Annuities: Why Do Americans Still Not Understand Them?

Philadelphia, PA – Annuities play a crucial role in the American retirement system, serving as a key component alongside Social Security. Despite this significance, a large percentage of Americans lack a proper understanding of annuities. Recent studies conducted by the American College of Financial Services and researchers from the TIAA Institute and Stanford University reveal a concerning lack of knowledge among Americans regarding annuities. The studies showed that respondents performed poorly on quizzes related to …

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RMDs: What You Need to Know and How to Minimize Their Impact

As you approach retirement, it’s essential to understand how required minimum distributions (RMDs) can influence your financial landscape. Recent changes in legislation have adjusted the age for mandatory RMDs from retirement accounts like 401(k)s and IRAs to 73, with plans to raise it to 75 by 2033. To illustrate, if you’re 73 with a $2 million balance in your 401(k), the IRS’s life expectancy table for 2024 indicates a factor of 26.5. This means your …

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Don’t Let Taxes Ruin Your Retirement – 5 Surprises to Avoid

Many taxpayers’ primary financial aim is to have enough money for a decent retirement. It’s also an elusive goal to accomplish. Bloomberg reports that fewer than one-third of working Americans are confident they will have enough money saved to retire comfortably.

Are you Content With Your Retirement Income?

There are ways to secure retirement income that allows you to maintain your living standard, live a lifetime, adapt to life events, and leave a legacy for your children even in difficult times.

Here Is What You Need To Know About Annuities

These distinctive mixtures of insurance and investing characteristics assist individuals in saving for retirement and provide certainty that they will not outlive their hard-earned assets.

How Do Americans Really Save for Retirement?

Diversifying your retirement portfolio is always good, but do we do it? From August 9-11, 2022, GOBankingRates polled 997 Americans ages 18 and older to determine what they are investing in for retirement. The survey included 16 questions regarding various financial matters, with one, in particular, focusing on the assets in respondents’ retirement accounts. Multiple responses were permitted based on each survey respondent’s portfolio components. The results were filtered using several different criteria, including age …

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