Retirement Annuity

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Retirement Annuity

An annuity one purchases to provide for oneself in retirement. In general, one purchases a retirement annuity well before retirement and makes contributions to it throughout one's working life. The contributions are invested on behalf of the annuitant, who begins to receive payments from the annuity after retirement. Many retirement annuities (especially those sponsored by an employer) are tax-deferred, meaning that the annuitant does not pay taxes on the funds in the pension until he/she begins making withdrawals. Annuities may have defined contributions, defined benefits, or both. See also: 401(k), IRA.
References in periodicals archive ?
Since the economic crisis of 2008 and the recent "bank holiday" in Greece, more investors have become cautious about keeping their money in the bank or stock market and have sought greater protection for their savings that traditional retirement accounts don't offer.
Speaking to a gathering of journalists during a breakfast on Monday, Bank Asya's retirement accounts manager, ErcE-ment Korkut, stated that the bank has opened over 35,000 private retirement accounts since the pension fund was created in mid May, and added that by year's end the number of private pensioners covered by the bank would be around 41,000.
Financial Snapshot The McElroys Houston Household Income Gross Income $145,000 Assets Checking $4,500 Savings 2,500 Retirement Accounts 36,000 Home Primary * 193,896 Rental Home * 106,742 2004 BMW 5 Series ** 12,539 2005 Buick LeSabre ** 7,424 Total $363,601 Liabilities Primary Mortgage $149,000 Rental Home 70,000 Credit Cards 5,000 Medical Bills 5,000 Total $229,000 Net Worth $134,601 * ACCORDING TO ZILLOWCOM ** ESTIMATED TRADE-IN VALUE ACCORDING TO KELLEY BLUE BOOK
But always remember: monies held in retirement accounts cannot be seized by creditors, even in bankruptcy.
Led by Trevor Gerszt, managing member and IRA specialist at Goldco Direct, Heritage Gold Group specializes in helping clients obtain gold and silver backed retirement accounts.
For one, when you turn 70-and-a-half, you must take Required Minimum Distributions (RMDs) from retirement accounts (other than Roth IRAs).
Individual retirement account assets are now greater than in employer-based retirement accounts such as 401(k)s and 403(b)s, according to a Cogent Research study of 4,000 affluent and high net worth Americans.
Individual retirement accounts (IRAs) are said to hold more assets than any other type of retirement vehicle, yet barriers exist that may discourage employers from offering payroll-deduction IRAs to their employees.
Through the use of flyers and videos, Tuck School of Business researchers Annamaria Lusardi and Punam Anand Keller wrote they were able to "reduce anxiety about future retirement needs; to increase awareness about financial knowledge, including interest in professional advice; and to increase participation and contribution to supplementary retirement accounts among female and low-income workers?
Millions of workers are using money from their retirement accounts or other investments to meet daily expenses, and many more have stopped contributing to their retirement plans during the past year, according to two recent surveys conducted by AARP, an advocacy group for senior citizens.
The most prudent choices are investing, putting money in college savings or retirement accounts or paying off debts.
So when it comes to his retirement portfolio, Elis opts for a ``self-directed IRA,'' a tool that allows savvy individual investors to supercharge their retirement accounts - but could backfire in the hands of novice moneymen.