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IRA Annuities: A Good Choice after Employment

Most people tend to save up for a life of early retirement, but from all the annuities to choose from which will benefit them more after the working life. Others are afraid to even try any of these, and keeping track of their income is important and for some managing money for future use is a risky job. Hence the individual retirement account would certainly suite those who would like to make sure that their money is managed well and kept safe for them. Individual retirement accounts or simply known as the IRA annuities are annuities where the customer or individual will dictate the amount of money to be invested and withdrawal rate at one's need dictate for them.

An IRA annuity is a good move for those who would want to be able to secure their money yet having almost total control on their savings. IRA annuities can be moved from one IRA company to the other if the customer is not satisfied with the annual or monthly rates given to them this is called an IRA rollover or direct transfer. An IRA rollover is done by transferring the money from the first individual to another custodian or company, a customer must ask for the savings rendered in the first company which will be paid using a check payable to the customer. Here the customer is free to do anything with the money. For a direct transfer of IRA annuities simply transfer the first IRA to another choice of IRA holding companies. This may help save any tax penalties which may be imposed and can be done as many times as a customer wishes unlike the IRA rollover which can be done only ever 12 months.

IRA annuities can be issued by insurance firms. The IRA annuity is like a more controlled form of pension. The firm pays the customer a sum every month when the customer teaches the age of 59.5 years old or may also be set when the customer retires. An IRA annuity however does have its limitations and restrictions. Limitations and restrictions in an IRA is that in an IRA annuity there are no load provisions allowed nor is a person allowed to deduct such portions as IRA's placed for life insurance or so. In order to obtain an IRA annuity high annual fees are paid. Before selecting an insurance company to open and IRA annuity contract with make sure that one is knowledgeable in the field. Be certain that all the other insurance firms or companies that give IRA contracts have been researched. This way, upon researching these firms, a customer may be able to see which firms give the best monthly or annual rates and which insurance firm or company has the best financial standing. Since it is all and may be most of a customer's savings, choosing the best insurance firm or company is a definite must before engaging in an IRA annuity contract. Though a customer may choose to transfer the IRA if ever an insurance firm does not give the best rates then again tax charges may apply.

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