INTRODUCTION
A secure and comfortable retirement... for people of all
generations, this is a universal goal. The ability to spend the
post-career years in comfort and with dignity, to devote time to family,
travel, and personal interests, can be the crowning chapter of a full
and rich life.
Some questions to answer are:
1. Will you have the financial resources to make the dream
come true?
2. How can you leverage your assets?
3. How can you protect what you accumulate during your working years and
at retirement?
4. How can you minimize taxes?
5. How can you avoid outliving your income?
The answers depend to a great extent on how well you plan for retirement
and for all of the contingencies that may occur. The more you allocate
to building a retirement nest egg and the smarter you are in structuring
your financial vehicles and the strategies designed to achieve your
goals, the more likely you'll be able to retire to a lifestyle that
matches or exceeds your expectations.
A wide range of retirement plans and techniques -- some relatively
simple, others complex and sophisticated -- can provide powerful tax and
financial advantages designed to leverage the power of your assets.
Chances are you know this, but you may be confused as to which plans are
best suited for your personal needs and circumstances. Some commonly
asked questions are:
* Should I contribute to an IRA?
* Which one -- a traditional IRA or the new Roth IRA (created by the
1997 Tax Act)?
* Is a defined benefit plan better than a defined contribution plan?
* Can an employer establish a retirement program just for key people?
* How can highly appreciated property be sold without paying capital
gains tax?
* Once I decide on the right plan or program, should I fund it with
cash, stocks, annuities, or life insurance?
Accumulating money for retirement may be only half the battle. Once
there, what's the best way to distribute money from a plan? How can you
protect your money from taxes or creditors? What's the best way to pass
it on to your children? What happens if you need nursing home care? Even
if you are knowledgeable about finances and planning, you can fall into
tax and financial traps or fail to take advantage of new opportunities
created by Congress.
Sometimes, it seems you need a team of professionals to
help you identify the key issues and make the right
decisions.
That's precisely the idea behind Plan Smart, Retire Rich.
Copyright © 1999 by The Mutual Life Insurance Company of New
York
