DOLLARS & SENSE : WORK SMART.DEPENDABLE WORKERS: Americans are relying more on employers than themselves or Social Security to finance their retirement years, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a survey by the Certified Financial Planner Certified Financial Planner (CFP) A person who has passed examinations accredited by the Certified Financial Planner Board of Standards, showing that the person is able to manage a client's banking, estate, insurance, investment, and tax affairs. Board of Standards. Financial planners Financial Planner A qualified investment professional who assists individuals and corporations meet their long-term financial objectives by analyzing the client's status and setting a program to achieve these goals. surveyed said two-thirds of prospective clients consider the company retirement plan as the main source to fund their golden years Noun 1. golden years - the time of life after retirement from active work time of life - a period of time during which a person is normally in a particular life state , 15 percent are counting on personal investments and 10 percent on IRA/SEP plans. Only 3 percent are relying on Social Security. While 92 percent of planners say clients participate in their company plans, only half said they contribute the maximum allowed in the plan. MONEY MATTERS SIMPLIFYING TAXES: Republican leaders in the U.S. Congress have struck a tentative tentative, adj not final or definite, such as an experimental or clinical finding that has not been validated. deal to simplify the reporting of capital gains taxes as part of a plan to overhaul the Internal Revenue Service. The proposal would kill a law that requires investors to hold onto assets for at least 18 months to qualify for a lower capital gains rate of 20 percent and 10 percent. The law created a third tier of holding period, confusing con·fuse v. con·fused, con·fus·ing, con·fus·es v.tr. 1. a. To cause to be unable to think with clarity or act with intelligence or understanding; throw off. b. investors and making it tougher for the IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. to write understandable tax forms. The IRS overhaul bill, which would provide new protections ranging from relief from penalties to faster service, enjoys broad bipartisan support. The president is expected to sign it into law. INVESTOR SPOTLIGHT Name: Milton Abbazia Residence: Tarzana Occupation: Vice president of business development Age: 75 How he got started: Abbazia went against his father's advice to avoid the stock market. His dad saw how the stock market crash of 1929 led to a rash of suicides when people lost their investments. But when Abbazia, trained as an electrical engineer, rose to management, his perspective about stocks changed. Abbazia reasoned that if there were so many intelligent people investing in the stock market, it couldn't be all bad. He started investing with small amounts of money in the 1950s. Today, he owns stock in 13 companies and holds ownership in a dozen mutual funds. Best stock pick: Coca-Cola. He bought it for a split-adjusted $40 a share five years ago. It closed at $85.81 a share on Friday. Worst stock pick: Multimedia Games, an owner of casinos on Indian land. He bought it at $7.50 a share in April. It closed at $3.63 a share on Friday. Investment philosophy: ``Buy for the long term, primarily blue chip stocks Blue chip stocks Common stock of well-known companies with a history of growth and dividend payments. and mutual funds.'' CAPTION(S): Photo Photo: (Color) Milton Abbazia |
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