Retirement Planning

You should save enough so that eventually you have 8 months' salary in a savings account.

In order for a garnsihment to be issued you must have had a judgment. Under normal conditions retirement, 401k and disability cannot be touched. For example under the OJ case his retirement from the NFL was not subject to the goldmans lawsuit. Your disability check should not be effected by a lawsuit.

400000

39,337.20

If you think you may have money in a pension you should write to the personnel section of the court of administration, giving them the name they employed you under, you age and your social security number (and employee number if you have it) and ask them to check. That way you will get a definite answer.

BFI stopped sending annual statements about 10 years ago and sent everyone with retirement dollars a letter to that effect. If you want to know information about your retirement account you will need to contact Allied Waste Industries in Scottsdale, Arizona and tell them you need information on your BFI retirement account.

Call Northrup/Grumman benefits office. They are doing all the processing and administration for the Litton Retirement Program.

are umwa for 39yrs, now were broke

Pension plans are a type of retirement plan in which the employee and employer make contributions. These contributions are invested and to be received upon retirement. In most all cases pension plans are tax exempt. The two types of pension plans are defined benefit plans and defined contribution plans. A defined benefit plan guarantees an amount upon retirement no matter how the investment performed. A defined contribution plan is not a guaranteed amount and heavily depends on the investment performance.

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.

Depending on the state of issue, an AIG annuity contract is likely guaranteed by a Life & Health Insurance Guarantee Association. For more information, see http://www.nolhga.com/. If you have concerns about your personal annuity, contact your state's department of insurance.

The answer depends on the type of annuity. If the annuity is a fixed period annuity or an annuity which pays a fixed amount during the lifetime of one or more persons, the value of the annuity will decrease if interest rates rise and will increase if interest rates fall. For example, san an annuity is paying $100 per month for 3 years and the interest rate is 5%. The value of the annuity is $100 x ( (1+5%)^(-1/12) + (1+5%)^(-2/12) + ... + (1+5%)^(-36/12) ) = $3,342.13. If the interest rate rises to 6%, the value of the annuity falls to $100 x ( (1+6%)^(-1/12) + (1+6%)^(-2/12) + ... + (1+6%)^(-36/12) ) = $3,294.90.

If you are a retiree you should be getting a form 1099, not a W2. They are mailed out the last day of Jan. If you need a copy from a previous year contact UMWA H&R Funds at 1-(800) 291-1425.

Yes

Non qualified according to Turbotax

the wealthy would carry the greatest tax burden.

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A rollover occurs when you withdraw from one retirement plan and transfer all or part of that amount, within 60 days, to another retirement plan. You will receive Form 1099-R (Distributions from Pensions, Annuities, etc.) from the holder of your IRA account.

Refer to Form 1099-R in filling out your tax return. On Form 1040, you enter the rollover amount on line 15a (IRA distributions). Next to 15b write Rollover. If the total amount of the IRA was rolled over into the annuity, then enter 0 on line 15b.

For more information, go to www.irs.gov/taxtopics. Select Topic 413 (Rollovers from Retirement Plans). Also, go to www.irs.gov/formspubs. Select Publication Number. Type 575 in the Find box to read/print Publication 575 (Pension and Annuity Income). Type 590 in the Find box to view Publication 590 (Individual Retirement Arrangements).

No, not at all.

There is life insurance. There are annuities. Life insurance companies sell annuities, but annuities are not life insurance policies. The answer depends on which one is under discussion. There is no income tax on payouts from life insurance policies. Annuities are purchased. The purchase price forms the owner's (or beneficiary's) basis in the contract; that is, the part that will not be taxed. The remainder of the payout is earnings (interest, usually) that have never been taxed, so are taxable to the recipient. How much tax would be due depends on how much of the $45,000 is taxable earnings, as well as how much other income the recipient receives in the year of the payout.

Usually it is backed by the financial strength of the issuing insuance company.

Answer 2

But more usually government bonds are bought to cover the payments to be made by the insurer. This guarantees (as far as one can guarantee anything) that the annuity payments are safe. The financial strength of the insurer is a very vague measurement - who'd have thought that an insurer like AIG (massive financial strength?) would go under.

we dont know who stoled your money!

189,000

1. annuity is paid till a person passes away whereas life insurance is paid after a person passes away to the beneficiaries

2. annuity is paid as periodic installments whereas life insurance is paid as lump-sum.

3. annuity support future income requirement. life insurance support the need of beneficiaries.

4. annuity is a retirement planning tool whereas life insurance is a product providing inheritance.

5. annuity pays back total value + gains earned. life insurance may provide benefit multiple times larger than premium paid

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which may be defined as a series of consecutive payments or receipts of equal amount.