Improving Financial Literacy.
Qualified Longevity Annuity Contract (QLAC)
Introduction A Qualified Longevity Annuity Contract, or QLAC for short, is a special tool for retirement. Think of it like a safety net for your finances when you get older, especially if you live a long time. With QLAC, you buy an annuity but don’t start getting money from it until later in life, often…
Life Insurance: How Much Do I Need?
Contents Introduction: What Is Life Insurance? In 2022, CNBC reported that 67% of Americans have no estate plan. If you’re one of them, now is the time to start thinking about how to protect your loved ones. Most people don’t like to think about dying, but careful planning now can save your family members and friends a…
Can You Gift an Annuity? A Simple Guide
When we talk about giving gifts, we often think of presents wrapped with ribbons. But did you know you can also gift something like an annuity? Let’s explore this idea in simple terms. What’s an Annuity? First things first: an annuity is a contract. Think of it like a special deal between you and an…
Are Annuities Protected From Creditors? An Overview
Let’s dive deep into a critical question: Are annuities protected from creditors? We’re going to break this down in simple terms and include some vital terms that might help you understand the topic better. Annuities Explained An annuity is essentially a contract between you and an insurance company. In exchange for a sum of money,…
How To Pay Off Debt: A Complete Guide
Understanding how to pay off debt has never been more important. Contents Understanding Debt In 2022, American household debt increased to $16.9 trillion, a rise of $2.75 trillion since 2019. Consumer debt includes everything from credit cards and overdrafts to mortgages, student loans and car loans. Considering a mortgage or student loan as investments, you invest…
Consumer Credit Guide (2023)
Introduction to Consumer Credit Consumer credit is pivotal in personal finance, allowing individuals to make significant purchases and manage their financial obligations effectively. In today’s world, where instant gratification and convenience are highly valued, consumer credit will enable people to access goods and services that may otherwise be beyond their immediate financial reach. We will…
Fixed Annuities Explained: A Comprehensive Guide to Financial Security
Contents Building a Strong Financial Foundation: An Introduction to Fixed Annuities When securing your financial future, it’s critical to explore a range of options that provide good opportunities for growth and stability. One option you may have considered is a fixed annuity. Fixed annuities are designed to provide a steady income stream during retirement. This…
Annuity vs CD: Making Financial Choices
Introduction In the complex world of finance, making sound investment decisions is paramount. Two popular options that often come into play are annuities and CDs. These financial instruments offer distinct benefits and considerations, catering to various investment goals and risk tolerances. This article aims to demystify the differences between annuities and CDs, aiding readers in…
Accumulation Period In An Annuity
Introduction to Annuities Annuities have emerged as a significant tool in modern financial planning, offering individuals a structured way to secure their financial future. An annuity is a contractual agreement between an individual and an insurance company, designed to provide a consistent stream of income over a predetermined period or for the rest of one’s…
The Split Annuity Strategy: 2023
As individuals approach retirement, they are often faced with the challenge of ensuring a stable and comfortable income stream to sustain their lifestyle in their golden years. The Split Annuity Strategy offers an innovative and effective solution to this critical concern. By combining the benefits of both immediate and deferred annuities, this approach provides retirees…
Registered Index Linked Annuities: (2023)
Introduction to Registered Index-Linked Annuity (RILA) A Registered Index-Linked Annuity (RILA) is a unique financial product that combines features of both traditional fixed annuities and market-linked investments. It is a type of deferred annuity that offers investors the potential for higher returns linked to the performance of an underlying market index, while also providing some…
Insured Annuities: 2023
Introduction to Insured Annuities An insured annuity is a financial strategy that combines the benefits of an annuity with the security of a life insurance policy. It is a unique approach designed to provide individuals with a guaranteed income stream during their retirement years while simultaneously safeguarding their financial legacy for their beneficiaries. Definition of…
Tax-Sheltered Annuities: A Comprehensive Guide
Introduction Saving for retirement is a crucial aspect of financial planning, and tax-sheltered annuities (TSAs) are powerful tools designed to help individuals secure their financial future during their post-working years. In this comprehensive guide, we will delve into the intricacies of tax-sheltered annuities, exploring their features, benefits, and considerations that can significantly impact retirement planning.…
Reverse Mortgage Annuity: (2023)
Introduction to Reverse Mortgage Annuity In today’s economic landscape, financial security during retirement has become a growing concern, especially for older people. Many older adults are seeking viable solutions to ensure a comfortable and worry-free retirement, where they can maintain their independence and cover their expenses without the fear of outliving their savings. Reverse Mortgage…
Pure Life Annuity: (2023)
Don’t forget to review our Comprehensive Annuity Guide for 2023 Introduction In an era where people are living longer and retirement periods are extending, ensuring a secure and stable financial future has become a pressing concern. One effective solution that addresses the uncertainties of life in retirement is the “Pure Life Annuity.” This financial instrument…
Participation Rate Annuity: (PRA)
Introduction Participation rate annuities have gained significant attention in the realm of retirement planning and investment strategies. These financial products offer individuals the opportunity to participate in the growth of a market index while providing some level of protection against downside risks. In this article, we will explore the concept of PRAs, their benefits, factors…
What Happens to Annuity When You Die?
