Retirement Plans and Annuities
Your retirement plan is more important now than it ever was for American workers in the past
. The simple fact is that most people currently in the workforce are not receiving the same options to plan for their future as they once were while the job market didn't have as much competition. Employers are savvy when trying to eliminate extra costs, and benefits packages are usually the first to goespecially when the employer has no shortage of potential job applicants ready to replace those that don't want to work without benefits. In the federal reserve, the nation's social security funds are all but depleted. In essence, current workers are paying social security taxes that they will never be able to collect on. The only alternative towards going broke after retirement these days is to set up a annuity that will guarantee a source of income long after you stop earning regular paychecks. A structured settlement can be a great source of funds for setting up an annuity for your retirement planning.
The annuities have the bad reputation for several years because of the complexity & fees. But, due to economic climate changes, these kinds of the retirement products are now becoming valuable to retirement income planning! I will give you good, bad, and ugly of the annuities to make the well educated choice on which kind of the annuity to buy for the retirement (income) portfolio.
Annuities are all offered by insurance company instead of the brokerage firm. These kinds of the products are compared to pension plan with an exception, which the annuities generally tend to go with the inflation and thus giving you upper hand. The general annuities have a lot of features, which you must be known with. The most important advantages is it can pay you the income for life. Your account may not be depleted & you will get the income off an amount that you have put in annuity & percentage or dollar that you may receive. This is assured and thus in case, you stay to be 110, then you will be collecting from this annuity. Next benefit that all the annuities include is interest earned are the tax deferred. As IRS sees and this as the retirement account it is treated as such. Lots of people argue they will get same interest from CD but CD's are FDIC insured that makes the product HEAVLY TAXED.
Retirement Plans and Annuities
By: bharati charan
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