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Retirement Planning
Strategies of saving money in order to meet one's financial goals upon retiring. This can be through the use of 401(k), IRA and/or pension plans to name a few.
4,043 Questions
How do you use annuities in a sentence?
Here are some sentences.
Their annuities paid them dividends.
Everyone contributed to their annuities.
false--ERISA was designed to do that
How much money do you have to have to start a 401k plan?
There is no minimum...It can be determined by the people who are managing your company's plan if they want to require one.
Which Political Party decided to start giving annuity payments to immigrants?
According to the social security website:
Neither immigrants nor anyone else is able to collect Social Security benefits without someone paying Social Security payroll taxes into the system. The conditions under which Social Security benefits are payable, and to whom, can be found in the http://wiki.answers.com/../pubs/10024.html.
The question confuses the Supplemental Security Income (SSI) program with Social Security. SSI is a federal welfare program and no contributions, from immigrants or citizens or anyone else, is required for eligibility. Under certain conditions, immigrants can qualify for SSI benefits. The SSI program was an initiative of the Nixon Administration and was signed into law by President Nixon on October 30, 1972.
An explanation of the basics of Social Security, and the distinction between Social Security and SSI, can be found http://wiki.answers.com/../pubs/englist.html.
Did mars inc ever have a pension plan?
Yes, commonly referred to as the "old plan" but a very compelling option was offered to convert you "old plan" to a portable plan about 8 or 9 years ago..many people did and then they could choose to retire early, leave to start a business etc. without needing to wait till the sweet spot in the retirement plan. A GREAT company to work with and do business with...A mutual benefit is a shared benefit and that will endure! Great leadership from the owners...and it works.
Is a annuity check taxed differently than a pay check?
No. You never have any taxes withheld from your NET take home paycheck.
After the end of the year when you enter all of your gross worldwide income on your 1040 federal income tax return and you determine your TAXABLE INCOME amount on the 1040 page 2 line 43 where your federal income tax liability amount will be determined on line 44 by your marginal tax rates for the year on your TAXABLE INCOME.
What is the difference between a tax defered annuity and a income annuity?
Deferred tax means you have invested money into a plan and it is earning some income for you free from income tax until the time that you choose to start taking distributions from the annuity.
When you start receiving distributions from the annuity it will become a income annuity to you.
Depending on the type of the Annuity the distribution amounts will have have a gross distribution amount and a taxable distribution amount included in each distribution.
When you decide you want to start taking distributions from the annuity you will need to be careful because the seller of the annuity will probably have a set number of years before you can start taking your distribution from the plan without paying them a penalty for any early distribution amounts before the number of years end.
The IRS could also have a early withdrawal penalty of 10% of the taxable amount of the distribution unless you meet one of the exceptions to 10% early withdrawal penalty amount.
You can some information about this by going to the IRS gov web site and using the search box for ANNUITY
This is a type of plan that will make scheduled payments of income to you over a period of time that you choose by making an investment into the annuity plan.
You can find some information about the taxation of the distributions amounts from an annuity by going to the IRS gov web site and using the search box for ANNUITY
Is income from a trust taxable to you?
Yes the income from the trust is taxable income to the owner of the trust or to the beneficiaries of the trust.
Some one will have to pay income taxes on the income from the trust.
How does an equity indexed annuity differs from other annuities?
It differs from other annuities in the fact that it follows a market index. Usually the S&P 500. The amount of interest you earn is not fixed, but can vary depending on market conditions. You can enjoy gains from the stock market, but take minimal losses.
When do you pay the taxes if you tax out money from a 401k?
You can have some income tax withheld from the distribution amount are you can choose to make some quartely estimated tax payments or you can wait until you file your income tax in the next year after the year that you receive the distribution amount by the due of your income tax for the previous year return and pay the full amount of taxes at that time.
A calender year taxpayer the due date for filing and paying any amount owed would be April 15 of the next year
What happens to variable annuities when the insurance company goes bankrupt?
Generally, when an insurance company goes bankrupt, the guarantees that are being offered on the contract are gone. For instance, if you have a death benefit, or a income guarantee, those will usually be lost. As for the money you've invested in the variable annuity, if your money is invested in the sub-accounts (the various investments that are usually managed by mutual fund management whose names you will usually recognize), that money is still being managed by those companies, and is separate from the now bankrupt insurance company. That is the long way of saying, your money in the sub accounts is safe. However, if you have money in the fixed interest account, that is usually held by the insurance company, and that money may be in jeopardy.
Is there a difference between a reverse mortgage and a reverse annuity mortgage?
The terms are similar and both relate to reverse mortgages, however a reverse annuity mortgage often refers specifically to reverse mortgages where the borrower chooses to receive monthly payments from the lender rather than getting a lump sum of cash upfront or a line of credit.
Are exwifes entited to inland steel pension plans?
My ex-husband is entitled to 50% of my salaried Inland pension as part of our divorce settlement. In Michigan (can't comment on other states) the claim is a QDRO (Qualified Domestic Relations Order).
If your divorce decree includes it, have your attorney contact the pension department of the surviving company, Arcelor-Mittal (?) Once it's completed, you in effect become another retiree receiving a pension from Inland based on whatever percentage of your ex's pension your divorce decree states. My QDROs on his pension were completed within a year of the divorce. My ex still hasn't finished the paperwork on my, so I just figure I'll get half of my Inland pension.
Hope this helps & good luck!
Can I Roll over a non-qualified annuity to another company?
Yes. It is called a 1035 Exchange. We do it all the time. I suggest reviewing your policy every 2 to 3 years to make sure it is still doing what your advisor promised.
How do you compute the present value factor of an annuity due?
well, you take a look at the % (aka the estimated rate) and the number of periods you'll be paying the anuity and look it up on this table. For example if the rate is 8% and you'll be paying 20 periods the number is 10.6036. take 10.6036 and multiply that by the payment and you should find the present value of your annuity due. right that table could be found here... http://www.principlesofaccounting.com/ART/fv.pv.tables/pvforannuitydue.htm
Why is the present value of any future amount greater when the discount rate is lower?
The present value of a future amount is greater when the discount rate is lower because a lower discount rate reduces the impact of time on the value of money. Essentially, a lower rate means that the future cash flows are discounted less steeply, leading to a higher present value. This reflects the principle that money has the potential to earn returns over time; thus, a lower rate indicates a lower opportunity cost of waiting to receive that future amount.
What internal revenue code does a tax deferred annuity fall under?
Hello, I recently purchased one and the money you invest is not tax deductible. It is not taxed if it grows in value or generates revenue, within the annuity. When you do start taking money out, it is treated as ordinary taxable income. However you do not pay taxes on the original contribution, just on the gains. This is a simple answer to a complex question-- if you need more details, you need an expert.
Can a 401k be claimed on taxes?
Generally withholdings for 401k's are tax deductible, and is already calculated on your W-2. Depending on your income level, you may receive a nonrefundable saver's credit for your retirement contributions.
