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The stories have been all over the news for some time now. Burdened by crippling student loan debt, Millennials are returning home to live with their parents. According to a Pew Research Center report, for the first time in modern history, more 18-to-34-year-olds are living with their parents than those living single, with a partner…Read More »
According to the National Bureau of Economic Research, in 2015, 20 percent of Americans have an outstanding loan balance on their 401(k) and 37 percent have had loans in the past five years. Ten percent of those borrowers defaulted and a whopping 86 percent of borrowers left their company with an outstanding balance, according to…Read More »
There are many Americans who are not saving and, for these people, even a small unexpected expense will likely cause a financial setback. A survey of 1,000 Americans by Bankrate said nearly 60 percent of Americans would not be able to pay an unexpected emergency expense from their savings. Forty-five percent of those surveyed said…Read More »
From The Experts
- Healthcare and Personal Wellness
- Retirement Advice Basics
- Retirement Lifestyle
- Rodney Brooks
- Taxes and Fees
Rodney Brooks Retirement is tough enough, but it can be really tough for the people who did little or no planning. It’s tough enough even for those who do plan for retirement. After all, there is much to consider. Which means that there could be a possibility for some people to either forgot something or…
You may have seen the commercials on TV about selling your annuity for cash. This is a business format that’s about as old as annuities themselves. These companies will offer to buy a stream of future payments that your annuity provides from you in exchange for a lump sum of cash. One problem is that these transactions are usually designed to make money for the company buying your annuity, rather than ensuring you get the best value for that annuity. Selling your annuity might seem like a good idea in a pinch, but in the end, it could cost a lot more than you anticipated.
One thing that can be difficult to predict when you’re planning your retirement is how much you’ll wind up paying for healthcare once you’re retired. The good news is new treatments and lower-cost healthcare resources are created every day. The bad news is one aspect of healthcare many retirees need most tends to cost the most: prescriptions.
While you might be eligible to take benefits at age 62, some experts would recommend you don’t. That’s because the earlier you take them, the less you usually get.
Fixed-indexed annuities are rising in popularity. I’ve seen that in the financial news, and I’ve seen that firsthand with how many people contact me asking about them. The timing is a bit surprising because the stock market has been notoriously volatile for the past few months.
Some financial planners will advise you never to do this because it’s redundant, but there are times when it might be beneficial, especially when it comes to managing your required minimum distributions later on. Before you write off purchasing an annuity in an IRA, you should consider how it could impact you for the life of your IRA.
Allocating retirement assets is a delicate balancing act and one that must be looked at on a deeper level than high risk and low risk. Instead, it might help to work backward and start with how much you need to live on to cover your mandatory and optional expenses. For some, fixed and fixed-indexed annuities can fit in by supplementing that income to cover some of those future mandatory costs.
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.