Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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Annuities come in many different forms. There are immediate and deferred annuities, with both fixed and variable rates. However, whatever the type of annuity, all can be classified as either qualified or nonqualified annuities. And the distinction is easy. Qualified annuities are used in connection with tax-advantaged retirement plans, such as 401(k) plans, Section 403(b) retirement plans (TSAs), or IRAs. Premiums for qualified annuities are generally paid with pretax dollars. By definition,...
In many cases, your first step should be to open an IRA and contribute as much as allowable each year. Because of the potential for tax-deferred, compounded earnings, IRAs offer similar long-term growth opportunities as employer-sponsored plans. In addition, you may qualify for tax-deductible contributions or tax-free withdrawals, depending on whether you invest in a regular IRA or a Roth IRA. Another tax-advantaged option to consider is annuities. Generally purchased from a life insurance...
In today’s competitive housing market, your home’s appearance plays an important role in determining how quickly it will sell. Before you put your home on the market, many real estate professionals recommend doing at least some form of home staging. Fortunately, there are a number of things you can do to stage your home for selling that take only a little time and effort, and more importantly, won’t break the bank. Be sure to make a good first impression When it comes to selling your home,...
It’s springtime--time for you to take stock of your surroundings and get rid of the dirt and clutter that you’ve accumulated during this past year. In addition to typical spring cleaning tasks, you may want to take this time to focus on your finances. In particular, now may be as good a time as ever to evaluate your debt situation and try to reduce and/or eliminate any debt obligations you may have. The following are some tips to get you started. Determine whether it makes sense to ref...
Plan at Work: Don’t Let These Five Risks Derail Your Progress. As a participant in your work-sponsored retirement savings plan, you’ve made a very important commitment to yourself and your family: to prepare for your future. Congratulations! Making that commitment is an important first step in your pursuit of a successful retirement. Now it’s important to stay focused--and be aware of a few key risks that could derail your progress along the way. Beginning with no end in mind Setting out on a...
It’s springtime – time for you to take stock of your surroundings and get rid of the dirt and clutter that you’ve accumulated during this past year. In addition to typical spring cleaning tasks, you may want to take this time to focus on your finances. In particular, now may be as good a time as ever to evaluate your debt situation and try to reduce and/or eliminate any debt obligations you may have. The following are some tips to get you started. Determine whether it makes sense to refin...
Working with a trusted financial professional is one of the best ways to help improve your overall financial situation, but it’s not the only thing you can do. Educating yourself about personal finance concepts can help you better understand your advisor’s recommendations, and result in more productive and potentially more prosperous financial planning discussions. Take this brief quiz to see how well you understand a few of the basics. Questions 1. How much should you set aside in liquid, low...
What is it? Preretirement is the stage of life before retirement and offers an opportunity to plan and save solely for your retirement years. Determining your retirement income needs when retirement is still in the future is not an exact science. You need to spend some time thinking about what sources of income you will have. After you’ve done that, you’ll need to estimate your retirement income needs. The further away retirement is, the harder it will be for you to get an accurate picture. The...
Is there anything I can do to lower my auto insurance bill? Yes. Insurance companies base auto insurance rates on a variety of criteria, such as your age, driving record, residence, and even the type of car that you drive (though factors vary from state to state). If you find that you’re paying more than you think you should for auto insurance, there are ways you can lower your premiums. • Shop around: Auto insurance rates vary from company to company, sometimes significantly. As a result, a g...
If you’ve ever had trouble finding an important financial document, you know why it’s necessary to keep your financial records organized. Less clutter means less stress, and though you’ll need to commit a bit of time up front to organize your files, you can save time and money over the long term when you can find what you need when you need it. What records do you need to keep? If you keep paperwork because you “might need it someday,” your files are likely overflowing with nonessent...
The Federal Reserve has said it expects to begin raising its target rate sometime in 2014. Since bond prices fall when interest rates rise, it may be a good time to pay increased attention to any fixed-income investments you have Here are some factors to consider when you review your portfolio. Maturity dates and duration One way to address the threat of rising rates is through maturity dates. Long-term bonds may pay a higher coupon rate than short-term bonds, but when rates rise, long-term...
For many retirees and their families, Social Security provides a dependable source of income. In fact, for the majority of retirees, Social Security accounts for at least half of their income (Source: Fast Facts & Figures About Social Security, 2013). However, more of that income is being spent on health-related costs each year, leaving less available for other retirement expenses. The importance of Social Security Social Security is important because it provides a retirement income you can’t o...
Is it true that my child can receive Social Security benefits based on my earnings record? Your child – whether he or she dependent under age 18 (or age 19 if a full-time is your biological child, student in grade 12 or lower) and unmarried, adopted child, or However, if your unmarried child is disabled stepchild – may be able to and was disabled before age 22, he or she can receive Social Security monthly benefits based qualify for benefits based on your record at any on your earnings rec...
Using a Health Savings Account A health savings account, or HSA, is a tax advantaged savings account tied to a high deductible health insurance plan. An HSA is funded with pretax contributions up to certain annual limits set by the IRS. Any growth inside an HSA is tax deferred, and what you don’t spend in one year can carry over to subsequent years. Just as importantly, withdrawals made from your HSA for qualified medical expenses are tax free. Tax-qualified L TCI premiums are a qualified m...