When planning your financial future, understanding what happens to your annuity after you pass is crucial. The fate of your annuity depends on its type and specific terms. From immediate to variable annuities, each has distinct provisions affecting beneficiaries. Whether it’s ensuring continued income for loved ones or navigating potential tax implications, being informed helps…
Flexible Premium Annuity (FPA)
Flexible Premium Annuities can be a powerful tool in helping you reach your retirement savings goals. Introduction Flex-premium annuities provide you with more flexibility when investing in retirement than individual retirement accounts (IRA) or 401(k), which have contribution limits. They allow you to add money gradually. This feature makes flexible-premium annuities an attractive option if…
Long Term Care Annuity: (LTCA)
LTCAs are deferred annuities that include built-in long-term care benefits. Like traditional long term care insurance policies, these annuities provide an income stream capable of covering up to four years of care expenses. To qualify, you must meet medical criteria demonstrating your need for long-term care – this process is called simplified underwriting. Overview LTCAs…
Flexible Premium Deferred Annuity (FPDA)
Annuities are investment products offered by insurance companies designed to help individuals save for retirement and generate an ongoing stream of income in retirement. Annuities offer many attractive features, such as tax deferral, guaranteed income streams, and growth potential. A flexible premium deferred annuity can be purchased either with one large payment or through multiple…
Charitable Lead Annuity Trust (CLAT)
CLATs are irrevocable trusts that provide an annuity payment to one or more charities over an agreed-upon number of years, free from gift and estate tax at their completion. With today’s record-low Section 7520 interest rate, non-grantor CLATs can offer significant gift and estate tax savings. In this article, we’ll look at two forms of…
Annuity vs Mutual Fund:(2023)
An annuity and mutual fund are both excellent retirement savings investments; however, it is essential that investors understand the differences between them before making their selection. An annuity could be the ideal investment choice for investors seeking guaranteed income with minimal risk; while mutual funds provide investors with higher returns and diversification. Overview Mutual funds…
Joint and Survivor Annuity: Guide
A joint and survivor annuity is a type of annuity which provides income payments to two people simultaneously, usually married couples. This differs from single life annuities which only pay income to one individual. Definition and Overview Joint and survivor annuities allow two people to receive an annuity payout as long as both individuals remain…
Fixed Annuity vs CD Pros and Cons: (2023)
Before making the choice between investing in an fixed annuity vs CD, take time to consider your financial goals. If you desire higher potential payouts with lower interest rates, an annuity might be best. However, if you are nearing or entering retirement and looking for tax deferral and higher returns on savings products such as…
Annuities vs 401k: A Practical Guide (2023)
When planning for retirement, individuals are often faced with various options to ensure financial security in their golden years. Two popular choices for retirement savings are annuities vs 401ks. Annuities are insurance-based products that provide a guaranteed income stream for life, while 401(k)s are employer-sponsored retirement plans that offer individuals the opportunity to save and…
What Happens to an Annuity When You Die?
Wondering what happens to an annuity when you die? If an annuity is left to a beneficiary, they will owe income tax on any difference between what was originally paid into it and its current value; tax rates depend upon how it is withdrawn from. There are various strategies you can employ when structuring an…
401k vs Annuity: A Practical Guide (2023)
One major distinction between a 401k vs annuity is that with a 401k, you may withdraw funds penalty-free once you reach retirement age; on the other hand, an annuity often comes with early withdrawal fees and surrender charges that need to be met to withdraw them early. An annuity protects from two major retirement risks:…
Medicaid Compliant Annuity
A Medicaid-compliant annuity allows applicants to transform countable assets into income streams without recourse, unlike promissory notes which can be modified and reversed at will. Rather, these annuities are irrevocable and cannot be changed or reversed under any circumstance. If you need long-term care but find that your assets exceed state asset limits, an annuity…
What is the Annuity Exclusion Ratio?
