How to Save for Retirement and Cut Income Tax

Serial Information: Civil Engineering—ASCE, 1976, Vol. 46, Issue 3, Pg. 70-71


Document Type: Feature article

Abstract:

Thanks to the 1974 pension law, employed persons can tex-defer 15% of income up to $1,500 a year, and the self-employed, up to $7,500 a year. The money may be put into IRS-approved plans in savings acounts, mutual funds, federal retirement bonds, certain insurance policies, and trust accounts invested in stocks and bonds. Yield on some plans is rather impressive�� up to an effective yield of 8.17% recently at savings banks and Savings and Loans. Check carefully the plans offered by insurance companies�� to determine amount of front-end charge and annual fee. Here is an introduction to these tax-saving programs.

Subject Headings: Insurance | Bonding | Taxation | Fees | Federal government | Employee compensation and benefits

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