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It’s complicated, this retirement thing. It sneaks up on you, and many of us aren’t quite ready. We haven’t saved enough, didn’t plan enough or we just haven’t figured out what we will do with all that time suddenly thrust upon us. Saving for retirement is difficult enough. Many surveys show that Americans have saved…Read More »
Remember the days before GPS when we had to follow a road map? (They were free and you could pick them up in any gas station back then). So, what if you were following that map and the highway just ended in the last place you visited — with no signs to tell you how…Read More »
When it comes to retirement planning, American women often face a unique set of problems. And those problems can threaten to leave many women short on savings, and, thus, in danger of running out of money in retirement. Those problems are meticulously outlined in a new report, “Sixteen Facts About Women’s Retirement Outlook,” from…Read More »
From The Experts
People who get lump sums of money for whatever reason don’t usually think of annuities as an option unless one is offered. Generally, it’s never recommended that you put all your eggs in one basket (or annuity), but if you’re dealing with a sudden lump sum, often an annuity can be a tax-efficient way to help protect your money.
by Rodney Brooks Many Baby Boomers are finding that they are not ready for retirement, but they are also not ready to ride off into the sunset. So, they are choosing to be entrepreneurs in their encore careers. Some have lost their jobs because they were laid off or bought out after spending years with…
The government uses fair market value to assess the value of real property in your estate. The value of these properties and business holdings could push you into a taxable territory. Your heirs could run the risk of having to liquidate your assets to cover your tax bill. To avoid that, some choose to use deferred annuities and trusts to reduce their total taxable estate.
A long-term care annuity is an immediate annuity with a long-term care benefit. In the event the individual needs long-term care, the benefit might boost the income payment to several times the initial amount. In addition, the portion of the income payment used towards qualifying long-term care expenses will be nontaxable.
An exclusion ratio will determine what portion of each year’s income payment is non-taxable on an immediate annuity. A lot of my clients like to know the specifics of how it’s calculated so they can estimate their taxes. What they don’t know is it can also be a good way to help lower their overall tax burden.
by Rodney Brooks So, when should you start planning for retirement? In your 20s, retirement just seems so far away that we just feel like we can put it off. And today’s Millennials are still feeling crippled by their college debt. In your 30s, we are distracted by getting married, raising a family, and buying…
While just about all of my clients have heard the term “rider,” very few understand what they are when it comes to their insurance and annuity policies. Riders are simply voluntary optional benefits you can add onto an annuity or life insurance. Some can be very helpful for you or your beneficiaries while others might…
Insurance companies are able to set a pre-determined interest rate and even go as far as to guarantee it. One way insurance companies make these guarantees is through the bond market and the interest rates that the Federal Reserve sets on their government bond offerings.
Many insurers have offered lump sum payouts to annuitants to remove the contracts from their books, or to end ongoing payment obligations, and they often have a good reason for this. Sometimes, it might be a good idea to take this lump sum payout, but unless you are well-informed about the process, it could cost you.
The title of “personal financial planner” is expected to grow by 30% through 2025, which is why people really need to understand who is qualified to give them financial advice. Certifications and professional designations can help show a financial professional’s level of expertise.