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  • 1. Why should I consider setting up a trust? Views: 49
    Terms of Use People often associate trust funds only with the wealthy. But a trust fund ( trust ) actually can be an effective financial tool for many people in many circumstances. A trust is a separate legal entity that holds property or assets of some kind for the benefit of a specific person, group of people or organization known as the beneficiary ( beneficiaries ). The person creating a trust is called the grantor , donor or settlor . When a trust is established, an individual or corporate   More...
  • 2. What is a variable annuity and how does it work? Views: 47
    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...
  • 3. Can you help me understand more about annuities? Views: 47
    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: 44
    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 AGI and MAGI as it relates to IRAs? Views: 35
    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...
  • 6. What should I know about pension plans? Views: 31
    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...
  • 7. What is a 401(k) plan? Views: 30
    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: 401(k) Plan Limits 2017 Elective Deferrals $18,000 Annual Defined Contribution Limit   More...
  • 8. What is the difference between a Traditional IRA and a Roth IRA? Views: 29
    Terms of Use IRAs are a great way for you to save for the future. Your IRA can consist of a range of investments from savings accounts, stocks, bonds, and certificates of deposit or share certificates. You can contribute up to a certain limit each year into your IRA and if you're over 50, you are allowed an additional catch up contribution. The tax advantages of a Traditional or Roth IRA depend on your annual income and whether you are covered by your company's retirement plan. B  More...
  • 9. Can I have more than one Roth IRA? Views: 28
    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 2017 ($6,500 if you're age 50 or over). Roth IRA contributions are only allowed if your income (technically your Modified Adjust Gross Income or MAGI) is below a certain level: Roth IRA income l  More...
  • 10. What is the difference between a Conversion Roth IRA and a Regular Roth IRA? Views: 28
    Terms of Use A Conversion Roth IRA is defined as a Roth IRA that receives money from Traditional IRAs through a conversion, rollover or direct transfer. If an account is designated as a Conversion Roth IRA, then that account can only accept IRA conversion contributions made in a single year. A separate Conversion Roth IRA must be established each year in which an individual desires to convert assets into a Roth IRA. Contributions are permitted until April 15th for the prior tax year.
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