Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

Tuesday, October 8, 2013

Ten Tax Savings Tips

Forbes recently posted some tips and information that will make sure your 401K savings benefit you.

  1. Tax code complexity can create ancillary costs.
  2. Administrative costs may end up costing the smaller retirement plans more than the larger plans.
  3. High costs compound just like returns.
  4. Take advantage of disclosure standards, they can help reduce costs.
  5. Investors must use the disclosure.
  6. People should set up automatic deductions to save for retirement.
  7. Target date funds do not guarantee income at retirement.
  8. Investors can change policy by voting against excessive fees.
  9. Do the math and check to see if the cost of the fees is worth the savings.
  10. Be prepared to decline a tax break.

See Janet Novack, 10 Tough Lessons For College and Retirement Savers --And Tax Reform, Forbes, Sep. 10, 2013.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.


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