Simply Junior

An improperly or poorly installed windshield or other vehicle glass is not a bargain, regardless of the cost. Your vehicle’s windshield is a key component in accident safety. When it needs to be replaced, be aware that an improperly installed replacement can contribute to passenger airbag failure, and increases the chance of roof collapse in a roll-over.

A professionally installed modern windshield protects occupants in more ways than many people realize, it is MUCH more than a barrier against the weather. These days, a windshield is a key component in the structural integrity and safety of the passenger compartment, not just a wind screen. An unsafe windshield, one that is not installed properly or has been damaged by debris, can certainly cause unnecessary personal injury or even death. If the windshield separates from the vehicle in an accident, the lives of those inside are immediately at far greater risk of injury.

The National Highway Traffic Safety Administration reports over 40,000 Americans are killed and over 5 million injured every year in highway accidents. Over 30 percent of the fatalities occur when vehicle occupants are either ejected from the vehicle, or injured during rollovers. Windshields are intended to keep occupants inside the vehicle. The windshield also supports the roof thereby preserving the structural integrity of the passenger compartment and keeping it from collapsing and crushing driver and passengers.

The danger here is that insurance companies are always looking to cut costs. You may ask, how does that affect me? Windshields, safety belts, airbags and other safety feature should never fall victim to cutting cost at the expense of quality, but in some cases that is what happens. Some consumers will rely on their agent to locate a professional auto glass installer, but that could be a problem because occasionally they will direct you to a place that will get the work done for cheap, but this also might be a flag that corners are being cut.

Visibility and protection from the weather are both important functions of a windshield, but although these aspects are what mostly concern drivers, the role of the windshield in the vehicle’s SRS (Safety Restraint System) is its primary function. The decision between a cheap installation with cheap parts and a professional installation with quality parts can mean the difference between surviving or perishing in a collision or roll-over.

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After you leave a job, there is a big tax question you will have to deal with and that is what should you do with any money you have in a qualified retirement plan with that former employer. This included the 401(k), stock bonus, profit-sharing and any other qualifying plan. Generally you would be advised to roll it all into an IRA.

While this usually makes a lot of sense, it allows you to take management of your funds for retirement and continue deferring taxes on income the funds generate. Be aware though, if this process is not handled correctly the rollover can end up being very costly. Let us take a look at the property way your should arrange your rollover tax-free.

Roll over directly (trustee to trustee)

If the decision to rollover is what you made, make sure you plan for a trustee-to-trustee or direct rollover from your retirement account into a rollover IRA. Don’t have the check written to you personally, make the check you receive from your company’s plan out to the trustee or the custodian of your new rollover IRA. You can even have a wire transfer made into your new IRA rollover account.) Since the new IRA has to be set up before you receive the rollover, your IRA account can remain empty until the rollover transaction is made.

The direct rollover is essentially important because if you get the check made payable to yourself there is a 20% taxable amount withheld for the federal income tax. Leaving you with sixty days to get the “missing” 20 percent and put it in the rollover IRA. And you will end up owing taxes on that 20%. And you will end up paying the dreaded ten percent early withdrawal tax as well if you are under 55.

If you are Over 55 you Should not Rollover Any of the Money You Need

Generally rollovers are good because they defer the taxes, but think about it this way… you are over 55 and you get a payout from the former employer’s retirement plan, you will not have to pay the premature 10% withdrawal tax if you keep the money (but you will still owe the income taxes). But if you roll that money into the IRA and then you need to take some out later, before the age of 59.5, you will have to pay a ten percent penalty tax on it.

Obeying the 60-Day Rule

This is another pitfall in the rollover, failure to meet their 60-day ruling. You will have to deposit the distribution into the new rollover IRA within the 60 day period in order to get the tax-free rollover. This 60-days will start the day after the funds are received from the company’s retirement account. And if the 60-day period ends on a holiday or weekend, you will not get any slack.

The Bottom Line Is

It might seem like a simple task, however arranging your tax-free rollover of your retirement account is not so simple. I have seen failed rollover attempts from people many years now and there is no end in sight. Ask the advice of a tax pro to clarify anything you don’t understand that we went over in this article.