Exclusion Ratio = (Investment in Annuity) / (Expected Total Return over Payout Period) An exclusion ratio determines which portion of your annuity payments is considered taxable income by the IRS, using their last-in/first-out formula until all investments have been recouped, at which time all earnings become fully taxable. An annuity funded with pre-tax money, such…
Single Life Annuity: A Practical Guide (2023)
Single Life Annuities are retirement financial plans designed to pay out income only to one individual during their life span, so they aren’t suitable for couples looking to leave behind an inheritance. However, if you value financial security and don’t have any dependents to support financially, an annuity could be right for you. Learn more…
How To Build Credit: A Practical Guide (2023)
Contents From Credit Novice to Credit Savvy: How This Guide Will Help You Whether you’re just starting your credit journey, looking to take out a new loan or aiming to improve your credit score, understanding how credit works is key to making it work for you. In this comprehensive guide, we’ll give you all the…
Estate Planning Plain & Simple
Contents Introduction to Estate Planning On the surface, estate planning is the process of determining how your assets should be distributed upon your death. If you take a closer look, however, there’s much more involved. These are just a few of the questions you must answer as you put together your estate plan: Why Is…
Divorce Financial Planning For Women
Contents Introduction Divorce can be an emotionally charged and life-altering experience. The divorce process itself can be long and complex, even without taking your financial situation into account. Throw finances into the mix and the process can become even more stressful and challenging. Women face specific divorce financial planning challenges, such as caregiving responsibilities, a…
Annuities: Plain and Simple Guide (2024)
Contents: What Is an Annuity? If you haven’t started saving for retirement, you’re not alone. According to a 2022 report from the Federal Reserve, 25% of all non-retired Americans have absolutely no retirement savings. No matter how old you are, it’s never too late to start thinking about the future. With the cost of housing, healthcare and…
Mutual Fund vs Annuity
Introduction Investing for the future and securing financial stability are key concerns for individuals, especially when it comes to retirement planning. Mutual funds and annuities are two popular investment options, each with unique features and benefits. This article aims to provide a comprehensive understanding of mutual funds and annuities, highlighting their differences, advantages, and considerations.…
Indexed Annuity vs Fixed Annuity
Introduction Retirement planning is a crucial aspect of financial management, and one key consideration is selecting the right annuity. Annuities offer a reliable source of retirement income, and two popular options are indexed annuities and fixed annuities. In this article, we will explore the features, benefits, and considerations of indexed annuities vs fixed annuities to…
Are Life Insurance Premiums Tax-Deductible?
Introduction Life insurance premiums are not tax-deductible with the IRS; however, certain exceptions may apply in specific situations. Business owners may be eligible to deduct life insurance premiums associated with key person policies as tax-deductible expenses, while beneficiaries paying such premiums as part of a divorce settlement signed prior to 2019 could save on tax…
How to Get Life Insurance on a Parent
Introduction Providing life insurance to your parents may be something worth considering; but first you will need to demonstrate insurable interest and gain their consent before taking this step. Choose to name minor children as beneficiaries or create a trust with multiple individuals and institutions as beneficiaries. Furthermore, riders allow for faster death benefits. An…
Borrowing Against Your Whole Life Insurance
How Soon Can I Borrow Against My Whole Life Insurance? Borrowing against a whole life insurance policy can provide a valuable source of funds for various financial needs. This article aims to provide a comprehensive understanding of the process, factors to consider, and potential benefits and risks associated with borrowing against whole life insurance policies.…
Wondering What Disqualifies A Life Insurance Payout?
Introduction Life insurance provides individuals and their loved ones with financial security, but it’s crucial to understand the factors that can disqualify a life insurance payout. This comprehensive article aims to provide insights into the disqualification criteria applied by life insurance companies when processing claims. By familiarizing ourselves with these factors, we can make informed…
Does a HELOC Affect Your Credit Score?
Are you wondering how a HELOC may affect your credit score? Credit scores play a crucial role in financial decision-making, influencing loan approvals, interest rates, and even rental applications. If you’re considering applying for a Home Equity Line of Credit (HELOC), it’s natural to wonder how it might impact your credit score. In this article, we…
How Long for Your Credit Score to Update?
Introduction Your credit score is a crucial component of your financial health. It impacts your ability to secure financing, obtain favorable interest rates, and even affect your chances of renting an apartment. Understanding how long it takes for your credit score to update is essential for managing your financial well-being. In this article, we will…
Does Mortgage Pre-Approval Affect Credit Score?
