“Millions of Americans make annuities part of their retirement strategy, and that’s smart planning,” states Slome, head of the long-term care insurance advocacy organization. “A significant percentage of non-qualified annuity owners designate this asset as something they’ll use in case of an emergency health care cost. Certainly, long-term care is included in their thinking.” · The problem, according to Slome, is the fact that proceeds withdrawn from non-qualified annuities can become taxable income. “The first dollars withdrawn ...
Type : Original Research Paper, Creative Commons : This is an Open Access article, distributed under the terms of the Creative Commons Attribution licence (https://creativecommons.org/licenses/by/4.0/), which permits unrestricted re-use, distribution, and reproduction in any medium, provided the original work is properly cited. Copyright : © The Author(s), 2022. Published by Cambridge University Press on behalf of Institute and Faculty of Actuaries
Tax Tips Annuity Long-Term Care - seniors with annuities can reduce taxes and maximize long-term care coverage
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With the price of long-term care insurance rising, many are choosing an alternative: long-term care annuities.
Annuities, long-term care insurance and reverse mortgages remain unpopular to manage longevity, medical and housing price risks after retirement. We analyze low demand using a life-cycle model stru...
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That's on top of the income tax they have to pay on the withdrawal.1 Is an Annuity Considered a Liquid Asset? Deferred annuities should be considered long-term investments. Annuities...
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