Posts Tagged ‘retirement’
Financial planning is a process of setting objectives, assessing assets and resources, estimating future financial needs , and making plans to achieve certain goals. Many elements are involved in personal financial planning. Typical financial planning tools include investing, asset allocation, risk management, taxation, life cover, retirement, insurance, and estate and trust planning.
In the long term, financial planning will assist you to manage your finances to achieve your goals and dreams, while at the same time negotiating the inevitable financial barriers that arise throughout life. Always remember that personal financial planning is a process and not a product.
Good financial advice is about providing you with the information you need to move in the direction to achieve your goals. This is why the financial planning services of a personal financial planner can make a huge difference to your financial future. Personal financial planning helps you create a stable future and improve your financial status by creating a plan that lets you save and invest your money so that it can start working for you.
A PSG Konsult financial planner can help you make financial decisions to give you peace of mind, because good advice is money well spent.
PSG Konsult’s financial planners offer high quality, independent advice regarding all aspects of personal financial planning. Our independence is our most trusted asset, because this enables us to source the best options available to suit your needs – regardless of the product provider. This means that you will receive a service that matches the most suitable solutions to your very unique circumstances.
With PSG financial planning you never have to worry about being on the wrong side of the law. We have standardised our personal financial planning and investment processes to meet all the legal requirements. We recognise the need to measure our advice to clients according to a benchmark that sets the standard in the industry. Our benchmark of the “best advice” and offering “superior services” are the cornerstones of this process.
We have an extensive support structure to assist our financial planners and portfolio managers. Financial planning services rendered in this regards include:
* Induction training.
* Bi-annual work sessions.
* Other specialised training on an ad hoc basis.
We ensure a high standard of financial planning within the company and provide the means to maintain that standard. Our in-house designed financial planning tools and modules make it possible to deliver a professional financial and investment planning service, backed by our excellent reporting processes.
We have more than 200 offices throughout the country that can ensure you peace of mind. You can search for offices by region, by advisor name or by advisor speciality. You can also request to speak to an advisor and we will ensure that one of our highly skilled advisors contact you.
We place a strong emphasis on personal financial planning services and on building lifetime relationships with our clients. We believe that the better you plan the better your future will be.
Our expert financial planners, portfolio managers, short-term insurance brokers and stockbrokers offer a unique one-stop integrated financial planning service, providing a diverse range of needs and offering appropriate financial and related products.
A PSG Konsult financial planner is a practicing professional who will assist you to manage various aspects of your financial wellbeing through proper planning. All of us can benefit from expert financial planning services including but not limited to: retirement planning, investment planning, risk management and insurance planning, tax planning, estate planning and business succession planning (for business owners).
When considering your financial affairs a main aim is to reduce the amount you pay in taxes. There are two ways in which to do this, firstly you can reduce your income and secondly you can increase your deductions.
Reducing Income – You’ve seen the line on your tax return marked AGI (adjusted gross income). This is essentially the amount of income you pay taxes on. It’s your yearly income in total minus the adjustments you claim. The more money you make, the higher your adjusted gross income. The higher your adjusted gross income, the more money you are expected to pay in taxes. The flip side of that coin is that the less income you earn, the fewer taxes you pay. If you want to reduce your income, you can do this by contributing to your employee retirement plan. Money you funnel into your retirement fund lowers your income, which means you owe less taxes. Another way to lower your AGI is by making adjustments to your income. Adjustments in terms of taxes means things like contributions to an IRA, alimony, classroom expenses, or interest paid on a student loan. If you’re interested in a complete list, visit the IRA’s website.
Increase Your Tax Deductions – Your AGI is further reduced by deductions and exemptions and this total is your taxable income. Typically, you are eligible for the standard deduction. But many people could itemize their deductions. The standard deduction and personal exemption relies upon filing status and number of dependents. If you marry or have more children, you raise your standard deduction and personal exemptions. If you want to itemize your deductions, you can count things like your state and local taxes, property taxes, gifts to charity, health care costs, tax prep fees, expenses incurred from investments, interest paid on your mortgage, and expenses for your job. There are other deductions you can take. Again, check the IRS website for a complete list. If you’re not sure which way to go, calculate your itemized deductions and compare the total to what you could write off if you took the standard deductions.
There are other things you can do to reduce your income for tax reporting purposes. You can check out investment funds and tax credits, for example. All of these strategies add up to a large savings on your taxes. The particular options specific to your situation will vary, but it’s worth looking into. You can search online, but taxes are pretty confusing. If you really want to get serious about reducing your tax burden, you should really hire a specialist who can advise you and guide you through the process. It may seem counter intuitive to spend money in order to save it, but a tax specialist makes it their business to know all the ins and outs of taxes.
You may wish for a tax free income, this however is impossible and likely always will be. Although if you do your research and hire the correct people you can certainly take a surprisingly large chunk out of the money you currently pay in tax. Meeting with a tax specialist will likely be a great investment and get you on track to saving money each year for the rest of your days.
Any bank may extend credit to a pensioner if you meet the requirements for the entity. The main limitations are age and pension income, it is important to emphasize that the duration of the operation over the applicant’s age shall not exceed the maximum age set by the bank or savings bank. Some documents will be required to get credits for pensioners or retirees. Apart from the usual documentation, such as the national identity document, the entity need the latest proof of pension and the latest tax declaration.
Some banks have specific financial products for senior citizens, an example is the pension loan.