Hungarian Heritage Review, 1985 (14. évfolyam, 12. szám)
1985-12-01 / 12. szám
DECEMBER 1985 HUNGARIAN HERITAGE REVIEW 21 Preparing (3[or Ißmxv future ®oimg- by -ALEXANDER HODY, Agency Manager William Penn Association TID-BITS “Let all the learned say what they can, ‘Tis ready money makes the man.” —William Somerville (1675-1742) “A fool and his money are soon parted.” —16th Century Saying “How pleasant it is to have money!” —Arthur Hugh Clough (1819-1861) “Put not your trust in money, but put your money in trust.” —Oliver Wendell Holmes (1809-1894) “Women sometimes forgive a man who forces the opportunity, but never a man who misses one.” —Charles Maurice de Talleyrand (1754-1838) “Look not mournfully into the Past. It comes not back again. It is thine. Go forth to meet the shadowy Future, without fear, and with a manly heart.” —Henry Wadsworth Longfellow (1807-1882) “There is only one way to keep what you’ve got today. Build a wall around it for the future.” —Anonymous “What's the use of worrying? It never was worthwhile, So, pack up your troubles in your old kit-gag, And smile, smile, smile.” —George Asaf (1880-1951) OPEN AN IRA ACCOUNT AND PAY LESS TAXES: INDIVIDUAL RETIREMENT ANNUITIES (IRA’S) The 1981 ECONOMIC RECOVERY TAX ACT makes it possible for you to open your own tax-deductible, “RETIREMENT ACCOUNT”. This means that you are now allowed by federal law to set up an additional Pension Fund, even if you may be currently enrolled in a Company-related pension or profit-sharing plan. Moreover, if you are employed, buy not married, you can open your own “RETIREMENT ACCOUNT” with a deposit therein of $2,000 a year. If you are employed and married, but your spouse is unemployed, you can increase your payment into your account to $2,250 a year. Working couples, on the other hand, may contribute as much as $4,000 a year towards their “Golden Years” of retirement. These IRA deposits each year are tax-free! Why IRA's are a profitable investment in the financial security of your retirement years, is exemplified by the following facts and figures: Let us assume that, in 1983, your taxable income amounted to $20,000, or a 30% tax-bracket. Now, let us further assume that you paid $2,000 into your IRA account. This means that you will be required to pay income tax on only $18,000 of your earnings. (Note: It is important for you to know that you can declare this deduction only until April 15th for the previous year, regardless of a possible extension for payment of your income tax.) Now, by deducting the $2,000 from your taxable income, or the amount you paid into your IRA account, you have actually earned an extra $600 for the year given! How come? Because the extra $600 your money has earned for you represents 10% of the total sum multiplied by the tenths of your tax-bracket (200 X 3 = 600)! The William Penn Association has been marketing INDIVIDUAL RETIREMENT ANNUITIES for many years. Our present interest rates are 10% per annum, of which 4% is guaranteed for life. There is NO MINIMUM DEPOSIT REQUIREMENT and all taxes are deferred until the start of withdrawals, which may come at the age of 59 V2 years. There are NO HANDLING OR SERVICE CHARGES and William Penn has a very equitable withdrawal penalty. It is charged only on the excess interest, which amounts to 6% and, after five years, there is no more penalty. Finally, I would like to emphasize the fact that, at William Penn, our holders of IRA's actually earn $800 for the year deposits were made and this amount is compounded annually! With William Penn, your investment is safe — backed by the considerable assets of the Association. We are almost “100 YEARS YOUNG” and, when it comes to family insurance and annuities, we are second to none. What is more, we offer our services to you on the basis of the following principle: “NO ONE HAS PLANNED TO FAIL, BUT THERE ARE MANY WHO FAILED TO PLAN!” Thinking of opening an IRA account? YOU REALLY SHOULD! For further information on this subject, please call our New Jersey Agency at (201) 249-7752, or write to me at 216 Somerset Street, New Brunswick, New Jersey 08901. Better yet, stop in to chat with me in the event you are in the neighborhood. REMEMBER: TO PROSPER, YOU HAVE TO BE WELL INFORMED! “We thought you would like to know . . At William Penn Agency in New Jersey we have set the following code of ethics for our operation. . . 1. We will uphold the standards of our Association. 2. We will hold our industry in high esteem and strive to enhance its professional prestige. 3. We will at all times, maintain high company standards of moral responsibility, character, and business integrity. At all times, we will practice fairness, frankness and honesty in all of our work, advertising and in all forms of transaction with the general public while remaining true and fair in dealing with other respectful companies of our industry......................................................................
