web analytics
September 2, 2014 / 7 Elul, 5774
At a Glance
Blogs
Sponsored Post
Jerusalem Mayor Nir Barkat (L) visits the JewishPress.com booth at The Event. And the Winners of the JewishPress.com Raffle Are…

Congratulations to all the winners of the JewishPress.com raffle at The Event



Keep Tabs on Your Pension Plan

Should you switch funds?
pensions

Do you have a pension plan at work? If so, continue reading. If not, investigate the possibilities of beginning one, and then finish reading this article.

While it’s great that you are saving, don’t rest on your laurels. Do you understand the documentation that you have received from your pension or life insurance company? And even if you do, do you ever take the time to read through it?

Recently I was preparing a financial plan for a client, when he called to tell me he “found” some money – he forgot he had a pension plan from a previous employer, and only realized when he received the annual report in the mail. While the anticipated pension was a small sum, every bit helps.

Another financial planning client recently called to thank me after I insisted that he speak with the human resources director at work to get the details of his pension plan. In doing so, he discovered that many months worth of deposits were not properly credited to his plan. He called the appropriate people to rectify the mistakes, and now will keep closer tabs to make sure his pension savings are invested properly.

There are many places that “automated” pension plans could break down. It’s up to you to make sure that all is well at each step along the way: Were both yours and your employer’s contributions added to the account? Was it invested according to the allocation model you chose? Is the original allocation model still ideal, or should you switch funds? Does your pension fund fit into your ideal asset allocation as a whole? Are your disability and life insurance policies still sufficient? If you have more than one plan, make sure you keep careful records, even when your contributions stop.

Your pension plan is meant for your future. Take the time today to make sure all is in order.

About the Author: Douglas Goldstein, CFP®, is the director of Profile Investment Services, Ltd, a financial planning firm located in Jerusalem. He specializes in working with clients in New York, Florida, and Israel and is a licensed financial professional both in the U.S. and Israel. Securities are offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, SIFMA. Accounts held at Pershing LLC., Member NYSE/SIPC, a subsidiary of The Bank of New York Mellon Corporation. Neither Profile nor PRG gives tax or legal advice. Before immigrating to Israel, it is advisable to consult with a tax attorney who is knowledgeable about Israeli law. Doug’s newest book The Expatriates’ Guide to Handling Money and Taxes is available at www.expatguidetomoney.com. He hosts a weekly finance show, Goldstein on Gelt, on internet radio. Listen live or download podcasts. Toll-free from U.S. 1-888-327-6179, Jerusalem: (02) 624-2788. Follow on Twitter: @DougGoldstein or contact at doug@profile-financial.com.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

No Responses to “Keep Tabs on Your Pension Plan”

Comments are closed.

SocialTwist Tell-a-Friend

Douglas Goldstein
Current Top Story
Hamas' Ismail Haniyeh would replace Abbas chairman of the Palestinian Authority if elections were held today.
Poll: Hamas Would Rule Judea and Samaria in New Elections
Latest Blogs Stories
paramedikit-3

“I knew that being there would allow me to protect other soldiers.”

Kerry Repeats

JoeSettler asks what could still possibly be on the negotiating table with the PA after a summer like we just had…

Kurdistan Crisis

You did not want to listen because you could not blame my Israel.

iphone

Now everyone has easy access to the culture and all of its vices, both social and intellectual.

Connect the dots, please: All of these Muslim Arab terror organizations are connected.

“…while Hamas has been weakened it has not been destroyed…”

Jewish donors bought and donated the greenhouses to the Palestinians.

This week’s podcast discusses the need for transparency in international business dealings.

The new “Begin Plan” is an impending nightmare, it rewards the Bedouins for brazen land-grabbing.

There is absolutely nothing for Israel’s security in this American document.

Is it because of corrupt values and lack of meeting opportunities that we have a shidduch crisis?

Israel is fighting the war that none of the Western world has the ability or courage to fight.

Finish the job! Sayyem et a missima!סיים את המסימה!

Life after 50? You better believe it! Tips on how to prepare and enjoy life after retirement.

While I am no fan of the two-state solution, I think I have a solution for the Gaza strip. Let me make it perfectly clear that in no way do I believe a Palestinian people, nation or Arab State ever existed in the history of the world and certainly was not occupied by Israel. If […]

Hamas targeted the Erez Crossing when it knew that Gazans and Israeli Arabs would be there, out in the open…

More Articles from Doug Goldstein, CFP®
Goldstein 485x300

This week’s podcast discusses the need for transparency in international business dealings.

Doug Goldstein

Life after 50? You better believe it! Tips on how to prepare and enjoy life after retirement.

Marriage is not just about emotional fidelity but about financial fidelity as well.

Discussion on recent changes to Social Security benefits and how it will effect you.

Doug speaks with World Chess Cahmpion Magnus Carlsen.

Do Keynesian theories about government spending still apply today?

How can you prevent emotional baggage from holding you back?

This week Doug speaks with David S. Rose, entrepreneur, former angel investor, and founder of Gust.

Printed from: http://www.jewishpress.com/blogs/goldstein-on-gelt/keep-tabs-on-your-pension-plan/2013/07/11/

Scan this QR code to visit this page online: