Newspapers / The News-Record (Marshall, N.C.) / Jan. 22, 1987, edition 1 / Page 3
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I Commissioners Move Meeting The meeting of the Madison County Board of Commis sioners, originally scheduled for Tuesday, has been moved to j 1:30 p.m. Friday in the Madison County Courthouse. Budget Meeting Set The mayor and Board of Aldermen of the Town of Hot Spr ings will have a budget meeting with department heads in the city hall Thursday at 10 a.m. GOP Women To Gather The Madison County Republican Worn ens Club will meet at Mary's Restaurant on Saturday at 12:30 p.m. Dance Sponsored The Ladies Auxiliary of the Laurel VFD is sponsoring a dance at the firehall Jan. 31 from 8 p.m. to 12 p.m. The Carolina Mist band will provide music. Admission is $2. Everyone is invited. ] Boosters To Meet The Marshall Youth Baseball and Softball Boosters Club will have a meeting Saturday at 3:30 p.m. at the elementary 1 school. The meeting is for the election of officers for the com ing season. Registration for players and coaches will be an- i nounced at a later date. In case of bad weather, a rescheduled meeting will be announced later. I Driver's Ed Taught j i Driver's education classes are being taught at Madison High J School. All out-of-school youth in need of driver education ' should contact McClelland Rice or Tom Wallin at Madison , High School, 649-2876. Car Care Clinic Offered A free car care clinic will be held Thursday from 7 p.m. to 9 p.m. at Carolina Tire Company, located between Weaverville and Asheville at Stoney Knob. Please call Carolina Tire at 658-2741 by noon Thursday to reserve your seat. The clinic is sponsored by Carolina Tire Company/Goodyear. Chamber Meeting Planned The Hot Springs Chamber of Commerce is reactivating and will hold an industrial recruitment meeting at 10 a.m. Satur day in Town Hall. Anne Payne of the Industrial Commission will speak. State Commission Looks At Weaverville Company The North Carolina Real Estate Commission will hold a hearing to determine if further action should be taken against Wright Associates, a Weaverville real estate company. The commission will investigate the possibility that real estate fraud may be connected to an insurance fraud case resulting in a conviction at the Wright Agency, a separate in surance company owned by Jerry Wright. A field investigation report on the case was filed on Nov. 24, said com mission attorney Tom Miller. The real estate commission met in December and found probable cause for an investigation of real estate fraud on the basis that Brenda Wright had been convicted earlier of two counts of obtaining property by false pretense. Mrs. Wright, in Buncombe County Superior Court in August, received a suspended one-year sentence, a $5,000 fine and was ordered to serve one year on supervised probation. Charges against Jerry Wright were dropped on the condition he sur render his insurance license, accor ding to the field investigator. A date for the real estate commis sion hearing has not been scheduled. 100 Percent Pass Exam Abbeville- Buncombe Technical Col lege officials learned recently that 100 percent of the 1086 graduating class in radiologic technology has passed the American Registry Exam. Department chairperson Henry Dawidns reports that this is the 10th class in the past 19 years to score a 100 percent passing rate. Any individuals completing a pro gram approved by the Joint Review Commission on Education in Radiologic Technology can sit for the examination. The A-B Tech program is approved through 1969. The tax changes for 1987 are the moat sweeping in history "Jit know you re concerned, and well answer your questions. This year put H&JR Block on your side. America Faces Financial Crisis By RON HOLLAND There is a crisis in America today that is not mentioned on the nightly news or in the local newspaper. It is more serious than the budget deficit, the I ran- Nicaragua controversy or the AIDS epidemic. The crisis is, to put it simply, "The Graying of America". 1 With better health care we are liv ing longer after retirement, and neither Social Security nor our cur rent private retirement system is in a position to accomodate the economic necessities of our longer retirement years. In the next two decades, the number of retirees drawing upon the Socal Security system will continue to increase while the ratio of workers contributing decreases. Our Social Security system, which was never meant to be a total retirement plan, will no longer be able to accomodate the disproportionate ratio of contribu tions versus withdrawals and benefit levels will decrease. Increased life expectancy and the Social Security problem make it im perative that each of us rely more on ourselves for a secure retirement lifestyle. Planning for retirement under the >986 Tax Reform Act is more difficult than it was in the past due to the limitations imposed on individual retirement accounts. Effective Jan. I, the following new limitations apply :o IRA accounts: ? The $2,000 IRA deduction will app ly only for taxpayers who are not ac tive participants in employer naintained retirement plans or joint Filers with