Wednesday, October 2S, 1980

The Herald and TheOntern

Money Matters More Shelters

Page 31

V"

CAMS MAT

COWTT

by Vince Fulginiti In addition to Municipal Bonds, there are a number of personal and corporate investment vehicles which may apply to your financial situation. Individual Retirement Account The Employee Retirement Income Security Act of 1974 established a retirement pjan for employed individuals. Any employee who is not participating in a qualified pension plan can establish his own Individual Retirement Account. Up to $1,500 or 15 per cent of annual compensation (vyhicnever is smaller) may be invested in an IRA each year. A married employee with a nonworking spouse can establish a joint IRA; contributions are limited to the lesser of $1,750 or 15 per cent of compensation. If both spouses work, each can establish an IRA; the $1,500/15 per cent limitation applies to each. AH interest and appreciation in an IRA accumulate tax free. No withdrawals are permitted before age 59'^; withdrawals must begin by age 70'^. Withdrawals are taxes as ordinary income as received (at the lower post-retirement tax rate). Keogh Plans , If you’re self employed, depending on your income level, a defined contribution Keogh Plan can help you set aside between $750 and $7,500 each year tax-free for your retirement. A defined benefit Keogh Plan, when permissable in certain cases, may result in higher allowable contributions. . Contributions to a Keogh Plan may be invested in a variety of investments; stocks, bonds, mutual funds, etc.; all growth and income accumulate tax free. After retirement, you pay tax on the money as

you withdraw it from the Plan. Pension and Profit* Sharing Plans Since enactment of the Employee Retirement Income Security Act of 1974, ERISA, professionals (doctors, lawyers, accountants, architects..etc.) who incorporate can set up profit sharing plans; generally up to 15 per cent of the annual compensation paid each participant (limited to a maximum of $32,700 in 1979 and adjusted in later years by a cost-of living adjustment factor) may be paid out free of corporate income tax. Pension plan contributions, also free of corporafl? income tax, are limited based on an actuarial funding formula compensation. Incorporated professionals may also establish pension plan contributions which are tax deductible. As in Koegh Plans, alia growth and income accumulate tax free. Annuities An annuity is simply a contractual agreement between you and an insurance company that provides you with a very safe taxadvantaged accumulation vehicle. You may no Federal or State income tax on the earnings while they accumulate. You never have to worry about market fluctuations since both your principal and interest are 100 per cent guaranteed by a major insurance company. Interest is credited daily, compounded automatically at competitive securedollar investment rates. You can withdraw money at any time under specified conditions, without a penalty. Next week we will look at tax-deferred opportunities. Vince Fulginiti, a Wildwood resident, is an account executive with a leading investment broker.

Bf SURE TO SAY, "I SAW YOUR AD IN THE

H.7a> liliiiliLlib'b'

L*w«r Towaaklp

LANTERN

Sturm Asks ‘^ap’ Curb On State Mandates

COURT HOUSE - Freeholder William E. Sturm, Director of Revenue and Finapce, today stated that county government has too long been a dumping ground for state-mandated costs. “We at the county level are constantly being given the funding responsibility for programs mandated by the state legislature, state administration and the courts, but for which the state does not provide full fiscal support. ^ "COUNTY GOVERNMENT has too long been the respository for ’bright ideas’ of other jurisdictions, who do not want to bear the burden of raising taxes to pay for these ideas, " Sturm stated. Sturm said that state spending mandates have a crippling effect on the county’s ability to realize its goals in supplying local needs. "In I960, the statemandated expenses the county was responsible for amounted to 68 per cent of the total couonty budget. “ITEMS SUCH as welfare the judiciary,

and maintenance of patients in state institutions, sheriff’s office, voter registration, election supervision, the taxboards and the county superintendent of schools arc all functions mandated and controlled by the state. “In the case of welfare, it is both the state and county government. The persons who manage these programs are for the most part state appointees and county government is simply left to pick up the bill, Sturm said. STURM SAID that one way state-mandated expenses could be controlled would be to impose a five per cent annual cap on the amount of state-mandated costs that has to be paid by county governments. "The Caps law has been an effective tool in checking local unbridled property taxes, and I believe i could be an effective way to contain the growth in state mandated costs. Our county taxpayers cannot be expected to continually pick up the bills ■BifeiH

theWICKERway FINEST SELECTION OF QUALITY BASKETS FURNITURE AND DECORATOR ITEMS ON THE SOUTH JERSEY SHORE 704 ASBURYAVE.

