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12 Cards in this Set
- Front
- Back
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Annulities:
immediate and differed |
immediate: lump sum downpayment, within one year payments begin (as early as one month
deffered: after one year, lump sum or installments (single/flexible) |
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Annuities:
-Fixed -Variable |
Fixed: one rate, insurer owns portfolio
Variable: puchase accumulation units, each unit a payment of sorts. (value determined when pay out begine). risky, no garunteed payoff, owner assumes risk |
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Annuities:
-Acummulation period -Annuity period |
Acummulation: pay in period
annuity: pay out period, "liquid" |
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Annuities:
-General Account -Seperate account |
General: insurance company owns
Seperate: owner owns |
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Annuities:
-single premium -flexible premium in a DEFERRED annuity |
How many payments:
lump sum or many |
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modified garaunteed annuities
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surrender: difference between contracted interest and current surrender:
good market: owner loses some (difference is positive) bad market: company may pay bonus |
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Don't Forget!
Group annuitiy: qualified or unqualified? |
QUALIFIED which means tax free.
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Seperate account
General account, WHICH HAS TO BE REGISTERED WITH SEC? |
Seperate: because general is conservative and not risky
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Person selling securities has to be registered with what department?
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NASD
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IRA:
HR-10: Simplified Employee Pension: 403(b): |
IRA: individual anyone w/ income
HR-10: Self Employed SEPP: an employer funded retirement plan for employees 403(b): tax-favored retirement plan (non profit) |
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tax-sheltered annuity:
are funds ever taxed? |
YES!
not on premium but on PAY OUT or distribution |
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Roth IRA SPECS:
how many years before withdrawl: when tax free: what cap: what percent penalty: |
-5+
-payments taxed but free growth and distribution -$4000 -6% |
