Throughout his career, retirement advice from Andrew Kyriacou has focused on HNWIs.
HNWI = High Net Worth Individuals
Basically, an individual that has his financial
income above $1 million is considered as High Net Worth Individual.
This income is calculated from his or her liquid
assets. They choose different investment plans for balancing their financial
portfolios. High Net Worth means the high rate of income taxes on your annual
income. For managing their HNW they start using their money in several
investment plans so that they can get the benefit of less tax. There are many tax
deferred plans available that can save you from paying high income tax costs.
Andrew Kyriacou specializes in helping HNWIs get
the most out of their money by minimizing the tax that is paid on their income.
However, these same strategies can often be used by people who are NOT HNWIs.
Start a 401K
Andrew Kyriacou says that for balancing your high
net worth the HNWIs can choose from the category of tax deffered plans. When a
HNWI is going to retire from their job then they really need the right
retirement plan. Andrew Kyriacou suggests a 401K plan for the people who want
to save for retirement. Retirement advice from Andrew Kyriacou is clearly
defined that employees should adopt a 401K plan as soon as possible. It is a
perfect way of saving money for your retirement.
Your paid premiums are sheltered from income taxes.
This is the main reason for the 401K plan’s popularity. Andrew Kyriacou approves
401K plans as a choice of a wise and smart investor who cares for their money. Preparing
in advance for the upcoming times is always better than crying in worst
Maintaining a good balance for your financial
portfolio is really a task of great responsibility. Select the most profitable
plan but remember that there may be a lot of risks if you are trading in mutual
funds. Investing in certified company insurance that shelters your investment
and saves your funds from the eyes of income tax is a better option if you are
an HNWI. Don’t try to be over smart and get advice from an expert such as
Andrew Kyriacou. The expert advice will always guide you to right way towards
the perfect plan for your investment. So in this way, the HNWIs balance their
financial portfolio and live a royal life free of stress and worries.
Saving for the future is important as it provides cover and financial safety for uncertainties in the future. There are many tools and ways to save for the future. This article provides some of Andrew Kyriacou’s tips for saving for the future which are as follows:
Open an Individual Retirement Account
is an account opened by a financial institution which allows the account holder
to save for retirement with tax-free growth or tax-deferred option. There are
two basic types of IRA- traditional and Roth which offer immediate tax savings
or tax-free withdrawals when the money is needed by the individual after
retirement. The money in the IRA grows in a tax-deferred basis. The IRA helps
the money compound faster, thereby creating a corpus for retirement. The
government also promotes IRA by incentivizing the low and middle-income group
through means of tax credit, known as the savers credit. Individuals can seek
help and guidance from experts like Andrew Kyriacou’s tips which can prove
helpful in planning for future savings.
Become a Part of 401(k) Plan
(k) plan is an employer-promoted and sponsored retirement plan. It provides the
individuals with an option of putting the money in the plan which compounds on
a tax-deferred basis, to create a retirement corpus in the long-run. Employers
provide matching contributions to the 401(k) plan to the employees who opt for
this plan. This is an added incentive for the employees to participate in the
401(k) plan and save for the future.
Health Savings Account (HSA)
HSAs are meant to create savings which may be needed for meeting health
expenses in the future. Healthcare is becoming costly and it can wipe out major
chunk of the future savings for individuals. Hence the HSA seems a good
initiative to save as it allows the users to contribute money on pre-tax basis
and withdraw the money in future on a tax-free basis, provided the money has to
be used only towards health care
Saving for Children- 529 Plan Accounts
plans basically help individuals save for their children’s education and
college expenses. It allows the individuals to make contributions in a
tax-deferred account. The distribution of the eligible expenses is tax-free
under this plan. Some specific states also provide additional incentives for
making contributions to the 529 account.
Long-Term Stock Investing
can open a regular brokerage account for long-term stock investing. The longer
the investment horizon, the greater will be the returns. However, individuals
should seek professional consultation and advisory services before investing in
stocks. Expert resources like Andrew Kyriacou’s tips can prove helpful for