To Roll or Not to Roll

That’s the rollover question. Do you have the answer?

Jim Lorenzen, CFP®, AIF®

Getting rollover advice isn’t always straightforward.

There’s a difference between a “financial advisor” or “financial planner” who really uses “planning” as a vehicle to sell products – yes, Virginia, they do exist – and a true advisor/planner who provides independent and objective analysis as a part of his or her service to clients.

Wasn’t that commercial subtle?

Nevertheless, when deciding whether or not to roll over your company retirement plan to a self-directed IRA, there are considerations and analysis to be considered before making this irrevocable decision.

Here’s a brief – read that as ‘oversimplified’ and incomplete – hint of the types of issues you should consider:

Sample of 401(k) issues:

  • Maybe no required minimum distributions (RMDs) when you hit age 72 if you’re still working and not a 5% owner of the business you work for.   Maybe.  You need to check with your plan administrator – some plans still require RMDs even if still employed.

  • Expenses in the 401(k) plan may be less.  Maybe.  This is a murky area as some plans are sold to employers as being ‘free’.  It’s a myth, of course, as often costs may be hidden even from the company plan sponsor.  Often plans offer a large menu of options, but not all are ‘open architecture’; many are pre-packaged.  Your financial advisor should be able to provide a full independent comparison expense analysis of your plan holdings vs. the IRA holdings you’re considering.

  • ERISA protections (Employment Retirement Income Security Act) protect your 401(k) assets from creditors (except IRS levies).  Only qualified ERISA plans have this protection – 403(b) plans offered by state and local governments might not qualify for this protection.

Sample of IRA issues:

  • You can contribute as long as you’re working, regardless of age.

  • Unlimited menu of investment options.  Many do not allow self-directed brokerage

  • Not protected by ERISA but rollovers is protected under federal bankruptcy law.  Amounts not rolled over (money from other sources) are protected up to $1 million, indexed for inflation every three years.
  • Option to convert an IRA to a Roth IRA.  You’ll need to pay taxes on the conversion – and they should be paid from other assets to capture the full advantage – and the Roth IRA will need to be funded for at least five years with the owner reaching age 59-1/2 (or disabled) when distributions are made.   The current historically low income tax rates are set to expire in 2026 and could be replaced sooner.  Taxes appear to be ‘on sale’ now – so this is an attractive option for many taxpayers, particularly in light of the SECURE Act, but that’s another subject (see SECURE Act under Categories on the right side panel of this blog).

Remember to plan BEFORE you act.  Ready, fire, aim seldom works out well.

Jim

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

RMDs: We’re Baaaack!

The 2020 RMD waiver is coming to an end. They begin again in 2021!

Jim Lorenzen, CFP®, AIF®

 

The headline says it all.  But, this is a blog; so I guess I’d better elaborate a little.

RMDs do NOT apply to Roth IRA owners, unless it’s inherited.  

If you take more than the required minimum distribution, that’s not a problem; but, distributions of less than the required amount will result in a penalty:  50% of the RMD shortfall!  For example, if your RMD for 2021 is $25,000 and you take only $20,000, you’ll still have to take the $5,000 remainder and the IRS will take 50% of that shortfall amount: $2,500… money you could have used to buy more masks.   

There’s a new age for taking RMDs, brought on by The SECURE Act, which I’ve covered in a couple of previous posts.  See The Game Changer and this overview.  Those two posts should bring you up to speed for most issues.

By the way, if an IRA was inherited in 2020, including a Roth IRA, an RMD must be taken for 2021 if the beneficiary is an eligible designated beneficiary is taking distribution over his/her life expectancy.  There are rules and exceptions, so be sure to get professional guidance.  IRAs inherited in 2021 and forward come under the 10-year rule, covered in the above previous posts.

RMD penalties are high and requesting waivers can result in headaches.  It’s best to do it right instead of having to do it over.

Jim

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

Systematic Roth Conversion Strategies Can Be Powerful….

… especially when they’re tied to a plan.

 

Jim Lorenzen, CFP®, AIF®

Do you know what a systematic Roth conversion is?  It’s worth knowing!

Even at modest growth rates, the results of a systematic Roth conversion can be surprisingly impressive over time.   Take a look at this example from Debra Taylor, a tax attorney and advisor in Franklin Lakes, New Jersey, comparing no conversion to systematic conversion.  What would the traditional IRA and the Roth IRA (funded with systematic conversions) look like?

Using a modest growth rate of 5% per year over a ten-year period, here are the results beginning with a $500,000 IRA and converting just $17,500 per year.

With no conversion, the traditional IRA has grown to $1,026,744.  Not bad, except that all that money doesn’t belong to the IRA owner.  Some of it belongs to Uncle Sam – it’s his IRA, too.  How much, of course, depends on what tax rates are in effect when withdrawals occur.

Using a ten-year systematic conversion plan instead, that $500,000 IRA ends-up with only $336,158 at the end of 10-years.   That means lower required minimum distributions (which impact how much your Social Security is taxable and your Medicare premium amounts) and lower taxes, too.  How much lower?  Pick a bracket and do the math on both – you’ll likely be surprised.

Instead, using a systematic Roth conversion strategy, those ten annual $17,500 conversions resulted in a tax-free Roth IRA value of $1,405,285!   Combined with the traditional IRA, results in two retirement accounts now worth a total of $1,741,443 – that’s $714,699 (70%) more!   And, 81% of the owner’s retirement money – the money in the Roth IRA – is tax free!

The best time to begin a strategy like this is after age 59-1/2  and the age when required minimum distributions (RMDs) begin.  That age depends on your birth date under the SECURE Act.  The age is 72 if born on or after July 1, 1949.  It’s 70-1/2 for all others.  Once RMDs begin, you can’t use RMDs to fund Roth conversions; you’ll have to take your RMD first, then take the conversion amount.  Secondly, the strategy works only if you convert the entire amount and pay any tax due from other funds.

It goes without saying – or maybe it doesn’t – that any strategy should be tied to a solid financial plan that can ‘stress-test’ outcomes and probabilities.   Nothing beats experienced and informed guidance.

Jim

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-based registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

Opinions expressed are those of the author.  The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

IRS Creates a Coronavirus Site

Jim Lorenzen, CFP®, AIF®

You can find it here.

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-only registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742.  IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

What You Should Know About The SECURE Act!

Effective January 1, 2020


Jim Lorenzen, CFP®, AIF®
 
The SECURE Act contains quite a few changes that impact both individuals and business owners.   

Two Key Changes For Individuals:

70-1/2 is out. 

New Law Raises Age for RMDs from 70½ to 72: Under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, if you turn 70½ years old on or after January 1, 2020, you are eligible for the law’s changes and generally must begin taking RMDs by April 1 of the year following the year that you turn age 72.

People who turned 70½ years old in 2019 are not eligible for the law’s changes and generally must begin withdrawing money by April 1, 2020

 

 

 

You can use the RMD calculator from FINRA here.  

No more “Stretch IRA” (for most).

It’s eliminated for most beneficiaries of Traditional and Roth IRAs whose owners pass away in 2020 or later (Note: previous rules still apply to certain beneficiaries and to all inherited IRAs whose owners passed away before 2020).  There are no mandatory annual distributions, but the entire inherited Traditional or Roth IRA balance must be withdrawn by the end of the tenth year.  

There are some exclusions as well as other changes – talk with your financial or tax advisor.

Business Owners

There are a number of key changes for business owners, including

  • Expanded access to annuities within retirement plans in order to help retirees establish their own “pension” plans.
  • Retirement plan statements will be required to include a lifetime income disclosure at least once during any 12-month period
  • Multiple-Employer plan rules relaxed – this allows a number of unrelated businesses to set-up a plan with one provider/administrator in an effort to reduce costs – this will help small businesses most.

Of course, there’s more; but, this should give you an idea of why it will pay to work closely with your financial and tax advisors.

Have a great 2020!

Jim

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-only registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742. IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

Losing A Spouse Can Be Expensive…

… you could get hit with the widow’s penalty tax!

Few people think about this – and I wish I could be the smart guy that thought of this for this post, but I wasn’t[i].   It’s something called the widow’s penalty tax; it affects the surviving spouse.

After a spouse’s death, the survivor usually goes from a joint return to filing as a single filer, usually resulting in an increase in the survivor’s tax bracket.   This happens because often the survivor’s income can be almost as much as they were filing when using a joint return – Bingo! – a large tax bill.  One advisor’s client went from a 24% bracket (filing jointly) to a 32% bracket as the survivor[ii]

How to protect yourself?

A series of partial IRA conversions (to Roth IRAs) over several years, keeping the amounts low enough not to change your tax bracket, can help.  Do this after age 59-1/2 but before taking Social Security benefits.   The distributions will avoid the 10% penalty and, at the same time, take advantage of the low joint rate.   By the way, it’s worth mentioning that the current tax law, which has lower brackets than prior law, sunsets in 2026, meaning brackets are set to return to their previous higher rates.   Another benefit:  the conversions will reduce your taxable income when you are forced to begin your required minimum distributions (RMDs) after age 70-1/2.

