Diploma of Financial Services (FP) Case Study It is November‚ 2010. You are an authorised representative of a full-service licensed dealer group‚ Azza Financial Services Pty Ltd. Allison and Simon Callahan have come in to see you to ask for your assistance to plan out their next five years and then help them settle into retirement. Allison (aged 54) and Simon (aged 52) have been married for 29 years and live at Lot 3 Wattle Road‚ Hurstbridge‚ Vic. Their only child
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Personal Finance Personal finance addresses the way an individual or families earn‚ budget‚ save‚ and spend money gained from employment‚ loans‚ or gifts. As a college student‚ my personal finances are based upon money I have obtained‚ seasonal employment and parental support. In creating my budget‚ I had to realize that my income was not the same each month so I had to make sure I had enough money to pay for my gas‚ phone bill‚ and entertainment. Sometimes I would go over budget due to unexpected
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Advantages and Disadvantages: 401k plan to the Employer and Employee A 401(k) plan is a retirement account to which employee and employers contribute‚ on which taxes are deferred until withdrawal‚ and for which the employee selects the types of investments. As with anything to do with the Internal Revenue Service‚ the 401(k) plan has many ups and downs and many regulations that must be followed. This makes things more difficult for both the employer and employee in making decisions about the plan
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Case Study 1 Funding Jill Moran’s Retirement Annuity Sunrise Industries wishes to accumulate funds to provide a retirement annuity for its vice president of research‚ Jill Moran. Ms. Moran‚ by contract‚ will retire at the end of exactly 12 years. Upon retirement‚ she is entitled to receive an annual end-of-year payment of $42‚000 for exactly 20 years. If she dies prior to the end of the 20-year period‚ the annual payments will pass to her heirs. During the 12-year “accumulation period‚” Sunrise
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A cafeteria plan is an employee benefits plan which allows employees to choose from a list of options‚ much like they might choose from a cafeteria menu. There are some distinct advantages to cafeteria plans for both employees and employers‚ especially for small businesses. If you work for a company which offers a cafeteria plan‚ check your options out carefully‚ and don’t be afraid to ask for assistance to ensure that you choose the benefits you need. Some common inclusions on the menu of a cafeteria
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Regular IRA vs. Roth IRA An IRA is an individual retirement account‚ or savings plan‚ that offers tax advantages to an individual that sets aside money for retirement. There are Regular IRAs and there are Roth IRAs. For both plans‚ the only way you can contribute is with money earned from working. If you are a student with no taxable compensation‚ then you cannot open an IRA. When you invest in a Regular IRA‚ your contributions are tax-deductible. However‚ when you invest in a Roth IRA‚ your
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Personal Finance Personal finance is the application of the principles of finance to the monetary decisions of an individual or family. It addresses the ways in which individuals or families obtain‚ budget‚ save‚ and spend monetary resources over time‚ taking into account various financial risks and future life events. It refers to the financial decisions which an individual or a family unit is required to make to obtain‚ budget‚ save‚ and spend monetary resources over time‚ taking into account
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Abstract Each employer ’s retirement benefits are different. Employees need to know exactly what benefits their employer offers and what each type of benefit does for the employee. Employees that understand defined contribution plans‚ defined benefit plans‚ 401(k)‚ 403(b)‚ the fiduciary requirements imposed by ERISA‚ and non-discrimination rules imposed by ERISA will help employees make good decisions regarding their retirement. Each plans has its good points and its bad points and employees need
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Benefits of Early Retirement Early retirement is not such a bad idea‚ but only if itÕs affordable. Today‚ people who begin this process feel confident that they can live out the rest of their lives comfortably. Still being young enough to enjoy what is earned is another good reason why someone might want to advance into retirement. Also‚ having good health is another popular reason why it is a good idea to retire early. After working hard‚ one should reward them self by enjoying what
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Stable Money Makers - Alpaca Business Betty Parks‚ a 49 year old building code auditor‚ became frustrated as she watched her retirement investment in a 401K move in the wrong direction. Specifically‚ Betty lost approximately 50% of her investment in the 401K‚ she had planned to use for retirement. After three years of research‚ Betty decided to make an unconventional investment of $56‚000 in tangible assets‚ the Alpacas. Fortunately for her‚ she had two new alpaca babies at the end of the first
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