Wealth Partners Corporation Helps Clients Avoid Costly IRA Mistakes
An IRA may be an extremely profitable savings tool, but there are decisions that could sabotage its effectiveness and stunt its growth. This new book," The 5 Most Costly IRA Mistakes and How to Avoid Them," is written for those who are savers but may not be aware of IRS rulings and tax laws that may impact their funds.
Adhering to the principles of his company, Hoover strives to provide education that will enable retirees, or those about to retire, to devise strategies that will protect their assets. This book is written for anyone interested in making informed financial decisions regarding IRAs but who does not reside in the world of finance.
The introduction describes a brief history of the concept of “retirement” and how it has evolved into today’s reality. Also covered are highlights of past and present programs designed to help individuals save substantially while still working. Hoover’s expertise should benefit those thinking of purchasing an IRA, potentially saving them many thousands of dollars.
The author is particularly concerned with beneficiary forms and recounts disastrous cases where IRA owners neglected to complete this form properly. The first chapter deals with this issue and how the owner’s heirs will benefit when it is filled out correctly.
Research indicates that the group known as baby boomers are financially unfit for retirement. Wealth Partners strives to guide clients through the sometimes awkward period between planning for and full-fledged retirement. The book’s second chapter discusses titling, deadlines and other obstacles that could prevent an inherited IRA from performing to the max.
Another matter for those with little time to keep an ear to the ground for every new financial law handed down from Washington is the 60-day rollover. Chapter three lays out situations best suited for the 60-day rollover as well as those that call for a trustee-to-trustee transfer. Rules, timelines and deadlines are explained, and real life rulings by the IRS demonstrate the need for education and attention to managing an IRA.
An IRA owner designates a trust as an IRA beneficiary to “have control over the disbursement of assets after he or she dies.” (page 26) Listing a trust as beneficiary is extremely popular, but is there a down side? Pros and cons are the topics of chapter 4.
Back in the door-to-door salesman days, diversification was an easily understood concept; have a large variety of products and you’ll have something for everyone. Chapter 5 uses this adage to stress the necessity of a well-diversified present day financial portfolio.
All investors would love to have the assurance that all is well in their financial world, but Wealth Partners understands that that does not happen overnight. Steve Hoover’s new book is one tool Wealth Partners employs to provide education and strategy as opposed to unfiltered information, which is confusing. “The time we invest in our clients instills confidence and when they see their financial goals come to fruition, the result is financial peace of mind,” says Hoover.
The author has 15 years of experience in financial management and retirement planning. He is adamant about educating his clients and was voted as a Kansas City Magazine Five Star Best in client satisfaction each year from 2007 – 2010.
Steve Hoover can be contacted at email@example.com.
Contact: Steve Hoover
Company: Wealth Partners Corporation