Think them all through, particularly with regard to what
you consider essential expenses.
Not exact matches
You might want to
consider covering your
essential expenses with guaranteed income sources that have inflation protection, for instance a lifetime annuity with an inflation rider.
A diaper sprayer is
considered as an extra
expense to some people and someone fell the
essential item for easy work.
But much state travel to North Carolina would be
considered «
essential» under the parameters laid out by the order, according to a POLITICO New York review of records obtained from the state comptroller's office identifying $ 793,661 in
expenses for trips to the state over the past three years.
In setting your initial withdrawal rate, you'll also want to
consider how much of your
expenses you can cover from Social Security and any pensions, what other resources you have to draw on (home equity, income from an annuity, cash value life insurance, income from a part - time job) and how much of your retirement spending goes to
essential expenses that you would have a hard time trimming vs. discretionary items that leave you with a lot more leeway cutting back should you need to in the future.
If, on the other hand, your Social Security and any pension payments fall well short of covering your
essential expenses, then you might want to
consider closing or narrowing that gap by devoting some, but not all, of your nest egg to an immediate annuity that can generate additional lifetime income.
If those sources alone aren't enough to pay most or all your
essential expenses, you may want to
consider devoting a portion of your nest egg to an immediate annuity to cover of the shortfall.
If you don't have a guaranteed stream of retirement income beyond Social Security — such as an annuity — to help cover
essential expenses,
consider focusing on paying off your mortgage to eliminate that
expense.
In general, you can use a custodial account to pay for any
expenses that benefit the child, as long as they are not
considered the basic
essentials of living.
If you're
considering taking out a loan write down a list of all your household
essential expenses as well as income, including state benefits that you receive.
Consider a part - time job; as an additional bonus, and depending on the company you work for, you could get discounts on food, clothing, or other
essentials to help defray your everyday
expenses.
When
considering a variable annuity, it's
essential to understand how the annuity works, including associated fees and
expenses as well as the surrender charges, income tax and tax penalties that typically apply to deferred annuities.