WINE BARREL BRIDAL & FORMAL GOWNS BRIDES — BRIDESMAIDS ■MOTHERS OF THE BRIDE 1JS7 BAYSHOtC SO. VILLAS SS4-3737

BEECHER-KAY Realty Co. OVER 70 YEARS EXPERIENCE INSURANCE* REAL ESTATE

LICiNSCDA INSURED SS4-SSM SPtCIAL SENIOR

1

SPECIALIZING IN

■ ,

f

(Vect Prrvxxkmf Imuranta S«l*9 b Servic* Wn do nnl rorrMpond Moth any olhe<

J

•flancy o« b'lAef

1

APPLIANCE SERVICE - •60BUL ELECTRIC f W "MR. COFFEE {jMglkB -farberware * •PflOCTOaSEEX PASTS S ACCESSORIES fOR MOSt MANUFACTURERS BAYSHORE AfKlANa MRVKICT*.. NBC WAYSID* VIllAOf SMOR. CTR MARMORA m m) CLOSED THURS. -

DRIFTWOOD CAMPGROUND Pool - Lake - Tennis Watersllde TRAILER SALES NEWS USED MIDWAY BETWEEN AVALON A SEA ISLE CITY RT. S CALL 263-2677

i\

EDDIPS AUTO BODY SHOP Expert Repairs on... Foreign & Domestic Autos Private & Insurance Wodc Pick-up & DeSvery .CALL 8S4-4613

Em«,RJ.

PONDEROSA CAMPGROUND ComplelB Comping Foci lilies Inc. Pool * Playground WOOOID SITE-LOW BATES Bmomry pwn Rd., Swainton (Rt.S Jut* Pa*» Avalon Exit)

Looking For Reliable Help... Look Here You'll Find Itl

HL

KOEPPEN & MELLER

EXPERT

LAWN SERVICE

Teg tell

FREE EST M4-SM4

PIANO TUNED IBM fStIMAtfS PRIVATE MUSIC LESSONS

.Btgimng PWw. Paaaaon b mod Wind liRtrunanti haory. companion fa tong writing l-J 816-9872

L0TTERT TICKET SUES

it

R00FIM6 I SIOIKfi

EGON'S RMT1 CIF( HIT WUtffT

tnOrere.lon i play Ls^isan/ PICK 4-PICK 6 ItHRATtHORI RD.. NO. CAM MAY 116-3886 or 3680

X BROWNE SMS Now Spaclallslng | n ... EXPERT R00FIN6 AND VINYL SIDING Polly Insured * Llcamad f'o® 967-3969 Estimate*

"Soy II with Flowers" NECE'S FLORIST - UH RAY tMORtRO. (AROVI N. CAM MAY) CALL 886-3112 Aft, 6 Ii4-H17 or 4149

-PHOTOSReprints of pictures taken by nie Herald and The Lantern are available. Call 967-3312 for information or to request a picture being taken. Provide several days’ advance notice.

VASSER REFUSE SERVICE CONTAINERS AVAILABLE 8844520

4

TOOL SNIRFEHINS SUES I SERVICES

!?>

AUTO WRECKING $ USED PARTS

WANTED JUNK CARS

USID ’ ENGINES SOLD & INSTALLED COMPARE OUR PRICES 11 Call 8S4-42M CAPS MAY USfO AUTO PARTS

CAM-DEN GLASS OF VILLAS INC. GLASS FOR ALL PURPOSES (OMBINAIION ttOBM DOOM

GAISS* < MARKET Quality U.S.O.A.

Doily 8-6: Sun. 8-2 FOOR STAMPS ACCamo , ttt-3121 ■ayshora A Baft. VH|««

BILL'S

tHARRfNWO MRVtCI M* WM

Uwe Bever leiei A lerrlee

UwyRRlRf SfTfct • rfMdtnn • Chafe tan 1 Cvwtatan • Sehten • taary UmIm roots Rfpmn-

itwrior CALL 8IS-G950 KLSEI 98. KEEN CREEK

you ihould be here call 967-3)12 ■ FOR

HYPNOSIS CAPE CtNTROL INSTITUTE {DAY WEIGHT CONTROL GROUPS FORMING Coll 465-9336 hxWidual Sessions Avaibbie SHIRLEY GREEN

LOOKS UNLIMITED call 263-1105

UNISEX HAlt STYLING ■OPSM AU YEAR" MjOMNf.KtMMWYALVa. 9. MA ItU CITY Off H tUft JAT MIH WOMIN CHRORfN

STOP WANDER AROUNI LOOKING

FOR

BUSINES! CALL ^ 967-3312

10

Jfc

J.'S

T

mm