Jon C. Ogg 24/7 Wall Street Published 6:00 AM EDT Mar 24, 2019 One of the greatest rewards one can receive after a lifetime of hard work is a comfortable retirement. They call it the "golden years" for a reason. Unfortunately, many people are nearing the age of retirement but failed to plan, and will not see anything that reminds them of gold when it comes time to stop working full-time. The most common forms of funds dedicated to helping Americans retire are 401(k) plans and variations of the Individual Retirement Account, or IRA. Most companies do not offer pension plans or defined-benefit plans to employees any longer, so it is up to the employee to use IRAs and 401(k)s as a defined-contribution plan to help build that retirement nest egg. Are you saving enough for retirement?: Better plan on that money lasting at least 23 years Where to live when you retire: Your Social Security check won't cover rent in these 8 states With the bull market turning 10 years old, it is … [Read more...] about What is the penalty to withdraw money from 401k early? A lot.
What are the penalties for not paying taxes
BREXIT negotiators on both sides are still trying to thrash out an exit deal that everyone will be happy with - and it's easier said than done. Today Theresa May will set out more options to her divided Cabinet, with the hope of getting something signed off within weeks or we face No Deal. No10 sources say that sealing a withdrawal deal is unlikely at all this week, but Mrs May is set to redouble efforts to get an agreement under wraps soon, so there's enough time for MPs to vote on it. If enough progress is made, then a special summit could be hosted within weeks to sign the paperwork and get ready to leave the EU next March. After that there will be a 21-month transition period while a long-term trade deal is sorted out. But there's still huge gaps between the teams on the back-up Brexit plan for Northern Ireland, which would kick in in the event of no trade deal being signed. So what are the options and what might they mean in reality?What is the Northern Ireland backstop? The … [Read more...] about What are the new Brexit options and could they work?
Tens of thousands of parents who were wrongly charged for failing to return overpaid child benefit are to have their cases reviewed, the taxman announced today. Since January 2013 parents where at least one individual has earnings over £50,000 a year have been required to pay back some of the child benefit they received. Those who earn more than £60,000 must return the whole payment. HM Revenue & Customs previously issued “failure to notify” penalties to those parents who did not meet the requirements but now says it will automatically review these, and may issue refunds, for the tax years 2013-14, 2014-15 and 2015-16. It is also writing to parents who may be liable after this to help them meet their obligations. HMRC was unable to give a precise figure on the number of cases being reviewed but last month said it would send 41,000 letters to parents who may have been overpaid. Refunds will be issued wherever parents have a reasonable … [Read more...] about Tens of thousands of parents in line for child benefit tax refund
Eight people were summoned to appear in court this week for failing to pay council tax. One man had not paid any for almost five years – and now owes more than £5,300 to Sefton Council . Warrants were issued for six people after they failed to attend South Sefton Magistrates’ Court on Wednesday. The two who did attend were given payment plans, with new court dates set for January 2019. Council tax debt is not a crime but magistrates can still send people with council tax arrears to prison for up to three months. More than 60 people were locked up in England and Wales in 2016-17. Council tax pays for local services, such as transport, police, fire, libraries, leisure and recreation, rubbish collection and disposal, environmental health and trading standards. A spokesman for Sefton Council said: “We will always do our best to collect what is rightly owed to us and feel we offer many valuable services through the income we receive from our council tax and … [Read more...] about People in Merseyside facing prison for not paying council tax
It's important to know how the law permits you to use your phone when you're driving. Clearly, it is against the law and dangerous to hold a phone while driving. But you may have questions around the many different scenarios that can arise while you're in your car, for example, while you're stationary at traffic lights or a McDonald's drive-thru. Are there rules around using your sat-nav? Or any instances when you can use your hand-held phone in the car? Can you legally use your phone as a sat-nav? And if you do break the law, what are the penalties? This article should answer any question you have around the subject. Using a phone or sat-nav when driving The law is clear. It is illegal to hold a phone or sat-nav while driving or riding a motorcycle. You must have hands-free access, such as: a bluetooth headset voice command a dashboard holder or mat a windscreen mount a built-in sat nav However, there are more factors to bear in mind even if you have hands-free access. Firstly, the … [Read more...] about The definitive laws on using your phone while driving