Retirement planning, 401(k)s, pensions, and annuities.
Banking is an essential part of everyday modern life. Transactions happen behind the scenes at pivotal moments in our lives: Buying a vacation condo and need a loan? You’ll need a bank for that. Paying off your credit card (including that expensive steak dinner)? You’ll need a bank for that. Applying to live in an assisted living […]
The fallout from the coronavirus pandemic has caused many to be laid off or furloughed from jobs, and retirement savings to be decimated. Over the last two weeks, unemployment claims have skyrocketed past previous levels. In fact, a recent SimplyWise survey found that 40% of Americans’ income has been impacted by the virus. Now, forced into […]
Making a mistake on your taxes can not only be costly, it can be a big red flag for the Internal Revenue Service, leading to an audit. For people nearing retirement, the stakes can be even higher. Many Americans in retirement will experience many “firsts,” including making retirement distributions, collecting Social Security retirement benefits and passing money […]
For many Americans, reaching retirement age doesn’t mean the end of work. That may be truer than ever for people in their 50s and 60s given the recent market slide related to the coronavirus pandemic. A survey conducted by SimplyWise on March 3 and 4 of people aged 55 to 60 found that continued market […]
It’s no secret: seniors are working at historic rates. Almost a quarter of seniors are now in the job market, up 18% from 10 years ago, and the Bureau of Labor Statistics expects this to increase over the next eight years. Relatedly, unemployment for seniors has dropped to an impressive 2.6%, below the national rate of 3.5%. At […]
For many Americans, reaching retirement age doesn’t mean the end of work. In a poll from The Associated Press-NORC Center for Public Affairs Research, 23% of workers said they don’t expect to stop working. Additionally, new stats show that people above the age of 65 are already working at all-time high rates since record keeping began. […]
A fixed index annuity is an insurance product that allows your savings to grow in a tax-deferred manner. The key differentiator of a fixed index annuity from other types of annuities is that the growth of your savings is linked to a stock market index, while your downside is limited. Annuities are used in two phases: an accumulation […]
Investors over the age of 50 are constantly being pitched on the virtues of tax deferred annuities. In this post, we’ll look at some concrete numbers to figure out when tax deferral actually makes sense for many investors and savers. We’ll identify cases where it may make sense and cases where it doesn’t. Next time […]
Every year consumers put over 300 billion dollars of their savings into annuities. While annuities can provide specific guarantees that are unavailable elsewhere, part of what consumers don’t like about them are their surrender charges. A surrender charge is what a consumer with an annuity has to pay if they want to withdraw their money early. […]
Tax season is upon us. But before you pull out that old box of receipts and get to work, you might want to look into whether tax deferral could save you money, in addition to buying a little extra time. Tax deferred accounts allows you to not pay taxes on your gains in an investment […]