The Basics of Annuities
An annuity is considered an agreement between one organization or person and another to make a set of payments. This term is commonly used when referring to a contract between an individual and a life insurance company. However, charities and trusts may also replace insurance companies and make annuity payments. While the term may seem simple, there are several different aspects by which annuities are classified, which include the following: •Primary Purpose – This consists of an accumulation or a payout. The payout may be either immediate or deferred. •Nature Of Underlying...
Read MoreIs it Time for Life Insurance?
Just as many people between the ages of 30 and 50 lack a will, many also lack life insurance. A March 2011 survey from Genworth Financial and the University of Virginia’s Darden School of Business found that almost 70% of single parents and 45% of married parents were living without any coverage.1 Why don’t more young adults buy life insurance? Shopping for life insurance may seem confusing, boring, or unnecessary. Yet when you have kids, get married, buy a house or live a lifestyle funded by significant salaries, the need arises. Finding the right policy may be simpler than you think....
Read MoreGetting off on the right foot in 2012 – A look at some financial changes & the opportunities they may present.
Every year brings some financial change, so here are some relevant changes relating to investment, tax and estate planning for 2012. Retirement plans. 401(k), 403(b) and 457 plan annual contribution limits rise slightly to $17,000, and you can contribute an additional $5,500 to these accounts if you are 50 or older this year. IRA contribution levels are unchanged from 2011: the ceiling is $5,000, $6,000 if you will be 50 or older in 2012.1 As you strive to contribute as much as you comfortably can to these accounts this year, you will probably notice some changes with the retirement plan at...
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