web analytics
March 29, 2015 / 9 Nisan, 5775
At a Glance
Blogs
Sponsored Post


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 and investment services firm located in Jerusalem. He specializes in working with clients who live outside of the United States and want to maintain a U.S. brokerage account. Doug’s newest book, co-authored with Susan Polgar, about how using chess strategies to improve your finances, Rich As A King can be purchased at www.richasaking.com. He is a licensed financial professional both in the U.S. and Israel. Securities offered through Portfolio Resources Group, Inc., Member FINRA, SIPC, MSRB, FSI. 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. 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.

Current Top Story
Child looks on as Houti rebels' truck passes with weapons.
Houthis Copy Hamas Tactics and Use Civilian Shields to Hit Saudi Planes
Latest Blogs Stories
Knesset and Menorah

I pray each member of Knesset will represent the interests of the State of Israel & ALL its citizens

Moshe Kahlon

At no time did Kahlon say that he preferred to see Bibi in another term as PM-I don’t trust him!

The Dimona nuclear reactor dome. Iran has been using Israel's reluctance to join the NPT to escape criticism of its own program.

“Israel has nuclear weapons & it isn’t afraid to use them if necessary-Does that frighten you? Good”

JB Flag

American Jews think they know what’s best for Israel-better than Israelis. Here’s my take…

An old Arab man yelled at me “You’re stupid!” I returned the compliment; He had murder in his eyes.

Why do people feel the need to check their email 50X a day, constantly dipping in & out of Facebook?

Betar is the world-wide Zionist youth movement that refuses to be silent, and as our founder Ze’ev Jabotinsky wrote: “Silence is despicable.”

Life in Europe’s pre-War Yeshiva world makes today’s rulings look like the Taliban has taken over.

Moshe’s the 1st family member in thousands of years to have the honor of serving in a Jewish army

Often wig wearers become more attractive after marriage. Doesn’t this turn the intent on its head?

US official interference in Israel’s Elections is not only immoral but may be illegal under US law.

The greatest thing about leaving Israel is the joy in returning, hearing/seeing/smelling coming home

I never felt an election resonate so much; I had true existential fear that my candidate might lose

It appears that Agudah has joined with those choosing to erase women from the public sphere.

How can you turn your passion into your business? How can you build your business around your life?

Politicians have their own egos as priority, not the good of the country nor the will of the people

More Articles from Doug Goldstein, CFP®
Doug Goldstein

Why do people feel the need to check their email 50X a day, constantly dipping in & out of Facebook?

Doug Goldstein

How can you turn your passion into your business? How can you build your business around your life?

Find out about peak oil and how the production & sale of cheap oil has affected other oil sources

How do emotions affect the way that people make financial decisions?

Doug Goldstein talking to … Doug Goldstein

Discussing the mindset of $ and appreciating its value, and how to develop your inner entrepreneur

Why is it necessary to be accountable in business and in life? And how does it differ from guilt?

What are the ramifications of giving up your US citizenship? Would it effect your visiting the US?

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: