Annuities

A lifetime annuity is an annuity that is purchased with a payout period that will, in most cases, give a predictable payment each month for the lifetime of the annuitant (the individual whose life the annuity is on).

No, distributions from an inherited IRA do not qualify for the New York State pension and annuity exclusion. This exclusion is generally meant for certain types of retirement income received as a pension or annuity from an employer's retirement plan, not for inherited IRAs.

I'm going through this now with my Mom. If he cashes in the annuity, and gives it to anyone as a gift, his eligibility for medicaid will be denied until that amount has been " spent down." In English, let's say the annuity is worth $36, 000, and the average cost for a nursing home is $9,000 a month. If he gives the 36K away, medicaid will make him pay the nursing home himself for 4 months before he is eligible for coverage. The more he gives away, the longer he has to self pay. He would have had to give the money away, or have it out of his name 5 years ago.

Life with a certain annuity typically does not expire for the duration specified in the contract, which could be for a set number of years or for the life of the annuitant. Once the specified period ends, the annuity payments cease.

After 15 years with a 15-year certain and life annuity, the annuity payments will continue for the rest of the annuitant's life even if they live beyond the initial 15-year period. If the annuitant passes away before the end of the 15 years, the payments will continue to a designated beneficiary for the remainder of the 15 years.

It depends on the individual’s financial goals and circumstances. An annuity can provide guaranteed income for life, which may be beneficial for someone who wants financial security in their later years. However, the decision should be made considering factors such as health, current financial situation, and personal preferences. Consulting with a financial advisor is recommended to determine if an annuity is the right choice.

Yes, you need to speak with your agent or broker and or your tax accountant tregarding this issue.

It is possible to get a license to sell annuities in Ohio with a felony, but it will depend on the nature of the felony, how recent it was, and other factors. You would need to disclose your felony on your license application and undergo a review by the state insurance department. Each case is considered on an individual basis.

A FERS annuity is a pension plan for federal employees, which stands for Federal Employees Retirement System. It provides retirement benefits based on years of service, average salary, and age at retirement. These benefits include a defined benefit, Thrift Savings Plan contributions, and Social Security benefits.

Yes, annuity survivor benefits are generally taxable to the annuitant's spouse as income when received. The taxable amount will depend on factors such as the type of annuity, how the annuity was funded, and any contributions made with pre-tax dollars. It is advisable to consult with a tax professional for specific guidance.

For traditional IRAs, the answer is "yes".

For Roth IRAs, there are no Required Minimum Distributions during the taxpayer's lifetime.

You may be thinking of the rule that permits non-5% owners of a business that offers a "qualified" retirement plan to defer RMDs from that plan until the LATER of their retirement or Age 70.5. But that provision does not apply to IRAs.

In some cases, a survivor retirement pension beneficiary may lose their benefits if they remarry, particularly if the pension is based on the deceased spouse's earnings. It's important to check the specific pension plan's rules regarding remarrying to understand how it may affect the benefits.

Yes, Grantor Retained Annuity Trust should be capitalized as it is a specific type of trust.

Life contingency refers to the probability of certain events occurring during a person's lifetime, such as death or survival to a specific age. It is often used in actuarial science and insurance to calculate the likelihood and impact of such events on financial planning and risk management.

The accumulation period for immediate annuities is typically very short or even nonexistent. Immediate annuities start making payments to the annuitant shortly after the initial lump-sum premium is paid, usually within a month.

Annuities with designated beneficiaries typically avoid probate because they pass directly to the named beneficiaries upon the annuitant's death. This can help to expedite the transfer of assets and avoid lengthy legal processes. It's important to keep beneficiary designations up to date to ensure assets pass to the intended recipients.

It depends on the terms of the specific annuity contract. Some annuities may allow withdrawals regardless of the age of the annuitant, while others may require the youngest annuitant to be over 59.5 for penalty-free withdrawals. It's important to review the contract details or consult with a financial advisor for specific information on your annuity.

You just have to call the company and surrender the policy. They can fax, email or mail you the proper forms to fill out. You can have the money EFT'd directly to your bank account. From start to finish it typically takes 10 days.

This is a tricky situation, if you take an income stream from your annuity it may put you over the income limits to receive disability income. You should convert the CD in a Single Premium Whole Life product, they won't count it as a liquid asset although it liquid to you.

First of all, let's understand what the pension and annuity are. The pension is a consistent monthly income provided by Federal Govt. only to their employees after they retire. Usually, this income is half of the last salary received and is provided to an employee throughout their life. While an annuity is an investment where anyone can invest an amount of savings and receive a consistent monthly income throughout their retirement life. The major advantage of annuity over a pension is that pension isn't provided to each and every citizen while annuity is available for everyone. Moreover, the amount to be received isn't fixed by the Govt, but by the plan a customer chooses. if you are willing to know more about annuity insurance plans, you can visit our site: optinsure.com for the same.

Guaranteed annuities are typically protected from creditors in some states, known as "judgment-proof." This protection varies by state law and the type of annuity involved. It's important to consult with a legal professional familiar with your state's laws to understand how annuities are treated in the event of a judgment against you.

If you want to transfer your NHS Pension to India with LIC OF India pls contact me .

Thanks & Regards

Jay

Development Officer

LIC OF INDIA

Bangalore 02

9742264742

jk.prajapathi@licindia.com

jaykaran.prajapati@gmail.com

Perpetuity

The first answer is when eligability requirements are met and that includes age, or in some cases time served. The second answer depends on two components, the distribution options provided and the income needs of the individual. IF you meet the requirements request the distribution options and determine the which option fits best with your income plan.