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  • 1. What is a variable annuity and how does it work? Views: 21
    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. Why should I consider setting up a trust? Views: 20
    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...
  • 3. What is the difference between a Conversion Roth IRA and a Regular Roth IRA? Views: 20
    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.
  • 4. What is a 403(b) plan and who is eligible to contribute? Views: 18
    Terms of Use: A 403(b) plan is a retirement savings plan for employees of public schools and certain tax-exempt organizations — as determined by Section 501(c)(3) of the Internal Revenue Code. In a 403(b) program, you have the opportunity to contribute pre-tax dollars, reducing your taxable salary, and both your contributions and earnings grow tax-deferred until they are withdrawn. Section 501(c)(3) organizations include: Nonprofit organizations that are exempt from income tax under sectio  More...
  • 5. When am I required to begin taking distributions from a Traditional IRA? Views: 18
    Terms of Use: You are required to begin taking distributions from a Traditional IRA by April 1st of the year after you turn 70 1/2.
  • 6. What are the three primary types of IRAs? Views: 17
    Terms of Use There are three primary types of IRAs Traditional IRA Roth IRA Education IRA (Now known as Coverdell education savings account) Please refer to the related articles on IRAs in this site for more information.
  • 7. What is a 401(k) plan? Views: 17
    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: Contributions to a plan can come from voluntary employee salary reduction or from the  More...
  • 8. 10 steps to retirement Views: 17
    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. Can I convert my Traditional IRA to a Roth IRA? Views: 16
    Terms of Use Yes, you can convert a Traditional IRA to a Roth IRA. Taxpayers at any income level can convert a Traditional IRA to a Roth IRA. There are some tax consequences, so be sure to consult with your tax advisor. Previously deductible contributions to the converted IRA will need to be reported as taxable income, but the Roth IRA income is tax-free.
  • 10. What's the maximum contribution to a Roth IRA? Views: 16
    Terms of Use: The maximum allowable contribution to a Roth IRA depends on whether contributions are made only to Roth IRAs or to both traditional IRAs and Roth IRAs. Please see the IRS web site for more information.
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately. Information provided is intended to assist you in making decisions and does not eliminate the need to discuss your particular circumstances with a qualified professional.


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