The most significant barrier to effective planning is change. Effective planning strategies typically include changes, both real and perceived, to people, systems, processes and structure. This can be highly disruptive to an organization.Know More
People may fear their roles within an organization diminishing or disappearing altogether due to anticipated changes. System technologies may need an overhaul to accommodate the new strategy, and this could affect the ability of employees to do their jobs.
Organizational structure may also be revamped, shifting the chain of command as old departments within an organization are eliminated and new ones are created. Processes will also be under scrutiny during effective planning, and concerns may be raised about how implementing more effective processes could phase out specific jobs.Learn More
For 2013 and 2014, the maximum IRA contribution across all accounts is the smaller of $5,500 ($6,500 if over 50 years of age) or the taxable compensation for the year. The contribution limit does not apply to rollover contributions or qualified reservist repayments.Full Answer >
A 457 retirement plan is a retirement savings account offered to government employees and some employees of nonprofit organizations, states CNN Money. Advantages over other retirement plans include no penalties for early withdrawals and enhanced catch-up contribution options, reports Kiplinger.Full Answer >
A revocable trust is often used to avoid the expensive and time consuming probate process and to leave property to heirs, notes Nolo. The reason the trust is a revocable one is because it can be altered during the trust maker's lifetime if necessary.Full Answer >
The required minimum distribution for an IRA is calculated by dividing the balance of the account from the end of the previous year by the appropriate distribution period as provided by the Uniform Lifetime Table from the Internal Revenue Service. The IRS provides a worksheet for these calculations.Full Answer >