Planning to meet the financial needs of your survivors is one of the most important and fundamental steps in creating a sound financial plan for you and your family.
Unlike a taxable account, a fixed annuity enjoys tax deferral benefits. In addition, many annuity companies offer a higher first-year bonus rate. However, to offer these higher rates, companies typically require you to keep the funds invested for some time or suffer a surrender penalty for early withdrawal.
Health Savings Accounts (HSAs) are a form of medical savings account that a high-deductible health insurance plan must accompany. HSAs allow individuals/employers to set aside money on a pre-tax or tax-deductible basis and then withdraw the money tax-free to pay qualifying medical expenses.
With medical advances and improved lifestyles, life expectancies in the United States are on the rise.
Long gone are the days of being buried in a pinewood box. Funeral expenses can vary from several thousand dollars up to $15,000 and more depending on which services you select. Funeral homes and crematoriums provide a list of expenses some of which have been enumerated here.
Your chances of becoming disabled are far greater than your chances of dying. It may surprise you that one out of three individuals will suffer a disability that lasts at least 90 days. One out of ten will be permanently disabled prior to age 65.
It may surprise you that 33.7 million non-institutionalized Americans (or 12.2 percent of the population) experience limitations in usual activities due to chronic conditions.
There are basically three ways to fund your long-term care needs: self-insure, qualify for Medicaid, or obtain long-term care insurance.
Most people earn a small fortune during their lifetime. Yet many are unaware of how their annual income has increased over the years.
Deposits into an annuity are not tax-deductible. However, you don't have to pay taxes on the interest earned until you begin making withdrawals. This tax-deferral period can have a dramatic effect on the growth of an investment.
You may think that you are adequately insured in the event of your death. However, how quickly your survivor income needs may deplete the tax-free insurance proceeds may surprise you.
Information presented on this website is not intended as tax or legal advice. You are encouraged to seek tax or legal advice from a qualified professional.
