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Tip of the Day Avoid Fees

Avoid Fees - When using long-term investments as a money-earning vehicle, it is wise to remember that any returns that are made on that money must deduct any fees paid...

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American Funds Family

The American funds family has been around since nineteen thirty one, and is a respected company that takes a conservative approach to their customer’s money. They are experienced in helping people to save for their college education and retirements. The American funds family provides solid advice based on the thorough research that it’s done on each organization.

The background checks are very substantial, as the American funds family has offices around the world which conduct in depth research. Financial counselors and analysts will personally visit the company and talk to their bankers, competitors and suppliers. The American funds family is interested in the long term potential of a company, and how any securities that they buy will be performing in ten or more years.

All of the American funds family plans are sold through financial advisors as they believe that they are essential to good long term financial planning. They can look at your long term goals and assess how much risk you can tolerate. An experienced financial planner can analyze the risks of various investments and weigh them up against the potential gains. They can constantly monitor your investments and adjust them to reflect changing markets or changes in personal circumstances.

The American funds family can help set up college savings plans. Such plans enable you to save for anyone. It can be your child or grandchild, or even for you. Current contributions mean that a single person can put up to $13,000 per year without incurring gift tax penalties. Contributions can continue until the fund reaches $350,000. If the fund makes a profit then this is tax free. Withdrawals from the American funds family college fund are tax free if they are for qualified higher education. Otherwise they are subject to federal income tax plus a penalty of 10% of the earnings.

You may have opened a 401(k) or an individual retirement account some years ago. At the time you may have put varying percentages into different funds. These accounts should really be reviewed on a yearly basis, as it may be necessary to adjust the percentages to take into account market fluctuations. If you are able, then increasing your monthly contribution to your retirement fund by even a small amount could pay off in the long term. A person of fifty or older may be able to invest more through “catch up” contributions, although the amounts vary according to the retirement plan. An American funds family financial advisor can look at a retirement plan and work out if it is performing well. They can check to see if it will meet the required targets, and if it doesn’t, look at ways to make it more viable.

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