| Think Roth when saving through IRA
Q: I contribute to a 401(k) account at work. Does that mean I am not allowed to put money into an IRA? ---- David, OceansideA: For some reason, there is a widespread belief that participating in an employer-sponsored plan such as a 401(k) precludes you from making additional contributions to an individual retirement account. A study last year found that 48 percent of people surveyed thought that was the case. The better question is whether or not the money you put into an IRA is deductible. The Internal Revenue Service says that a single taxpayer who earns less than $50,000 can deduct the full $4,000 contribution that is allowed for tax year 2006. Partial deduction is allowed on income up to $60,000. .
Thousands missing out on millions, pension expert tells Sault forums
"Research tells us that tens of thousands of Canadian seniors and retirees are missing out on millions of dollars of entitlement because they simply haven't applied for their benefit," said Shillington, following the first of two forums on government pensions Thursday at Waterfront Holiday Inn.
Shillington, a respected statistician and researcher well versed on government pensions, addressed a capacity audience of about 50 seniors and those approaching retirement at the first forum.
"Ottawa's refusal to reach out to our most vulnerable citizens is causing some people to live in unnecessary poverty," he said.
"Two people I've spoken to (Thursday at the first 50-person forum), in my initial opinion are not receiving the benefits they are entitled .
State pension could be considered inadequate
The state pension alone would be considered "inadequate" by many people as a retirement income, it has been claimed. Although the pension is a "guaranteed payment", it may not be enough to cover the retiree's financial needs, according to the Association of British Insurers (ABI). The group suggested that young professionals should start investing in a private pension scheme in order to receive a greater return. Jonathan French, spokesperson for the ABI, said: "You can never be too young to start saving for a pension. "Pensions are of course, by their very nature, long-term investments - and long-term investments, generally speaking, have a very good record for providing excellent returns." He added that most employers will offer a pension scheme through the workplace and that there is a variety of different types of scheme available.
Phoenix Enhances Employee Benefits With Paid Paternity Leave ...
Business Editors HARTFORD, Conn.--(BUSINESS WIRE)--April 17, 2007--The Phoenix Companies, Inc. (NYSE: PNX), a pioneer and recognized leader in family-friendly policies and programs, has enhanced its employee benefits package with paid leave for new fathers and increased adoption benefits. As a result of these changes, Phoenix will now provide three weeks of paid paternity leave upon the birth of a child. Phoenix has also increased its adoption reimbursement to $9,000 from $5,000 ($10,000 for a special needs adoption), and its paid leave for new adoptive parents to three weeks from one week. Employees with at least one year of service are eligible for these enhanced benefits. Bonnie J. Malley, executive vice president, Human Resources, Corporate and Marketing Communications and Corporate Services, said the enhanced benefits are part of Phoenix's commitment to providing a supportive work environment that makes it possible for employees to progress in their careers while taking care of the personal priorities in their lives.
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