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What does retirement annuity mean for a pensioned insurance owner?
Wiki User
∙ 10y ago
A retirement annuity will give you a guaranteed income after you retire. If the annuity is owned by an insurance company then they will have control over your money so it is important to shop around for the best deal.
Wiki User
∙ 10y ago
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In a joint annuity can payments be made to an annuitant if the spouse is younger than fifty nine and one half?
In a joint annuity, the annuitant's spouse typically needs to meet the minimum age requirement, which is often set at 59 and a half to receive payments. If the spouse is younger, the annuity may not allow for payments to be made to the annuitant. It's important to review the specific terms and conditions of the annuity contract to determine eligibility for payments.
How can a home owner deed his house to his children prior to moving to a retirement home?
The homeowner can transfer ownership of the house to their children through a deed transfer, such as a quitclaim deed or a warranty deed. It's important to consult with a real estate attorney to ensure all legal requirements are met and to understand any potential tax implications of the transfer. Additionally, consider the implications on Medicaid eligibility if the transfer is made within a certain timeframe before moving to a retirement home.
Is a person who is 65-years-old and retired responsible for paying a loan they co-signed for if the owner defaults?
Yes - unfortunately when you cosign a loan - you cosigned a loan and if the owner defaults you are still responsible no matter how old you are. You could check with the lenders but wait until they contact you.
How do you find out about an old life insurance policy issued in 1966 by metropolitan life?
You can try contacting the current provider of Metropolitan Life Insurance (now known as MetLife) to inquire about the old policy. Provide as much information as you can, such as policyholder name, policy number, and any relevant details about the policy. Additionally, you can search through personal records or contact any known insurance agents or legal representatives who may have insights into past policies.
Do you pay tax on rented property when you are retired?
In general, rental income is subject to tax regardless of your age or retirement status. However, the tax treatment of rental income can vary depending on factors such as your overall income, the location of the property, and any tax deductions or exemptions that may apply. It is recommended to consult with a tax professional or accountant to understand the specific tax implications in your situation.
Can you name a beneficiary for an annuity in state of Louisiana?
An annuity will have the following: Owner, Annuitant , Beneficary. Yes the owner of an annuity may name a beneficiary for an annuity, even in the state of louisiana. (I am a native of Louisiana and can confirm that our laws are different). In most situations, the annuitant and the owner are the same. If the annuitant is not the owner, he or she may not have said power of naming the beneficiary.I am a Louisiana Insurance Agent and have handled many annuities in the State of Louisiana.Thanks
If a will states that if anyone preceeds you in death their part will be left to their decendents but an annuity says their part goes to the others on the annuity which takes precedence?
Annuity death proceeds do not pass by will or state intestacy laws. Like life insurance, employer-sponsored retirement plans and IRAs, annuities pass to the beneficiaries named. If there is no named beneficiary, then proceeds, at death, will pass to the estate of the owner, (and would then pass by will).
What types of investments are the funds of a fixed annuity invested in?
With a fixed annuity, you're giving your money to an insurance company in return for a fixed interest rate. It is the company that decides how to invest that money. You as the owner, does not pick any funds.
What is the definition of Variable Annuity?
I found different sites with definitions for annuity variables. Investopedia states that an annuity variable is, "an insurance contract in which, at the end of the accumulation stage, the insurance company guarantees a minimum payment. The remaining income payments can vary depending on the performance of the managed portfolio." (http://www.investopedia.com/terms/v/variableannuity.asp#axzz1bw9FbZ8G)
If there are two beneficiaries and one predeceases the NY annuity owner's death who gets the proceeds?
That really depends on the arrangements made by the annuity owner. You need to check the records of the company that holds the annuity account. The company should be informed of the death of the owner and that one beneficiary predeceased the owner. You need to know what arrangements were made.
What is value of payment on an life insurance annuity if owner dies before any payments?
Great product, an annuity. My friend had $8,000 in his one day and the annuity paid 100% overnight. Excitedly, he told me the next morning that he had $16,000 then. Happy guy. However, an annuity kind of works like a savings account at the bank. No money in it? No money paid out. $10 in it? $10 paid out. $100,000 in? $100,000 paid out. Disclaimer: an annuity is not a savings account. I just used that term to show you how it works.
What kind of insurance do you need for a restaurant?
A restaurant Business Owners policy with good liability should do the trick. You'll also need workers comp, and for the owner, life insurance, Disability Insurance and eventually a good retirement plan. Call an agent that works with commercial insurance.
Who is normally considered to be the owner of a 403(b) tax-sheltered annuity?
the empolyer
Can a beneficiary inherit an annuity without paying penalties?
This is a complicated area so the following information is general only. You should speak with a tax expert and a representative from the insurance company before you make any decisions regarding this inheritance.The value of the annuity at the date of death is included in the estate for tax purposes. The estate would pay any inheritance tax.Once an inherited annuity is distributed to the beneficiary by the insurance company, either a lump sum distribution or a new annuity with you as the owner, ordinary income taxwill become due on the growth of the annuity from the time the annuitant/decedent made the initial investment. Most annuities are tax deferred. When they are inherited, you inherit all the tax liability that was deferred over the years by the owner of the annuity.You should discuss the inheritance with the insurance company. It can explain your options and ways you can minimize your tax obligations. Any changes you make or any distribution will generate a 1099-R.
What is contingent owner on life insurance policy?
The new owner of a life insurance policy if the original owner dies before the insured.
What kind of health examination do you have to undergo before you can qualify for homeowner insurance?
You do not need a health examination to obtain home owner insurance. Your health is not an issue. If you were to suddenly die, after buying home owner insurance, the insurance company doesn't have to pay a death benefit, since home owner insurance isn't life insurance. What happens when a home owner dies is that someone else inherits the house. The new owner will have the option of continuing the existing home owner insurance policy.
Where can you get the cheapest non-owner auto insurance in Florida?
Acceptance Auto Insurance offers cheap non-owner auto insurance in Florida. Non-owner auto insurance is designed for people who only drive occasionally.
