Annuities can be complex instruments. They can come in all shapes and forms, from immediate to deferred, from fixed to variable, from single life to joint life and everything in between. However, no matter how complex and seemingly custom-tailored, no annuity is ever perfect. That said, you can make them as good as you want by adding…
Best Retirement Plans–Broken Down By Rankings
There was a time when workers could depend on an employee pension plan and Social Security to cover their retirement expenses. Nowadays, pensions are scarce. And, the future of Social Security is murky at best. Maybe this is why one in four Americans haven’t saved anything for retirement. And, those that did, aren’t saving enough. But, it doesn’t have to be this…
How Are Annuities Given Favorable Tax Treatment
How are you saving for retirement? Like most people, you’re probably contributing to a 401k or IRA. There’s nothing wrong with that. After all, there were about 600,000 401(k) plans in 2020, with 60 million active participants and millions of retired and former employees. And, in the same year, nearly 29 percent of US households owned traditional IRAs….
Inflation May Push Social Security COLA up Around 10% in 2023
September 8, 2022
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By Georgina Tzanetos From Bankrate.com With inflation near a 40-year high, Social Security could get a historic boost next year to help seniors keep up. The most recent estimate for a 2023 cost of living adjustment (COLA) is 9.6 percent, says Mary Johnson, Social Security and Medicare policy analyst for senior advocacy group the Senior Citizens League…
The Savings Game: Spousal and Survivor Benefits, and Other Reader Questions
By Elliot Raphaelson Q: In a recent column, you indicated that if you remarried after age 60, and had been receiving a spousal benefit on the basis of your ex’s Social Security earnings, that benefit ends immediately, and you had to wait a year before you could receive a benefit from your new spouse. I believe…
Does Spouse’s Income Affect Social Security Benefits?
For some people, it makes sense to start drawing Social Security benefits before reaching full retirement age (FRA). But there are restrictions that attend this decision to draw benefits early. The Social Security Administration considers the act of drawing benefits as retirement. This means that recipients are restricted as to how much additional income they…
Why You Should Buy a Good Annuity and Avoid the Rest
Let’s be real. It can be hard to save for retirement. But, after you figure out how much you need to save for retirement, the real work begins. Obviously, there are a lot of ways to save for retirement. Your main options are 401(k)s through your employer and individual retirement accounts (IRAs). But, there are also…
The Savings Game: IRS Guidance on Inherited IRAs, and Other Reader Questions
By Elliot Raphaelson Q: I recently inherited a traditional IRA from my deceased mother, who was 76 and had been taking RMDs each year. Based on everything I had read, I thought that I did not have to take any required distributions (RMDs) in years one through nine, but I would be required under the 10-year…
The Savings Game: Readers Ask About Insurance, Spousal Benefits and I Bonds
August 26, 2022
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BrightendowmentFixed IncomeinsuranceInsurance Policypersonal financeretirementSeries I BondsSocial SecurityWealth Management
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By Elliot Raphaelson Q: I need help with an insurance policy. I no longer have a local agent to answer my questions. I have an endowment policy, and there is a term on my statement I don’t understand. Specifically, it includes the following: “family endowment at age 85.” What does that mean? I am approaching…
Annuities vs. ETFs—Choosing The Right Option For Your Retirement
Saving for retirement can be a tough choice. With so many different ways to invest your money and make your nest egg grow, it’s only natural that many to-be retirees tend to feel overwhelmed. That said, preparing for retirement is one of the key decisions to make early in life to ensure healthy personal finance, and…
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