In this episode, we dive into the often-overlooked question: can annuities be passed down to loved ones? The answer isn’t straightforward, as it depends on the type of annuity and how its payments are structured. Join us as we break down the nuances of annuity inheritance, exploring how different types, like life-only Single-Premium Immediate Annuities (SPIAs), differ from fixed, fixed index, and variable annuities when it comes to leaving a financial legacy.

We’ll explain why life-only annuitized payments on SPIAs stop entirely upon the annuitant’s death, leaving no balance for inheritance. In contrast, other types of annuities may allow beneficiaries to inherit the remaining balance in two primary ways: as a lump sum or through spousal continuance, which lets a spouse take over the contract and potentially continue its income stream.

We’ll also cover additional options like death benefits and guaranteed payout periods that provide more flexibility for those looking to create financial security for their loved ones. Whether you’re considering an annuity for retirement or inheritance purposes, this episode provides valuable insights into what happens to your annuity when you’re gone.

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In this episode, we dive into a question many people have: Can I transfer money from my IRA to my checking account? The answer is yes—but with some crucial tax and penalty considerations. We break down what you need to know before moving money from your IRA, whether it’s a Traditional or Roth IRA.

If you're under 59½ and have a traditional IRA, withdrawals may come with a 10% early withdrawal penalty in addition to regular income taxes. After reaching 59½, you can access your funds penalty-free, but they’re still subject to income tax. Roth IRAs offer a different set of rules—qualified withdrawals are tax-free as long as your account has been open for at least five years and other conditions are met.

To help you estimate any taxes or penalties before taking a step, we recommend trying our Retirement Taxes and Penalties Calculator. Join us as we explain how these rules impact your retirement planning and provide tips for making informed financial decisions.

In this episode, we tackle a big question: Can someone actually retire comfortably on $500,000? The answer might surprise you—it’s possible with the right strategies in place! Join us as we explore how a combination of smart timing with Social Security and a Guaranteed Lifetime Withdrawal Benefit (GLWB) annuity can create a reliable income stream for life.

We’ll discuss the importance of timing, which plays a crucial role in maximizing your retirement payouts. By delaying Social Security and carefully choosing when to begin income withdrawals, you could secure annual payouts ranging from $34,438 to $82,550. This approach doesn’t just offer flexibility; it also provides more security compared to traditional withdrawal methods by guaranteeing income even if your annuity balance runs out.

If you’re wondering how to make $500,000 last through retirement, tune in to learn about this unique strategy. Whether you’re approaching retirement or just planning ahead, this episode will give you insights into building a stable, predictable income that can bring peace of mind in your golden years.

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If you're juggling debt and considering tapping into your 403(b) to ease the burden, this episode is for you. We'll dive into the pros, cons, and key considerations of using 403(b) funds for debt repayment. Before making any decisions, it's crucial to understand the potential tax implications, penalties, and other factors at play.

Here's what we cover in this episode:

• Early Withdrawals from a 403(b): What happens if you withdraw funds before age 59½? We'll explore the 10% early withdrawal penalty and the impact of federal and Georgia state income taxes on your finances.
• Loan Options: Did you know some 403(b) plans allow loans? Find out how borrowing against your balance might help you avoid penalties and taxes, as well as the repayment terms that apply.
• Hardship Withdrawals: Facing a financial crisis? We’ll discuss when a hardship withdrawal might be allowed, what expenses it can cover, and the tax implications even when penalties are waived.

Tune in to learn whether using your 403(b) to pay off debt is worth it or if there might be better financial strategies for tackling debt while keeping your retirement on track.

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In this episode, we dive into a question that many employees with access to a 403(b) retirement plan wonder about: Is it possible to contribute 100% of my salary to my 403(b) plan?

The short answer? Yes, technically, you can aim to contribute up to 100% of your salary, but there are important limits to keep in mind. The IRS sets annual contribution limits that apply to both 403(b) and 401(k) plans. For 2024, the cap on employee contributions is set at $23,000, with an additional "catch-up" contribution of $7,500 if you're 50 or older, allowing for a maximum of $30,500 if you qualify. The total contributions, which include any employer matching, can’t exceed $69,000 or 100% of your compensation, whichever amount is lower.

In this episode, we’ll break down what these limits mean for you, how to make the most of your 403(b), and how to avoid overcontributing. Tune in to learn more about strategizing for retirement within these guidelines and maximizing your savings without running into penalties.

