance coverage. I didn't have personal injury protection on my auto insurance policy so I'm billing my health insurance for the costs. Anyways they just sent me a letter saying that the services occurred within the waiting period of the policy therefore this claim is pending for receipt of physicians report. What does all this mean? Can they deny the coverage?
Companies normally have a 60 day "underwriting period" to see if they even want to accept your application. Since yours was a NEW application and still within this period, they are probably still waiting on reports from your doctors to see if you had any pre-existing conditions that might have caused the accident. If not...you shouldn't have a problem - it just takes a little waiting time. Good luck and I hope this helps!
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