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S there a penalty for withdrawing from my single premium annuity for a house?
Wiki User
∙ 14y ago
yes
Wiki User
∙ 14y ago
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What is the definition of a single premium immediate annuity?
Single premium immediate annuity is when one gives an insurance company an upfront payment or deposit and they straight away begin to pay you a monthly income. One can get them from a number of financial service companies.
My mother has a single premium deferred annuity when she dies do her children receive cash from that annuity?
Are the children the beneficiary's of the Annuity? Annuity's are like Life insurance, they have named beneficiary's listed in the contract. If the children are listed, then yes they are going to benefit from this account.
Who would a Single Premium Immediate Annuity be appropriate for?
In most cases a single premium immediate annuity would be suitable for someone wanting to create a monthly ditribution for a certain period of time or for life. The second choice is whether this will be a single monthly distribution for one individual or a joint payout for two individuals with or without a survivors benefit.
Where can I find information on a single life annuity?
If you are living alone, a single life annuity would be the best. However, if you have a family or a wife/husband, you may want to consider multiple life annuity.
Net single premium and loading compute gross premium. How?
net single premium
You have annuity and a CD can you still get ssdi?
Yes, you can still qualify for Social Security Disability Insurance (SSDI) even if you have an annuity and a Certificate of Deposit (CD). The income and assets from these sources may affect your eligibility and the amount of benefits you receive, but they will not automatically disqualify you from receiving SSDI. It is important to review your specific financial situation with a Social Security Administration representative to determine your eligibility.
Can a fixed annuity have a minimum interest rate and a flexible premium payment schedule?
Yes. ALL deferred annuities offer a guaranteed minimum interest crediting rate (although in a few contracts, that rate is zero). And all non-variable immediate annuities calculate the annuity payments using an assumed interest rate, so one could say that that rate is actually "guaranteed" (as the payments are). Some deferred annuities will accept only a single premium, and they're called "single premium annuities". Others will accept recurring premiums and are usually called "flexible premium annuities. Immediate annuities typically do not permit recurring premiums.
What is better a full survivor annuity or a single annuity?
It depends on what you are wanting to accomplish. If you want to make sure both parties receive an income even after the death of one of the parties then the survivor annuity is your option. If you are not worried about future payments after the death of the fist party then utilize the single annuity.
What is the definition of annuity?
According Wiktionary, which is public domain, annuity can take on the following meanings: A specified income payable at stated intervals for a fixed or a contingent period, often for the recipient’s life, in consideration of a stipulated premium paid either in prior instalment payments or in a single payment. For example, a retirement annuity paid to a public officer following his or her retirement. The right to receive such an income. The duty to make such a payment or payments.
Do you include IRA single premium immediate annuities into a required minimum distribution calculation?
Single premium immediate annuity payouts (monthly or annual) from an IRA account automatically satisfy the IRS required minimum distribution rule. The annuity payouts are calculated based on life expectancy tables, just as RMD distributions are. The total of the IRA/SPIA account can therefore be excluded from the RMD calculation. Of course, ordinary income tax rates must be applied to the IRA SPIA distributions, as they are to any IRA distribution(s). CC, ChFc
Does social security recognize an annuity as earned income?
Only if your taking an income stream from it. A way around this would be to move the funds into a single premium whole life product and borrow from the life insurance policy. A little loop hole for you ;)
What is a single premium life insurance?
single premium life insurance: Single premium life insurance is a form of life insurance that's paid with one upfront lump-sum premium. Once you've purchased a single premium policy, you would receive a permanent death benefit that extends until you die.