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In this episode, we dive into the question on many people's minds: Can a couple comfortably retire at age 60 with $2 million? Spoiler alert: Yes, they can—and we’ll break down exactly how.

We explore the potential of using an annuity with a Guaranteed Lifetime Withdrawal Benefit (GLWB) to create a steady retirement income stream. With $2 million, a 60-year-old couple could receive approximately $126,800 annually for life if they begin withdrawals immediately. If they decide to wait until age 65, their annual income could jump to around $200,000, offering even more financial flexibility.

What happens if one spouse passes away? We’ll cover how life insurance, tied to the GLWB, can ensure the surviving spouse continues to receive income, potentially around $140,000 annually for life. This strategy not only provides peace of mind but also financial security for both spouses, no matter what life brings.

Tune in as we unpack these financial strategies, explaining how this couple—and maybe you—can retire comfortably and confidently on $2 million.

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In this episode, we dive into the options retirees consider when selecting a pension or annuity settlement—especially the most common choices available today. We start with the Joint and Survivor option, favored by many married couples for its promise of continued payments to a surviving spouse. For single retirees, we discuss the Life with 10-Year Certain option, which guarantees income for life, but ensures at least ten years of payments, even if the retiree passes away early.

But are these traditional settlement options the best way to secure retirement income? Enter the Guaranteed Lifetime Withdrawal Benefit (GLWB)—an increasingly popular choice that addresses some key downsides of older options. Unlike standard settlements that may end payments upon death, the GLWB not only provides lifetime income but also the opportunity to pass on remaining funds to beneficiaries. It combines steady income with market participation and offers peace of mind, knowing there’s no risk of outliving funds.

Join us as we unpack how GLWB might be the most versatile option yet, blending security, flexibility, and the potential for higher payouts. Whether you’re planning for retirement or helping a loved one, this episode sheds light on which settlement choice might be the perfect fit for lifelong financial stability.

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In this episode, we’re diving into a common Social Security question: "Can you collect benefits from two husbands?" While the simple answer is no, the details around spousal and survivor benefits can get a little tricky, especially if you've been married more than once. We'll break down the key rules you need to know: how Social Security determines your benefit amount, what factors affect your eligibility for spousal or survivor benefits, and why you can't receive benefits from two spouses at the same time.

If you’ve had multiple marriages, Social Security will look at your eligibility across all your marriage histories to make sure you receive the highest amount possible. We'll also explore eligibility criteria, such as the ten-year marriage rule for former spouses, and what happens if you’re currently married. Join us as we unpack how Social Security works to support you in retirement — and how to make the most of your benefits!

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In this episode, we dive into a common question: Does a 401(a) plan count as income? We explore how distributions from a 401(a) plan are treated for tax purposes and what you need to know about managing your retirement income.

When contributions are made to a 401(a) plan, they’re usually on a pre-tax basis, allowing you to defer taxes until you start withdrawing those funds. But once you begin taking distributions, those withdrawals are considered taxable income at both the federal and state levels.

For residents of Georgia, we’ll highlight a key tax benefit: if you're 62 or older, you may qualify for the retirement income exclusion, which lets you exclude up to $65,000 per person (or $130,000 for married couples) from taxable income. This can significantly reduce your tax burden, though it's important to remember that withdrawals must still be reported on your tax return.

Tune in to learn how 401(a) distributions impact your retirement income strategy, and find out how you can make the most of state tax benefits to maximize your retirement savings.

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In this episode, we dive into the details of the 401(a) retirement plan and uncover the answer to a question many of you have asked: "Does a 401(a) earn interest?" The short answer is yes—but the growth you experience depends on the investment choices within the plan.

Join us as we explore the primary investment options available within a 401(a):

• Stocks and Stock Funds: Known for potentially high growth, these are tied to market performance and can offer substantial returns over time, but with higher risk.
• Bonds and Bond Funds: These options bring more stability, providing regular interest but usually lower returns than stocks.
• Fixed-Interest Investments: Ideal for those seeking safety, these offer guaranteed, modest returns.

We'll also discuss the tax-deferral benefits of 401(a) plans, where earnings grow without immediate tax implications—taxes are only due upon withdrawal in retirement. This episode is packed with insights for anyone navigating their 401(a) investment strategy, so tune in to make informed choices for your future financial security!

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