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<blockquote data-quote="Dfigtree" data-source="post: 160737" data-attributes="member: 5050"><p><strong>FROM TAX GUIDE FOR INVESTORS: Creditor Protection</strong></p><p></p><p> Federal laws concerning retirement savings provide sturdy protection for employer plans <span style="color: Purple">(that is, 401Ks,etc)</span> from creditors of participants. You may lose some or all of your account in a divorce, but it's generally protected from being seized by credit card companies or other claimants.</p><p> The amount of protection afforded to the owner of an IRA depends on state law. Some states provide no creditor protection at all for IRAs; many others provide only limited protection. If the possibility of bankruptcy is a concern, you should determine the kind of protection your state provides to IRAs before choosing an IRA over an employer plan for your retirement savings.</p><p>------------------------------------------------------------------------</p><p>Also, look at the overhead for UPS' 401K versus any IRA. UPS' plan has a very low cost structure.</p><p>-----------------------------------------------------------------------</p><p>You might also want to take into account how you will receive your money when get gray hairs and who the beneficiaries are.</p><p>-----------------------------------------------------------------------</p><p>FPs earn their money. When you engage someone to provide additional value to your financial situation, ask them what they did before to make a living. I have seen pizza makers that call themselves FPs. Ask for their professional designations. A CFP or Registered Investmemnt Advisor are good designations. There are others. And ask the FP where she got her financial training from. ASK LOTS OF QUESTIONS.</p></blockquote><p></p>
[QUOTE="Dfigtree, post: 160737, member: 5050"] [B]FROM TAX GUIDE FOR INVESTORS: Creditor Protection[/B] Federal laws concerning retirement savings provide sturdy protection for employer plans [COLOR=Purple](that is, 401Ks,etc)[/COLOR] from creditors of participants. You may lose some or all of your account in a divorce, but it's generally protected from being seized by credit card companies or other claimants. The amount of protection afforded to the owner of an IRA depends on state law. Some states provide no creditor protection at all for IRAs; many others provide only limited protection. If the possibility of bankruptcy is a concern, you should determine the kind of protection your state provides to IRAs before choosing an IRA over an employer plan for your retirement savings. ------------------------------------------------------------------------ Also, look at the overhead for UPS' 401K versus any IRA. UPS' plan has a very low cost structure. ----------------------------------------------------------------------- You might also want to take into account how you will receive your money when get gray hairs and who the beneficiaries are. ----------------------------------------------------------------------- FPs earn their money. When you engage someone to provide additional value to your financial situation, ask them what they did before to make a living. I have seen pizza makers that call themselves FPs. Ask for their professional designations. A CFP or Registered Investmemnt Advisor are good designations. There are others. And ask the FP where she got her financial training from. ASK LOTS OF QUESTIONS. [/QUOTE]
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