KEOGHS: Keys to Security and Wealth

by James E. Cheeks ‧ RELEASE DATE: May 1, 1986

If you can be your own boss at least some of the time, you can be your own employee and, as your own employee, you can be covered by the financial security blanket of a qualified retirement plan, much like any other employee. For both the fully self-employed and the sometime moonlighter, it's all done with Keogh plans. (Named after the congressman who sponsored them, they are known as HR10 plans, after his House bill.) Lawyer Cheeks here offers as much as anyone could possibly want to know about what he calls ""Keogh wealth."" We are told whether one should opt for a money purchase plan or a defined benefit plan (or a combination) and just what those things are in the first place. Is it better to take a lump sum or a partial withdrawal? Does it make sense to buy an annuity? On and on goes the occasionally eye-glazing text until it is surely the most complete self-helper for the self-employed on just how Keogh plans work today. So many figures are provided that it might have been appropriate to list the writer's trusty calculator as coauthor. The occasional summaries and checklists are valuable landmarks on the journey. There could have been more on plans that are top-heavy and transactions that are prohibited, but there's a plentitude on Keogh planning, to be sure. Many of the rules are complicated, the author indicates, and they ""require careful explanation. They are, of course, written to be understood by lawyers and accountants."" Despite the formidable challenge, Cheeks has made a valiant attempt to make the inner workings of Keoghs clear to those who may profit from their use. It's going to be a little work for those who are not used to such stuff, but it may pay off in the future. In sum, a very useful tool for mining tax-favored gold in days to come.

Pub Date: May 1, 1986

ISBN: N/A

Page Count: -

Publisher: Franklin Watts

Review Posted Online: N/A

Kirkus Reviews Issue: April 15, 1986

Categories: NONFICTION