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  • 1. What is a variable annuity and how does it work? Views: 40
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    Terms of Use: Variable annuities have become a part of the retirement and investment plans of many Americans. Before you buy a variable annuity, you should know some of the basics – and be prepared to ask your insurance agent, broker, financial planner, or other financial professional lots of questions about whether a variable annuity is right for you. This is a general description of variable annuities – what they are, how they work, and the charges you will pay. Before buying any v  More...
  • 2. What should I know about pension plans? Views: 30
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    Terms of Use: There are a variety of pension plans offered by private sector employers today. This information offers an explanation of traditional defined benefit pension plans insured by Pension Benefit Guaranty Corporation (PBGC): what they are, how they operate, and the rights and options of the workers covered by them. Table of Contents Traditional Pension Plans Predictable, Secure Lifetime Benefits Trends Pension Plan Provisions Federal Insurance For Your Pension Pension Checklist Other   More...
  • 3. Can you help me understand more about annuities? Views: 29
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    Terms of Use: Table of Contents Single vs. Flexible-Payment Annuities Fixed vs. Variable Annuities Fixed and Variable Annuity Expenses Deferred vs. Immediate Annuities Withdrawing Money from a Deferred Annuity Why Buy a Deferred Annuity? Why Buy an Immediate Annuity? Options with Guarantees Before You Buy an Annuity Consider the Following Some Questions to Ask Before Buying Confused about annuities? You're not alone. Many people have difficulty understanding them. The main reason for a  More...
  • 4. What is a QDRO? Views: 26
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    Terms of Use A QDRO stands for Qualified Domestic Relations Order and is a court order that mandates that a retirement plan administrator follow the terms of a divorce settlement. It is very important to have a QDRO whenever you divide a community interest in any 401(k). If you don't get a QDRO, the plan administrator is not required to follow the terms of your divorce settlement.
  • 5. What is a 401(k) plan? Views: 24
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    Terms of Use Definition: A 401(k) is a type of profit sharing retirement plan. These plans allow you to contribute pre-tax dollars and then invest those dollars in the investment options provided by your employer for the purpose of saving for retirement. The earnings on your investments are tax-deferred until retirement. Your employer may also make matching contributions to your account. 401(k) plan highlights: In 2016. the annual defined contribution limit from all sources (employer and employe  More...
  • 6. Can I have more than one Roth IRA? Views: 17
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    Terms of Use Yes, you can have as many Roth IRAs as you wish, but there are strict limits on how much you can contribute to these accounts during any given tax year. No matter how many IRAs you have or what type (Traditional, Roth or SEP) you can contribute no more than $5,500 per year for tax year 2016 ($6,500 if you're age 50 or over). These limits apply to all of your IRA contributions.
  • 7. What is AGI and MAGI as it relates to IRAs? Views: 16
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    Terms of Use Adjusted Gross Income (AGI) Your adjusted gross income (AGI) is the number at the bottom of page 1 on your income tax return, IRS Form 1040 or 1040A. On Form 1040EZ, adjusted gross income appears on line 4. Specifically, it's your gross income minus so-called above-the-line deductions. These include: deductible IRA contributions (as well as deductible SEP, SIMPLE and Keogh contributions) student-loan-interest deduction deductible contributions to medical savings accounts an  More...
  • 8. 10 steps to retirement Views: 13
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    Terms of Use 1. Know your retirement needs Retirement is expensive. Experts estimate that you'll need about 70% of your pre-retirement income. Lower earners will need 90% or more to maintain your standard of living when you stop working. Understand your financial future. 2. Find out about your Social Security benefits Social Security pays the average retiree about 40% of pre-retirement earnings. Call the Social Security Administration at 1-800-772-1213 for a free Personal Earnings and Benefi  More...
  • 9. Is the interest on 401(k) loans tax deductible? Views: 12
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    Terms of Use: Interest on 401(k) loans is not tax deductible regardless of how you use the money. Even though the interest is not tax deductible, you are in essence paying interest to yourself.
  • 10. What are the rules regarding withdrawals from my 401(k)? Views: 11
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    Terms of Use Withdrawals are allowed from your 401(k) plan if they are considered to be a hardship withdrawal and they are allowed by the employer. Employers are not required to provide for hardship withdrawals. The IRS code that governs 401(k) plans provides for hardship withdrawals only if: (1) the withdrawal is due to an immediate and heavy financial need; (2) the withdrawal must be necessary to satisfy that need (i.e. you have no other funds or way to meet the need); (3) the withdrawal mus  More...
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