How are you saving for retirement? Like most people, you’re probably contributing to a 401k or IRA. There’s nothing wrong with that. After all, there were about 600,000 401(k) plans in 2020, with 60 million active participants and millions of retired and former employees. And, in the same year, nearly 29 percent of US households owned traditional IRAs….
Why You Should Buy a Good Annuity and Avoid the Rest
Let’s be real. It can be hard to save for retirement. But, after you figure out how much you need to save for retirement, the real work begins. Obviously, there are a lot of ways to save for retirement. Your main options are 401(k)s through your employer and individual retirement accounts (IRAs). But, there are also…
Early Retirement Will Bankrupt Your Dreams, Here’s Why
While there are certainly exceptions, who wouldn’t want to retire early? Instead of being a part of the 9-to-5 grind, you could spend more with family, friends, or leisure activities that you haven’t had time for. Or, maybe you could finally travel or pursue a money-making side hustle. Sounds good, right? Well, unless you have more…
6 Retirement Planning Issues Most People Make and How To Avoid Them
If you’re thinking about your financial future, retirement planning is one aspect you can’t overlook. But retirement planning is one of the most difficult financial tasks, as it came with some issues. Your ability to save can be impacted by your salary, debt, expenses, etc. Plus, there is no one-size-fits-all approach to retirement. To build…
11 of the Easiest Ways to Protect Your Retirement Money
It’s no secret that it’s hard to plan for retirement. In addition to growing a sizeable nest egg, you must protect it from external factors like market volatility, inflation, and unforeseen expenses. And, to be brutally honest, that’s been tough as of late. Northwestern Mutual’s 2022 Planning & Progress Study shows that personal savings are down 15…
When Should You Annuitize Your Annuity? Timing Does Matter!
When to annuitize an annuity is a question that many retirees and people saving for retirement face. After many years of saving and waiting to start reaping the benefits, you finally reach retirement age and wonder: should I annuitize now? In one year? In ten years? Does it make a difference? The answer is yes….
Changing Your Annuity—The Section 1035 Exchange
Choosing an annuity isn’t easy. You’ll have to weigh up the benefits and costs of fixed and variable rate annuities, and qualified and non-qualified annuities. You’ll then have to choose a contract that you hope will deliver the highest returns. Of course, you might get it wrong. You could choose a variable rate annuity from…
What Is a Variable Annuity
As previously discussed, when it’s time to buy an annuity, you have the choice between an immediate and deferred annuity. If you prefer an immediate annuity, you’ll make a lump-sum payment. Within a year of the contract, the insurance company will begin issuing you a monthly income—which can either be for a specified number of…
What Is an Immediate Annuity
June 14, 2022
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Last week I turned on the air conditioner for the first time this year. Much to my chagrin, it wasn’t working properly. So, I had to have someone come out and fix it—unless I wanted to sweat my keister off all summer. But, what if I didn’t have the money on hand to repair the…
10 Annuity Tips That Will Save You Thousands (An Unbiased Annuity Guide)
In what ways does an annuity benefit you? This is an important question that needs to be answered before you buy one. Besides offering a steady and guaranteed stream of income, annuities accumulate tax-deferred over time and don’t have contribution limits like 401(k)s and IRAs. Additionally, annuities offer riders that allow money to be transferred…
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