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  Financial Planning

Beneflex Financial Group can provide professional financial planning for you, your family, and business.

Preserve you wealth with LifeComp
Please review this VALUABLE wealth presentation. Click here.
Financial Planning Solutions for Long-Term Care.  Click here.

 Have you started planning for the future?
 Looking for a good reason to start planning for the future? WE'LL GIVE YOU 10!
  1. Your responsibility for saving money is increasing.
  2. We're relying heavily on social security. 
  3. You'll need more than you think. 
  4. We're saving less.  
  5. Unrealistic expectations.  
  6. Many of us haven't calculated our retirement needs.
  7. We're living longer now, and we're going to live even longer in the future.
  8. We're living more years in retirement.
  9. Retirees are spending more.
  10. Time = Money.
Without having well-thought, documented objectives for financial security, it can be very difficult to tell whether you have really succeeded or are simply content with your status quo. Developing a good financial plan can have a significant financial benefit. Instead of money controlling you, you control it - and your future.

IRA Contribution Amounts

Recent changes in tax law provide you a greater opportunity to set aside more dollars for retirement by raising contribution limits on tax-advantaged IRAs and company retirement plans. 

The maximum annual contribution for individual retirement accounts  (including Roth IRAs) will begin to increase up to $5,000 in the year 2008 (see table), after which the limit will be indexed to inflation in $500 increments. In addition, the new law allows people age 50 and over to make “catch-up” contributors of up to $500 per year from

2002 through 2005, and up to $1,000 for 2006 and later.

 

YearMaximum IRA
Contribution		Age50+
Maximum
Contribution		IRA Catch-up
Contribution		Maximum 401(k), 403(b)
Contribution		Age 50+
Maximum Contribution		Maximum 401(k), 403(b) Catch-up Contribution*
2002$3,000$3,500$ 500$11,000$12,000$1,000
2003$3,000$3,500$ 500$12,000$14,000$2,000
2004$3,000$3,500$ 500$13,000$16,000$3,000
2005$4,000$4,500$ 500$14,000$18,000$4,000
2006$4,000$5,000$1,000$15,000$20,000$5,000
2007$4,000$5,000$1,000Indexed$20,000$5,000
2008 $4,000$5,000$1,000Indexed$20,000$5,000
2009 $5,000 $6,000 $1,000Indexed $22,000 $5,500
2010 $5,000$6,000$1,000Indexed$22,000 $5,500

                                                                          *p; *p; *p; *Age 50+

Over the next few years the maximum amount a participant under age 50 can contribute to a 401 (k) or (b) plan will gradually increase to $15,000 in 2007. For those people age 50 and above the amount will increase to $20,000 in 2007.

With the new contribution changes, we hope you will be better able to plan for your future retirement. Place your trust in an experienced and licensed professional who has extensive understanding of complex financial issues, as well as knowledge of a broad array of products and services that can help meet goals.  For more information on financial planning, please contact us by calling 800-926-9107 or click here.  Thank you!

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