Is a Retirement Annuity the Answer for your Retirement Savings?
Retirement Annuity
You’ve probably heard that investment plans and financial schemes like, IRAs and 401 (k), are the best ways to plan for retirement. This might be true in most cases, but not always. For instance if you have invested your maximum contribution for the year to your retirement account and you’re seeking to add a bit more more. What can you do? In this case, among others, investing in a retirement annuity might be the Estate Planning solution you are looking for.
Understanding the Concept
Annuities are usually a “tax-deferred” investment. The idea is simple, all you need to do is invest a cash lump sum or make monthly installment payments to the annuity issuer (usually an insurance company) in return they will give a payment to you (or your beneficiary) usually after your retirement. The period of funding the investment is referred to as the accumulation stage and the period of receiving the payments is refererd to as the distribution phase.
The Advantages of Investing through an Annuity
Although the initial investment is after taxes, the earnings that are accumulated in your annuity are tax-deferred until you withdraw the amount from your account. This means that Continue reading
The Frugal Guide to Building Wealth
So you want to build up some savings and family wealth? There’s nothing wrong with that. It’s only the love of money that’s the root of all evil. The often misquoted verse is located in 1 Timothy 6:10.
For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows. 1 Tim 6:10
The Contemporary English Version puts it this way:
The love of money causes all kinds of trouble. Some people want money so much that they have given up their faith and caused themselves a lot of pain.
This is actually the theme of many modern movies. As the star chases wealth it results in his own destruction.
But the Bible also admonishes us to provide for our own families and take care of them and God blesses those who use their money wisely.
In this short guide you will get tips for gradually increasing your wealth while living up to your convictions. This is not a get-rich-quick guide, but a method of using wisdom and dedication to create the savings you need to provide for your family.
What’s Your Goal?
First of all, you need a plan for what you will do with the money. Perhaps you are saving to get your first home. Some people save for weddings, college funds for the kids, a retirement account or even a long-postponed family trip. It doesn’t really matter why you want to save, but it’s helpful to have goals in mind as you follow these steps. Continue reading
A Step-By-Step Guide to Managing a Deceased Loved One’s Estate
The death of a loved one is a trying time. There are a lot of things that need to be done once the funeral arrangements have been made and the guests have paid their respects. Here is a list of items that will help you get started in knowing what lies ahead in order to get the estate in order. Tim McMahon~ editor
1. Is a Will Available?
The first step in the management of the estate that has been left by a deceased love is to ascertain whether a last will and testament has been left detailing the wishes of the individual. The last will and testament may have been left in a safe place within the home of the individual such as in a safe or in a document folder. If the will is not readily available the family may consult with the individual’s solicitor as to whether they are aware of the creation of a will.
2. Designate an Executor or Administrator
An executor or administrator is the person legally responsible for distributing the estate of the deceased individual. An executor should do so according to the wishes expressed by the individual within the last will and testament. An administrator is designed when a last will and testament is not available. The executor or administrator should be a close family member who is responsible and fit to manage the responsibility of complying with the wishes of the deceased individual. Continue reading
