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Power Checklist

  • Remember that qualified plans hold investments, but they are not investments in and of themselves. A pot will hold water, and a fire will heat the water. Your qualified plan is the pot, and your investments are the water.

  • Defined benefit plans offer you a continued paycheck after you retire, based on your average salary over a specified period of time.

  • Ninety percent of people working for small businesses do not contribute to a qualified retirement plan.

  • ERISA, which is enforced through the Department of Labor, protects the interests of employees with retirement plans and is the direct result of the government's legislating balance where it had become absent in corporate America.

  • 401(k) plans are extremely popular, with over 480,000 active plans covering 47 million people and representing over $1.8 trillion in assets.

  • Many corporations load their 401(k) plans up with company stock, so be careful!

  • The following statement is an extreme generalization: “You should never put an annuity into a qualified plan.” Extreme generalizations are rarely true statements.

  • Roth IRAs are great for those who qualify to have them.


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