taxdeferredannuity
When it comes to retirement, we all have our own goals and visions. For my grandparents, they preferred to stay in the home that they paid off for several reasons. Mainly, though, it was because this would allow them to stay close to their kids and grandkids. But, they could also take several trips throughout the year. Q4 2021 hedge fund letters, conferences and more My parents? Well, they also have chosen to stay in somewhat close proximity to me and my siblings, as well as their grandkids. But, I also have friends who had parents relocate to states like Arizona and Florida because they wante...
ValueWalk
One of the major demographic changes happening in most developed countries is the aging of the population. Thanks to better medical infrastructure, new and more effective medical treatments and overall better quality of life, US citizens today are able to outlive people from other less developed countries. This has had a big impact on the way we prepare for retirement since it increases the time we need our savings to last. Additionally, it increases the chances that, in the end, we’ll need some sort of long-term care (LTC) such as help bathing, walking or going to the bathroom. It’s needless ...
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Annuities are a great way to invest, protect yourself from outliving your savings during retirement, and even protect a spouse or dependent from the financial consequences of your death. But, as with all financial instruments, annuities come with associated costs. Depending on the characteristics of the contract, an annuity’s costs structure can sometimes feel overwhelmingly complex, making it difficult to know if they’re a good investment or not. How much do annuities really cost? What factors come into play when insurance companies calculate premiums? These are important questions we should ...
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When it comes to taxes, we all have to pay the piper. In this case, the piper is Uncle Sam. So, even though you’ve seemingly already paid your fair share, your taxes aren’t going to necessarily be any lower in retirement. And, this also applies to annuity owners. Annuity Taxation 101Annuities are taxed by the IRS based. And, the tax is almost entirely calculated on how they were acquired. For example, if you bought an annuity with money from a Roth IRA or Roth 401(k), you aren’t responsible for federal income taxes. This could apply even to the total annuity balance. This will include your ini...
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Just this morning I booked my room for an upcoming wedding. What I’ve preferred when making a room reservation is that you aren’t charged until you check out. In other words, you need a card number to book the room but aren’t charged until a later date. Why do I prefer this? Because it ensures that I set aside that amount in my bank account. That way, I can use my debit card or pay the balance off a credit card immediately. And, if for some reason I had to cancel the reservation, I don’t have to go through the refund process. On the flip side, it would be nice to just pay for the room in advan...
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As with a non-qualified, a qualified annuity can provide a guaranteed income for retirement. Moreover, your long-term investment can grow tax-deferred. However, because qualified annuities are purchased with pre-tax funds, this will alter how contributions and withdrawals are taxed. What is a Qualified Annuity?As previously mentioned, a qualified annuity is funded by pre-tax dollars. If you recall, non-qualified annuities are funded with post-tax dollars. Another key difference is that you may have the ability to invest in a qualified annuity via your employer’s retirement plan or a traditiona...
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The other day I stopped by a deli to grab a sandwich for lunch. Since it was cash-only, the process was simple for all parties involved. I order my sandwich, hand them a $10 bill, get my change, and walk out with my lunch. And, the deli will eventually deposit that money into their bank account to pay for their expenses. If only it were that simple when it comes to purchasing annuities. See, one can not simply walk into an annuity company, throw down some cash, and leave with an annuity. Instead, how you fund premium will have ramifications on how the annuity is taxed and distributed. Generall...
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