Sentences with phrase «requires immediate income»
Because the accumulation phase of an annuity takes some time, a deferred annuity is often deemed NOT suitable for a retiree who requires immediate income.
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While subject to minimum required distributions, this may be a good choice if you want to continue the tax - deferred growth potential of inherited retirement assets and avoid the impact of immediate income taxes.
The tax benefits of tax deferral requires some time to realize a benefit and thus would present a greater benefit (in terms of suitability) whereas immediate annuities offer a steady guaranteed income for older individuals for retirement.
Under the proposed changes to the Repayment Assistance Plan, Steven will not be required to make any immediate payments on his Canada Student Loan since his annual income is below the new $ 25,000 income threshold for repayment.
The tax laws require that distributions are first taxed as interest, and thus are immediate income and this is known as the last in first out approach (LIFO).
If, on the other hand, there's a gap between the income required to cover basic living costs and what Social Security will provide, then you may want to consider devoting enough of your savings to an immediate annuity to fill all or most of that gap.
Unfortunately, the discount only applies to immediate approval: If your application requires further processing (the issuer needs to verify your identity or income, for example) you won't qualify for the sign - up offer.
Working towards your ultimate career goal requires a long - term strategy, but sometimes urgent financial situations require short - term action to generate immediate income.
It allows them to access their home equity in the form of monthly income, a line of credit or immediate cash, tax - free, to use for any reason, without ever having to make a mortgage payment on the loan, as long as they live in their home and meet some required criteria.