A new story from Coach Pete Financial Safari


I always love that particular yeah she was the one to visit all of the season coming up you know curb your enthusiasm back on again kind of a sabbatical break but a little done with every day that's right you know the funny thing about that I'm going on to Tennessee but we'll get back to this distributed through Z. as them wary David they they always make fun of the fact that he on Seinfeld we wrote Seinfeld he designed the character George after his life there are a few of those yes I'm all the people on there make fun of George and where gets mad about it yeah because because he hadn't told anybody's hold on on the computers and that he basically designed George after he gets all mad when people start talking to joke about George Wright is fighting me up now the sign feels a long running show the the financials been longing running longer than that for sure and so in nineteen seventy eight is when the four oh one K. really got its start the birthdate and the the way the tax code was assigned Ted Benna who's a financial planner analyze the tax code I guess he had nothing else to do that tasty he's one of these guys these just eat as geeks out on that so and in nineteen eighty really officially became known it was tested and when and actually see it survived a test from the IRS right and so the four one K. it's been around for forty years now please and what's a party for yeah it was amazing to me is when he discovered that it was never intended to take over right retirement planning it was simply he thought it and rightly so that it was just going to complement the pensions that were out there but big business said Hey wait a minute we got out you know I had on my show years ago it was probably the worst thing I ever did the best thing I ever did the same time because like you're saying companies decided Hey we don't have to put money aside for pensions will pass the burden over to the employee and it's taken a life of its own sense that by surrounding pensions out there at all not at all one government is government have it yeah but but a lot of those even take money in your paycheck to fund it back in the day the real pension you work for the company for twenty thirty forty years and then you retire and they would keep giving your paycheck was otherwise known as offensive to the tracking to the pace inflation the old pensions some do some don't all hello design but hopefully someone did because of not the dollar from back then is nowhere near the dollar today is exactly right so Steve that that was a brief history the four one K. week we go in a little more detail inside the outbox at ninety V. D. but it's the best of times and worst of times I see a lot of folks would balances in for one case over a million dollars but it's a lump sum there's no lifetime income component there so it what good is it to have a million dollar sitting near if you don't know how much you can take out without running out of money before your password thrive so we need to make sure we have a plan that gives this perpetual income no matter how long we live no matter how longer spells lives and if we do if we die too soon want to make sure that money doesn't disappear and go to somebody else would have to go to somebody in our family who are churches there are charities whoever you decide and that's called the beneficiary designation so when you sign up for your four one K. or any kind of account out there these days you use you will put down who you want to get the money there's a call beneficiaries the biggest problem with beneficiary designations as lot of people forget to update him specially if you've been divorced so what good is that they have your older spells is beneficial if you pass away all the medical field well the new spell thing to make you happy fortunately we see that happen and open court cases about this too because like the current spouse would sue the former spell how yeah but I haven't seen one where they did not rule in favor the one who was on.

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