From: Jackson
What is an annuity?
Annuities are long-term, tax-deferred vehicles designed for retirement. Variable annuities involve investment risks and may lose value. Earnings are taxable as ordinary income when distributed. Individuals may be subject to a 10% additional tax for withdrawals before age 59½ unless an exception to the tax is met. Optional living and death benefits, if available, involve additional cost and may be subject to limitations…
From: www.nstp.org
The law provided for a longer starting age for required minimum distributions (RMDs) to age 73, effective January 1, 2023. The starting age will jump to 75 effective January 1, 2033. A delay in the RMD provides for an opportunity to fine tune the combination of Social Security benefits and distributions by retirement plans and traditional IRAs. The downside is…
From: www.morningstar.com
Our annual study suggests that new retirees can spend more from their portfolios.
Recent retirees haven’t had an easy time of it lately. When stock and bond prices both plummeted in 2022, many retirees saw big dents in their portfolio values; a typical portfolio made up of 50% stocks and 50% bonds would have lost about 16% for the year. While market conditions…
From: Jackson National Life Insurance Company
An RMD is an amount you must begin withdrawing from a pre-tax, tax-deferred retirement savings account, such as your qualified variable annuity, by April 1 of the calendar year after you turn age 73 or the calendar year you stop working for the employer sponsoring an employer-sponsored plan if over 73.* † Subsequent RMDs are due annually by December 31. You can…
From: medium.com
And other key insights from a new T. Rowe Price study, including what makes retirees most content living in retirement.
In just a few years, I expect to reach work-optional status.
It’s been a long, hard slog, financially speaking, and things can certainly still go wrong.
That’s why I keep reading and writing about “retirement planning” (though, as I’ve written before, I…
From: www.financial-planning.com
Rules of thumb are popular for a reason. They’re simple, familiar and can set a good starting point for grappling with complicated questions. But in retirement planning, there’s one guideline that experts say is badly in need of an update: the 4% rule.
The idea is straightforward: Over the course of your first year of retirement, withdraw about…
From: www.gobankingrates.com
For some people in their 20s, when they land that first great job and have some disposable income to spare, their attention — and money — turn to spending on a fun car or a stellar downtown apartment. But the experts say it’s actually time to start saving for something…
From: Allianz
Clients in today’s economic environment need to be prepared for a variety of risks to their financial well-being. Their retirement strategy in particular needs a mix of assets that can help support and protect long-term goals.
Along with traditional sources of retirement income – including Social Security benefits, a 401(k), an annuity, and other investments – a fixed index universal life insurance (FIUL) policy can play an important…
The SECURE 2.0 Act will help Americans bolster their retirement savings and strengthen their long-term financial security. The common-sense solutions in the bill—including encouraging employers to offer more plan options and making it easier for small businesses to offer retirement savings plans—will help ensure employees’ retirement savings last a lifetime.
Here’s what you need to know about the SECURE 2.0 Act of 2022:
From: www.advisorperspectives.com
Things are looking up for people who are close to retirement, according to a Morningstar report published Monday.
With the outlook improving for stocks and bonds next year, the percentage of a nest egg that retirees can safely start withdrawing from savings has increased to 3.8%, up from 3.3% in 2021, the report said….
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