Introduction When it comes to financial decisions, credit scores play a crucial role. They are key factors that lenders and credit bureaus consider when evaluating an individual’s creditworthiness. One important aspect of the home buying process is mortgage pre-approval. It allows potential homebuyers to determine their budget and demonstrate their ability to secure a mortgage…
Investment Risk Tolerance Questionnaire
Investment Risk Tolerance Quiz Age: Investment Experience: Time Horizon (How long do you plan to invest your money?): Investment Knowledge: Financial Goals: Risk Tolerance: Financial Stability: Reaction to Market Volatility: Investment Diversification: Investment Losses: Taking The Quiz And Interpreting Your Results 10 would reflect a desire for a very conservative portfolio allocation, minimizing losses and…
Is Retirement Income Considered Earned Income?
Is Retirement Income Considered Earned Income? What to Know About Paying Taxes During Retirement Retirement is an exciting prospect for any working professional moving on to the next chapter in life. However, while retirement is an excellent time to do what you love and surround yourself with family, many adults preparing for retirement neglect to…
Which States Do Not Tax Retirement Income?
Wondering Which States Do Not Tax Retirement Income? A comfortable retirement life is a dream for many working professionals. However, as you plan for your financial future, one factor you might not consider is state taxes on retirement income. The prospect of paying taxes during retirement can sour your attitude and make retirement seem like…
How Fast Will A Car Loan Raise My Credit Score?
Wondering About Car Loans and Credit Scores? Whether you’re a first-time buyer or you’ve bought several vehicles before – buying a car can be a significant investment that requires careful consideration and financial planning. And buyers may also wonder how the process will affect their credit scores. Does it matter if the vehicle is new or…
Annuity vs Life Insurance: A Complete Guide (2023)
Wondering about Annuities vs Life Insurance? Are you strategizing your financial future and exploring investment options to ensure security for you and your loved ones? Two popular financial products that come to mind are annuities and life insurance. These products offer unique benefits and serve different purposes, making it essential to understand their differences before…
How To Get An 850 Credit Score
An 850 Credit Score Is Possible Credit and credit scores can affect nearly every aspect of our finances. And our finances can impact almost every other part of our lives. Like the neighborhoods we live in, where our kids go to school, and the jobs we have access to. So naturally, the goal of an…
How Does an Index Annuity Differ From a Fixed Annuity?
Wondering How Does an Index Annuity Differ From a Fixed Annuity? Index annuities provide you with a possible way of investing your savings. In addition, they may serve as an effective barrier against inflation during market downturns. Fixed annuities offer investors the potential safety of a guaranteed rate of return. So, Index annuities differ from…
Can Annuity Beneficiaries Be Contested?
How Annuity Beneficiaries Can Be Contested Annuities offer several advantages, such as tax-deferred growth and death benefits. But they do come with their risks. Owners should ensure beneficiaries are named in annuity contracts to protect heirs from costly and time-consuming probate proceedings. Estate Planning Basics Estate planning involves deciding how to preserve your assets, manage…
Does Paying Off Student Loans Help Your Credit Score?
Wondering How Paying Off Your Student Loans Will Help Your Credit Score? Are you struggling with Student Debt in America? Paying off your student loans will help your credit score; however, depending on several factors like the amount owed and repayment frequency, they could affect it differently. Revolving vs Installment Loans Selecting the appropriate form…
How to Get Money Out of an Annuity Without Penalty
An annuity can provide a steady income during retirement. Still, various methods are available if you wish to get money out of an annuity without penalty. Some annuities allow penalty-free withdrawals, providing an easier way to manage your account without incurring surrender charges. But be sure to review both your annuity contract and state laws…
What Is A Guaranteed Annuity Rate?
Wondering What Is Guaranteed Annuity Rate? Guaranteed annuity rates should be one of the first considerations when investing in an annuity, as they depend on various factors, including an insurer’s financial strength and claims-paying capability. Guarantees can be fundamental when considering a fixed or multi-year guaranteed annuity (MYGA). They make it simpler for people to…
Will Paying Off My Credit Card Increase My Credit Score?
