For his part, purchasing what are called deferred income annuities and qualifying longevity annuity contracts or QLAC is easy way to cut off the risk of running out of money, Finke says. Buying a lifetime income through a deferred annuity that starts at age 80 or 85 can make retirement income planning much easier because you always know that you ll have a base income that won t run out in old age. Most of us economists are big fans of the tax-advantaged QLACs because they give you a tax break from avoiding required minimum distributions and annuitization when it is most valuable.
4. Reverse mortgage
Expecting Higher Taxes Post-Election? Consider This Investing Workaround
December 17, 2020 8:21 AM Tiffany Lam-Balfour
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This article provides information and education for investors. NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks or securities.
While campaigning, President-elect Joe Biden highlighted his plans to make some revisions to the current tax code.
Now that the election has been decided, some people might be wondering how his tax plans might affect them.
Biden’s plan includes tax cuts for working families and tax increases on the wealthiest Americans, those earning $400,000 or more per year. He proposes “asking those making more than $1 million to pay the same rate on investment income that they do on their wages.”
CrossCountry Mortgage and the Society of Financial Service Professionals Announce a New Educational Partnership
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BRECKSVILLE, Ohio, Dec. 15, 2020 /PRNewswire/ CrossCountry Mortgage, LLC (CCM), a nationwide mortgage lender headquartered in Brecksville, Ohio, is pleased to announce it is joining forces as a corporate partner with the Society of Financial Service Professionals (FSP). CCM s goal with this partnership is to educate FSP members about Home Equity Conversion Mortgages (HECMs)/reverse mortgages, help them understand the benefits of these types of loans, and show them how they can help their clients utilize housing wealth in retirement income planning.
Copyright 2020 NPR. To see more, visit https://www.npr.org.
MANOUSH ZOMORODI, HOST: It s the TED Radio Hour from NPR. I m Manoush Zomorodi. And on the show today, a Century of Money. We heard about how buying on credit and making risky investments became the American way in the 1920s. Let s fast-forward now to an example of that legacy in this century, the housing bubble of the early 2000s, and a story about what happened to one family when that market began to go south.
TAMMY LALLY: We re living in a time where people can have everything that they want if they can make a payment. People get trapped in that.
Tammy Lally: What Is The Personal Toll Of A Financial Crisis?
Part 2 of the TED Radio Hour episode A Century Of Money.
Acquiring debt and buying on credit has been the American way since the 1920s. Financial advisor Tammy Lally describes the toll that consumerism and money-shame had on her family in the early 2000s.
About Tammy Lally
Tammy Lally is a money coach and financial planner. She is also the author of Money Detox.
Lally holds a degree in Business and Finance Psychology from the University of Phoenix, and Financial Planning and Advising from The American College of Financial Services. She received her training and certification from The Money Coaching Institute in Northern California. [Copyright 2020 NPR]