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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
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.
Is the annuIty received from an insurance co is taxable?
It grows tax deferred. If you take an income stream or annuitize the annuity, the money is taxed as ordinary income.
No - I believe Prudential received plan assets sufficient for them to provide estimated retirement benefits to vested plan members. Actuaries probably figured out the expected cash outlay to Prudential and worked back to the $$ needed from Maxus to fund Prudential's future obligation. Back in the mid-90's I received a letter with estimated retirement benefits. Unless you years of service or salary history changes, no change in retirement benefits. Since the plan was closed, no way to change years of service or salary history.
What is the required reserve ratio for US banks compared to US insurance companies?
A depository institution's reserve requirements vary by the dollar amount of net transaction accounts held at that institution. Effective December 29, 2011, institutions with net transactions accounts:
- Of less than $11.5 million have no minimum reserve requirement;
- Between $11.5 million and $71.0 million must have a liquidity ratio of 3%;
- Exceeding $71.0 million must have a liquidity ratio of 10%
What is the explanation for the various functions of financial management?
What are the functions of finance?
Answer
The five basic corporate finance functions are described as those functions related to;
1) raising capital to support company operations and investments (aka, financing functions);
2) selecting those projects based on risk and expected return that are the best use of a company's resources (aka, capital budgeting functions);
3) management of company cash flow and balancing the ratio of debt and equity financing to maximize company value (aka, financial management function);
4) developing a company governance structure to encourage ethical behavior and actions that serve the best interests of its stockholders (aka, corporate governance function); and
5) management of risk exposure to maintain optimum risk-return trade-off that maximizes shareholder value (aka, risk management function)
What is Revere Ware Corporation pension plan phone number?
I'm sorry, but I don't have access to specific contact information such as the phone number for Revere Ware Corporation's pension plan. I recommend checking the company's official website or contacting their human resources department for assistance.
Yes you can. You will most likely pay a variety of fees and taxes depending on your age and how long you have been collecting on the annuity. There are applicable surrender fees, but you can cash it out if you want to.
What is the common purpose for a fixed annuity?
A fixed annuity is a way to help save for retirement within a safe environment. They are backed by the guarantees of the companies that issue them. They make a great addition to anyone's portfolio.
How does a fixed annuity work?
There are many types of fixed annuities and they may all vary. In general an annuity is a contract between you and an insurance company. You agree to put funds into the annuity and they guarantee that your funds will grow at a certain rate, as determined usually yearly, for a certain period of time. Once that time passes and when you are ready to withdraw your funds plus any growth the insurance company agrees to pay you that amount of money either in a lump sum, systematic withdrawals, or over a period of time or for your lifetime.
Define present value of an Annuity?
Your annuity typically has at least two values, Contract Value and Surrender Value.
Contract Value: The value of your annuity as it sits today with the life company.
Surrender Value: The value of your annuity if you were to surrender the policy and walk away with all your money.
Where are the funds of the pension plan held for an ex-employee of fedders corporation?
I worked for Emerson for 16 yrs. very good company and sad what happened. anyway the pension plan is with cna institutional markets and the phone number to see if you qualify is 1-800-304-3454. you had to be vested before you could qualify for benefits about 6 yrs i think. i was divorced so i had my husbands name taken off. i started receiving my pension when i turned 60 since that's when you are eligible. i wasn't going to wait until i was 65 because who knows where i would be and no one gets the money. hope i helped.
How much tax would you pay on 164000?
There is no way of answering that. How many dependents? What tax was already deducted in the past year? Assets? Other income? Charitable donations? Business deductions? Tax credits? Are you blind? Over 65? Are you interested in having $3 go to help Ross Perot run again?
It is technically possible to simply get the tax forms from your local post office, library, or friendly neighborhood IRS office, and fill them out yourself with common sense, your records, patience and a calculator.
However, if your income is $164,000 then I'd suggest that you treat yourself to a tax specialist, even just some guy at H&R Block, and let him worry about it.
Are 401K contributions tax deductible?
401k's are not tax-deductible in the normal sense of the word.
However, since normal 401k contributions are made with pre-tax funds, taxable income is reduced. As taxable income is reduced, tax is then reduced as well.
Do you pay taxes on 401k withholdings?
By withholding I will guess that you mean the amounts that you are contributing to your 401K BEFORE income taxes (deferred compensation amount) that will not be subject to the income taxes during the year and will reduce the amount of your taxable gross wage amount that is reported in box 1 of your W-2 form at the end of the tax year. The deferred contribution amounts will be subject to income tax in future years when you retire and start receiving distribution the taxable distribution amounts from your 401K plan and at that time the taxable amounts will added to all of your other gross worldwide income on your 1040 income tax return and subject to the federal income tax at your marginal tax rate.
How much does an annuity cost?
There are different types of annuities. Variable annuities cost much more and I wouldn't recommend one. Now with Fixed Indexed Annuities you can have the potential of the upside of the market without any of the loss. Fixed and Fixed Indexed annuities typically do not cost a cent unless you have added a (rider) to the product that has a small annual cost.
You have a very good question. If you are the cash beneficiary of the estate and the other beneficiary receives an annuity, the costs of settling the estate will come out of the cash. You should frame a motion to have the court review the matter and render a decision regrading the issue. The court may decide the other heir should pay a portion of the costs.
It is worth more than a one lump sum.
Are annuities with Life Insurance Companies covered by FDIC?
No. Each State covers annuities and life insurance. It's actually a lot better than the FDIC.
Can you rollover a 401K Plan to a simple IRA?
You can rollover a 401k to any type of IRA account that is geared towards retirement. (Education IRA's do not apply).
A simple IRA is no different, and you can do a direct rollover to this account without incurring any type of taxes or penalties. However, use caution when doing the transfer, as you can be penalized up to 40% if it isn't done correctly. (You would have to pay ordinary income tax plus a 10% penalty)
eRollover.com has some great articles on the topic, and can be found at the link below.