Yes, provided you don’t have other issues like collections etc, paying off your credit card will increase your credit score. Closing a credit card can hurt your credit score though. Paying off debt should be a top priority for financial consumers, yet some may need to correct their views regarding how repayment will impact their…
Credit Score For Care Credit: Guide (2023)
Wondering About Credit Scores For Care Credit? The minimum required credit score for care credit is 640, but different servicers may add more strict score requirements. Care credit is a specialized financing solution designed to assist cardholders with paying healthcare-related expenses. Accepted by over 175,000 registered providers such as doctors and dentists, Care Credit has…
Straight Life Annuity: A Complete Guide (2023)
Is a Straight Life Annuity Right for You? Our Guide Will Help You Find Out Annuities are essential retirement tools for many Americans looking to save for themselves and their loved ones upon retirement. One annuity option is a straight life annuity, a contract between you, the annuitant, and your insurance company. A straight annuity is…
Minimum Credit Score For Mortgage With Co-Signer
Getting a Mortgage with A Co-signer Getting a mortgage can be tricky. And getting one with a co-signer can be even more problematic. However, understanding the requirements, including the minimum credit score for a mortgage with a co-signer, can help you make a more informed decision. A co-signer can increase your likelihood of being approved…
Athene Annuity and Life Company: A Review (2023)
Getting To Know Athene Annuity And Life Company Few things in life are certain beyond death and taxes. However, good insurance is a third item on that list that often needs to be noticed. Having insurance is essential to financial planning. Providing protection and peace of mind for individuals and their families while ensuring you…
Retirement Planning Questions: Topics To Consider
Retirement Planning Questions When beginning retirement planning, there are many questions you need to ask yourself. Careful consolidation and creating a checklist can help you determine your individual goals and lifestyle needs. Once you have this information, it can be used to calculate how much money you will need. This can help you further strategize…
Nonprofit Retirement Plan: A Complete Guide
Nonprofit employees have an excellent opportunity to save significantly through retirement plans offered through their workplace, which can provide tax benefits that would otherwise be unavailable outside the office environment. These funds provide access to funds which can help meet post-employment expenses as well as offer tax advantages not available elsewhere.
Equity Indexed Annuities: Guide (2023)
Annuities provide valuable options for individuals looking to save for retirement and receive retirement payouts based on marketing indexes. One popular type of annuities is equity-indexed annuities, which allow individuals to earn interest based on how a specific stock market performs. While investing in equity-indexed annuities is a valuable solution for many people uncertain about how they’ll…
Fixed Index Annuity: A Complete Guide
Annuities are valuable tools for many individuals planning their retirement, and a fixed index annuity can offer individuals the ability to accumulate funds for retirement while securing income to avoid financial challenges down the line. However, many people are unaware of the benefits of a fixed, indexed annuity, making it difficult to take advantage of this option.…
Can You Use Life Insurance While Alive?
Can You Use Life Insurance While Alive? What to Know Before Cashing Out Life insurance policies are essential for many individuals hoping to protect their family members from financial damage upon the policyholder’s passing. However, paying life insurance premiums is challenging for many people, especially during financial turbulence. When financial issues arise, many people ask: can you…
Life Insurance Beneficiary Rules: A Complete Guide
Most of us don’t like to think about our own mortality, but when we have loved ones, we want to make sure they’re taken care of if and when we pass away. Life insurance policies are a great way to provide for your family in the event of your death, but having all of the…
Living Benefits Life Insurance: A Complete Guide
Selecting an insurance provider is a significant decision for adults, and finding a high-quality plan can seem like a never-ending challenge to many people. Given the massive expanse of options, plans, and riders, it’s easy to overlook details like living benefits when selecting a life insurance policy. However, living benefits life insurance is a vital asset you…
Exploring SIMPLE IRA vs 401k – Which Plan Suits You?
Wondering about comparing a Simple IRA vs 401k pros and cons? As an employer, you are responsible for your employees while they are serving your team. To improve their quality of life, we help them plan for their future after they stop working. This way, they can concentrate on their daily tasks without worrying about…
How Much Credit Card Debt Is Too Much?
How Much Credit Card Debt Is Too Much? Credit card debt can be a major burden for many people, but luckily there are steps you can take to reduce your debt as well as prevent future debt. To avoid increased financial stress and hardship, it is critical to have a solid understanding of when your credit…
Can I Still Use My Credit Card After Debt Consolidation?
If you’re wondering, “can I still use my credit card after debt consolidation?” the answer is yes. However, it is important to use your credit card responsibly and pay off your balance in full each month. If you carry a balance on your credit card, you will be charged interest, which can add up over…
Group Term Life Insurance: A Complete Guide
Life insurance can be invaluable for anyone who has dependents, especially for people with young children or spouses who depend on their income. In the event of an untimely death, life insurance can provide adequate financial support to help cover expenses related to funeral costs, outstanding debts, and ongoing living expenses. In this article, we’ll…
Can You Really Raise Credit Score 100 Points Overnight?