adjusted gross incomes up to <50,000, and singles up to $35,000. ^educations would be allowed for joint filers covered under retirement alans but phaseout will begin at ad justed gross incomes of $40,000. Single taxpayers earing up to $25,000 and who are covered by retirement plans could take tax deductions for Ron Holland's Report IRA contributions but with phaseout beginning at $25,000. Although the government has made IRA's much more restrictive, the new law favors a little known retirement plan available to self-employed in dividuals and owners of small cor porations - the simplified employee pension plan. If you are an employee, you are not eligible to set up a simplified employee pension plan (SEP), although you are eligible to par ticipate in a plan your employer establishes. The SEP is ideal for sole pro prieters, partnerships, family-run businesses and independent profes sionals such as doctors, lawyers, den tists and manufacturer's represen tatives. The attractive feature of the Simplified Employee Pension Plan is the flexibility of the contributions - from 0 to 15 percent of compensation; you as an employer decide each year how much you want to contribute - without the $2,000 yearly limitation imposed on the traditional IRA. Best of all, your contribution is totally tax deductible to your business. SEPs are available through any local bank, savings and loan, in surance agent or stock broker. Simplified employee pension plans of fer a wide variety of investment op tions. Each plan is different, and before investing one must decide what kind of return he is looking for and how much risk he is willing to take with his investment. With any investment there is a risk/reward ratio. A low risk invest meet will yield a correspondingly low return. A more attractive return car ries with it more riak of market value fluctuations and loss. Congress originally intended IRA accounts to be the second tier of a two-tier retirement system, with Social Security as the first tier and IRA's the second. Before the IMS Tax Reform Act, almost everyone was eligible for Social Security and an in dividual retirement account, offering an investment alternative for prepar ing for retirement security in addi tion to employer -sponsored plans. Individual retirement accounts were aggressively promoted by ma jor financial institutions, but have now been severly curtailed by Con gress due to the short-term revenue needs of the federal government. This "finger in the dike" approach to solv ing the budget deficit by curtailing an IRA program only 12 years old will have severe long-term negative con sequences for those working Americans who hope to retire in 10, 20 or 30 years. Simplified employee pension plans are a solution to the new IRA limita tion for the self-employed and sole proprietorship or corporation small business owners. In the final analysis, true retire ment security will come only by a three pronged effort on the part of each American: 1. We have to learn to be more responsible jar our retirement securi ty through prudent investments and by building savings, home equity and insurance benefits to take care of ourselves because Uncle Sam simply cannot afford to take care of us. Social Security will continue to be a part of retirement security, but only a small part. 2. Each individual must establish a retirement plan (what type will de pend upon eligibility and income levels) to take advantage of the tax deductions for contributions and the tax free accumulation of earnings. 3. We must all be ever vigilant in the future when Congress decides to change the tax laws again. If we don't stand up for ourselves, by writing our Congressman and by voting, no one else will. Ron Holland is vice-president of in vestments with First Tyron Securities. His financial column will appesr in Hie New* Record on a regular basis. 1 Cut Your Energy Costs Add Beauty To Your Home with Andersen Window Walls Available at scjMMit BUILDING SUPPLY Andersen * WNOOWMU Conveniently located only four miles from Madison County line. OnHwy. 19 at Possum Trot Road (704)682-9841 Seeing those valuable deductions for consumer credit interest < go away? Wachovia Equity BankUn$ helps you keep them. 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At ^Ofochovia there's no I origination fee for establishing your Equity BankLine And there is no annual fee Other mortgage closing costs may apply, as with all loans of this type But we'll help you mini mize them, so you never pay note than you have to f wrtteacaecKyWe money's yours. Anytime you neea tt> Dorrow money, for any reason, just write an r" Equity BankLinc check lor any amount available on your credit line Once your line is established, you can use it at your convenience So Equity BankUne is perfect for almost any credit need, from a new car to tuition expenses. lneneip of a personal tsan&er, no charge. Wachovia Equity BankLine comes with your own Personal Banker to make k all easy And there's one waiting to talk id you now.
The News-Record (Marshall, N.C.)
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Jan. 22, 1987, edition 1
3
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