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It’s a dream that many of us have. The kids have graduated from college and settled into their new homes and new jobs. Retirement is around the corner. Now that you are empty nesters, that big house in the suburbs no longer works for you and your spouse. So, finally, it’s your chance to get…Read More »
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 »
From The Experts
Beneficiary of an Annuity? Help Lower Your Tax Burden with a Transfer to a Qualified Retirement Account
A beneficiary on an annuity has a number of choices to make — how you want to use the annuity you’ve inherited, as well as how you want to deal with the taxes.
by Rodney Brooks We all know that planning for retirement is no easy task: Whatever information we can get to help is welcome. There are literally thousands of websites tasked with helping Baby Boomers slide gracefully into retirement. A big part of the difficulty in planning for retirement is figuring out exactly where to go…
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.