Chances are you’ve seen a lot of “fix your credit score in a week” or “raise your credit score 100 points overnight” articles. This is because we always seek quick and easy solutions, but is a 100-point raise too good to be true? Today we will determine whether or not this dramatic rise is possible…
Inflation vs Recession: A Complete Survival Guide
Inflation and Recession: What Are They? Inflation is defined as a general increase in prices and fall in the purchasing power of money. Conversely, a recession is a period of negative economic growth, defined as two consecutive quarters of declining gross domestic product (GDP). Both inflation and recessions can have a negative impact on your…
Ordinary Annuity vs Annuity Due: A Complete Guide
Annuities can get complicated for anyone, especially when you learn that there are two distinct types of annuities. Annuities are fixed cash flow streams set up between individual policyholders and insurance companies. Within an annuity contract, policyholders provide a lump sum of money to the insurance company in exchange for regular payments at specific points…
Non Qualified Annuities: A Complete Guide
A Complete Guide to Non-Qualified Annuities to Create Strong Retirement Plans Qualified and non-qualified annuities are essential elements to understand before buying an annuity. Many policyholders are unaware of nonqualified annuities; however, individuals devising a retirement plan should know about this helpful asset before purchasing a new annuity. Depending on your situation, you may benefit…
Credit Crunch: A Complete Survival Guide
Growing concerns within global and national financial institutions about the current economic climate have led to predictions of a possible credit crunch. This financial crisis could adversely affect the U.S. economy, businesses, and households. While credit crunches are periodic events in the business cycle, it helps to understand the factors contributing to this phenomenon and how to mitigate…
Gold Bullion: A Complete Guide
If you are looking into the bullion trade as a possible way to plan for retirement, it can be an intimidating industry to understand. There are many different ways of investing and precious metals you could trade. The most popular are gold and silver bullion. If you are wondering if investing in bullion is right…
401a vs 401k: A Complete Guide
401(a) and 401(k) plans are powerful tools in your retirement planning toolbox. These employer-sponsored retirement savings plans ensure you have a steady source of income during your golden years. While the two may seem similar at first glance, each plan has significant differences that can impact your retirement savings. Understanding the nuances of these retirement plans can…
Is a Survivorship Life Policy Helpful For Your Estate Plan?
A survivorship life policy is a type of joint life insurance policy that covers two people, usually spouses. It pays out a death benefit upon the death of the second insured person. It is also referred to as a “Second To Die” life insurance policy or a joint survivorship life insurance policy. The policy is typically used…
Joint Life Insurance: A Complete Guide (2023)
Are You Considering Joint Life Insurance? Having Joint life insurance (JLI) means that your spouse or partner will be protected from financial loss when you pass away. It helps your loved ones pay for your final expenses, such as funeral costs and debts. It can also assist your loved ones with living expenses to ensure…
Annuity vs Pension: A Complete Guide
Annuity vs Pension, What Is The Difference? Annuity vs pension, this is an age old question for retirees, particularly from the manufacturing industries. An annuity is a financial product that provides regular payments over a period of time. It can be used as an investment, retirement income, or to provide a steady stream of income during one’s…
Tax Deferred Annuities: A Complete Guide
Deferred annuities are gaining significant attention in today’s tax landscape as more people seek ways to secure their retirement income. In this type of contract, an individual pays a lump sum or periodic payments to their insurer in exchange for a guaranteed stream of income at a future date that could be years or even decades…
Charitable Gift Annuities: A Complete Guide
The Ultimate Guide to Charitable Gift Annuities Charitable gift annuities are agreements between donors and nonprofit organizations that allow donors to contribute in exchange for a lifetime income stream. At the end of the donor’s lifetime, the remaining balance in the annuity account transfers to the charity as a final gift from the donor. This…
What Is The Average American Credit Card Debt?
What is the Average American Credit Card Debt? Find Out How You Measure Up Virtually every American adult has struggled to manage credit card debt before. With many people facing debt well into the thousands, it’s more important than ever to know how to measure up with other Americans and tackle your credit card debt…
Wondering About Your Starting Credit Score?
Credit is a vital part of today’s financial world. Your credit score will factor into many large decisions over your life. It can be difficult to make large purchases with low credit scores. Getting approved for a rental, mortgage, car loan, or credit card is much harder, if not impossible, without decent credit scores. Having…
FDIC vs SIPC: A Complete Guide
Two of the essential aspects of any safe banking transaction are FDIC and SIPC insurance, which offer advanced protection to ensure your funds are always secure. Protecting consumers from significant financial losses is possible thanks to these programs–however, while they might seem similar, these two options aren’t identical. Knowing the differences between FDIC vs. SIPC,…
Tax Sheltered Annuities: A Complete Guide
For many retirees, a 401(k) is a solid retirement option that enables them to make contributions as they work and often gain certain tax benefits. However, for those working in nonprofits, public schools, and other tax-exempt entities, there is another option. A 403(b)–also known as a Tax Sheltered Annuity, or TSA plan. TSAs provide those…
Disadvantages of an Annuity: (2023)
Annuities are useful for getting a regular income in retirement, but they don’t work for everyone. Just like any investment, annuities come with their own set of disadvantages and potential pitfalls. In this guide, we’ll explore the disadvantages of annuities, diving into different types, tax implications, fees, liquidity, payout structures, and alternatives. Equipped with this…
Annuity vs 401k: Our Guide
Annuity vs. 401(k): The Ultimate Guide to Save for Your Future If you are a middle-income adult looking to save for retirement, you may have heard of annuity and 401(k) plans. Although these two financial products have similarities, they also have crucial differences that could make one option more suitable for your financial situation. Choosing…
Annuity vs IRA: A Comprehensive Guide
Saving for retirement can be an incredibly daunting process — especially if you do not know where to begin. You may have heard of individual retirement accounts (IRAs) and annuities, but if you haven’t taken the time to truly understand and compare these two tax-advantaged retirement savings plans, figuring out which to use can be…
How Much Does Estate Planning Cost?
Have you been thinking of planning your estate? Are you feeling overwhelmed or unsure of where to start? Planning your estate is something everyone needs to think about. This guide covers everything you need to know to get started. Read on to learn about estate planning, why it matters, your options, and what it costs.…
How Are Survivorship Life Insurance Policies Helpful In Estate Planning?
A Complete Guide to How Survivorship Life Insurance Works in Estate Planning Estate planning is an essential part of the financial planning and asset protection process, and life insurance is a crucial component of any estate plan. Survivorship life insurance is one type of joint life insurance policy that is particularly helpful for estate planning.…
5 Documents Needed For Estate Planning
This article is intended to provide general info. You should always seek the advice of a licensed and qualified attorney for specific recommendations about your specific situation. No matter where you are in life, what age you are or your financial situation, it’s important to think about estate planning. Estate planning can feel overwhelming, but it’s…
Estate Planning vs Will: A Complete Guide
This article is intended to provide general info and should not be solely relied on in lieu of seeking specific advice from a qualified attorney based on your specific needs. Estate planning is a complex, emotionally charged topic that is also a complicated legal process. But at some point in your life, you will need…
How Soon Can I Borrow From My Life Insurance Policy?
Deciding whether to borrow against your life insurance policy is a complicated decision. Before choosing when and how much to borrow, it’s best to seek further information from experts like your attorney, a financial advisor, or a certified public accountant to avoid losing your life insurance. If you’re a life insurance policyholder, you may wonder:…
Life Insurance For Small Business Owners: Our Complete Guide
With all your attention focused on running your small business, you likely have not considered how your family members, surviving owners, and company might be affected by your health. Though it is not pretty to think about, death comes for us all. You owe it to your loved ones’ financial future to invest in life…
Does Life Insurance Pay For Death By Suicide?
If you’re experiencing suicidal thoughts, it’s essential to seek help. Please contact The Suicide Hotline Or Call 911. Millions of individuals across the US carry some life insurance policy to provide their loved ones with financial support in the event of their death. While taking out a policy is a responsible step for someone who…
Getting Life Insurance For Your Parents: (2023)
While retirement planning is crucial throughout any stage of life, there are bound to be a few gaps in the plan or mishaps before it is time to put that plan into effect. No matter what age you start saving for retirement, it will be difficult to save up for all of the expenses that…
Life Insurance For Diabetics: Our Guide (2023)
If you’ve looked into life insurance at any point, you’ve probably heard that it’s difficult to qualify for it with pre-existing conditions. This can be discouraging for those recently diagnosed with diabetes who still wish to give their loved ones peace of mind. If you pass away, you may feel like your hands are tied,…
Voluntary Life Insurance: Making The Most Of This Benefit
Is your employer offering group life insurance? Like buying all sorts of insurance, you might be skeptical when it comes to whether it’s genuinely worth purchasing or if it will simply be a waste of money each cycle. Life insurance can be a difficult type of insurance to consider purchasing while planning your retirement. …
Life Insurance Retirement Plan: Your Complete Guide
An All-in-One Guide to Your Life Insurance Retirement Plan Life insurance retirement plans (LIRPs) are a form of permanent life insurance that can be used as a retirement savings vehicle. They offer a variety of tax advantages and are a great way to help you reach your financial goals. Despite the numerous benefits of life…
Bankruptcy For Credit Card Debt: Your Options
Always consult a licensed and qualified attorney to seek specific advice for your individual needs. This article is intended to provide general info, and should not be relied on in lieu of seeking legal advice Paying off credit card debt can become overwhelming and, over time, become an unbearable burden with no end in sight.…
Is A Credit Union Debt Consolidation Loan Right For You?
Whether you’re struggling with credit card debt, student loans, or other debts that are simply too much to manage, debt consolidation is one of the many tools at your disposal that can help make a mountain of debt seem scalable. Debt consolidation isn’t for everyone, though. To help you decide if a debt consolidation loan…
Can You Go To Jail For Credit Card Debt?
Pro Tip: Always consult an attorney if you have specific legal questions or better want to understand your legal rights. This article is intended to provide general information and should not be relied on in place of speaking with an attorney. Once you’re facing credit card debt, it can be incredibly challenging to repay what…
Credit Card Refinancing vs Debt Consolidation
Credit cards have largely become a fact of life. With over 80% of American adults owning one, and the average American owning more than three of them, these little plastic cards are the prime way we purchase goods and pay bills in the USA. Credit card companies have offered customers countless incentives to continue using these cards,…
Wondering What Is The Best Way To Consolidate Debt Without Hurting Your Credit Score?
Debt consolidation can be tricky. You may be hesitant to seek a solution due to concerns that consolidating your debt will negatively affect your credit score. Fortunately, there are debt consolidation options that won’t hurt your credit score. By understanding how consolidating debt works, you can make the best decision for your financial situation. Our…
Credit Karma Score vs Actual Score
Credit scores affect everything from credit card approvals to mortgage rates, and even retirement planning. With so much riding on your credit score, it’s important to understand how it’s calculated and how to monitor it. Enter Credit Karma is a free credit monitoring service that provides users with credit scores and reports. While Credit Karma has…
Your Mint Credit Score: Guide (2023)
Wondering About Your Mint Credit Score? Understanding your credit is an essential part of your financial life, as credit can affect your ability to secure loans, rates, and terms available to you, take out lines of credit, and much more. There are several ways to keep track of your credit, including several free options. Mint…
Does Paypal Credit Affect Your Credit Score?
Credit plays an essential role in our financial lives, and understanding how it works is key to making informed financial decisions. One popular credit option is PayPal Credit, which allows users to make purchases and pay them off over time. However, it’s essential to understand how PayPal Credit can impact your credit score, which measures your…
How Much Will a Secured Credit Card Raise My Score?
Wondering, “How Much Will a Secured Credit Card Raise My Score?” Read on to find out. What are Credit Scores? Credit scores and FICO scores are important for making financial decisions. These decisions include taking out loans, opening credit lines, and determining interest rates for mortgages and credit cards. Secured cards offer a viable pathway…
Does An Overdraft Affect Your Credit Score?
In an ideal world, you’d always have the money in your bank account that you need to buy whatever you want. But sometimes for whatever reason, your checking account might not have the money you need to pay for things– whether that’s goods, services, bills, or any other financial burdens you may have. If this…
Saving for College: A Guide to 529 College Savings Plans
Saving up money for college is a significant stressor for many parents and young adults. While the cost of a college education and the prospect of not having enough for loan repayment is daunting, there are avenues for college savings plans with numerous tax benefits to help you prepare. For instance, a 529 savings plan…
How To Make A Household Budget
If you need help keeping track of your finances, you’re not alone. Plenty of people want more in-depth insights into how they spend and manage their money, but unfortunately, financial planning isn’t always widely taught. For individuals and families who want to set and achieve financial goals, some knowledge of their household finances is a…
Saving for Retirement: Catching Up After 50
When it comes to retirement, it’s never too early to start thinking about how you can build up savings for further down the road. In order to successfully build your retirement savings, you’ll want to think about your budget, what kind of retirement goals you have, and what your retirement plans might be. Depending on…
Emergency Savings Fund: Quickstart Guide
Unlock the secrets to financial security with our Quickstart Guide on establishing an Emergency Savings Fund. Learn the essential steps to set aside funds for unexpected expenses, ensuring peace of mind during life’s unpredictable moments. Start your journey to a financially resilient future today.
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