Good idea, huh?

Jim

[i] Donald Jay Korn, Financial Planning, August 2019

[ii] Bob Morrison, founder of Downing Street Wealth Management in Greenwood Village, Co., cited in the same article.

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Interested in becoming an IFG client?  Why play phone tag?  Schedule your 15-minute introductory phone call!

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® in his 21st year of private practice as Founding Principal of The Independent Financial Group, a fee-only registered investment advisor with clients located in New York, Florida, and California. He is also licensed for insurance as an independent agent under California license 0C00742. IFG helps specializes in crafting wealth design strategies around life goals by using a proven planning process coupled with a cost-conscious objective and non-conflicted risk management philosophy.

The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

What Will “Medicare for All” Really Cost?

Politicians don’t live under the same health care or retirement systems the rest of us do – so promises, for them, are easy to make.

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Jim Lorenzen, CFP®, AIF®

I’m not sure how many of the candidates who are running on government supported Medicare for everyone majored in economics or finance – it maybe explains the obvious their all-to-obvious failure to address the question directly.

Sen. Elizabeth Warren, for example, promised that it won’t cost the middle class “one penny” – a feat that hasn’t been accomplished by any country now offering universal health care.  According to an inciteful Advisor Perspectives article by Rick Kahler, CFP® and registered investment advisor based in Rapid City, S.D., the middle class in those countries pay income taxes of up to 40% and a national sales tax equivalent to 15-25% of income.

While Senator Warren estimates the cost over a decade at $20 trillion in new federal spending – a cost the middle class is somehow to avoid – Estimates from six independent financial organizations put the figure in the $28-36 trillion range.

A Forbes article describes the tax increases aimed at wealthy individuals.  Included are:

  • Eliminating the favorable tax rate on capital gains
  • Increasing the “Obamacare” tax from 3.8% to 14.8% on investment income over $250,000
  • Eliminating the step-up in basis for inheritors
  • Establishing a financial transaction tax of 0.10%

The capital gains tax increase, the step-up in basis, and the financial transaction tax will all affect middle class investors – potentially anyone with a 401(k) or an IRA.  Rick Kahler points out that the American Retirement Association estimates that the financial transaction tax alone will cost the average 401(k) and IRA investor over $1,500 a year.

The 0.10% financial transaction tax, for example, would apply to all securities sold and purchased within a mutual fund or ETF, in addition to any purchases and sales of the funds themselves by investors.  Mr. Kahler estimates these costs can run 0.20% to 0.30% a year to fund investors.   When you consider some index funds charge only 0.10% in total expenses, the increase comes to 200% or more.

Eliminating the step-up in basis and the favorable capital gains treatment will certainly cost middle class investors more than a penny.  A retiree leaving an heir $200,000 with $100,000 in cost basis, could easily cost the middle class inheritor $10,000 to $20,000 or more in taxes.

Candidates can promise – that doesn’t cost anything – but it’s the electorate who needs to do the math.  After all, our elected representatives don’t live in the same health care world the rest of us do.

Jim

 

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Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and An Accredited Investment Fiduciary® serving private clients since 1991.   Jim is Founding Principal of The Independent Financial Group.  He is also licensed for insurance as an independent agent under California license 0C00742. The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

 

When A Loved One Dies

It can be helpful if you know what has to be done in advance.

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Jim Lorenzen, CFP®, AIF®

Earlier this past week I talked about Managing an Inheritance and provided a Lifeguide; but, a few readers emailed me asking if there was a checklist addressing what to do when a loved one dies.

This is a subject my wife an I can relate to, having lost both our parents between 2005 and earlier this year.   So, I thought many of you might find a fillable Lifeguide Helpful.

You can access it a 22-page guide here..

Hope this helps,

Jim


Jim Lorenzen, CFP®, AIF®

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and an ACCREDITED INVESTMENT FIDUCIARY® serving private clients since 1991.   Jim is Founding Principal of The Independent Financial Group, a  registered investment advisor with clients located across the U.S.. He is also licensed for insurance as an independent agent under California license 0C00742. The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

How Can You Manage Your Inheritance?

Here are some tips that might help!

Jim Lorenzen, CFP®, AIF®

For most people, there are certain times when events can feel overwhelming.  For most of us, when it’s a money event (retirement plan rollover, selling property, winning the lottery, etc.) it’s usually when we think, ‘What do I do now?  I don’t want to screw this up!”

Here are some tips, along with a LifeGuide, that might help:

Take your time. This is an emotional time…not the best time to be making important financial decisions. Short of meeting any required tax or legal deadlines, don’t make hasty decisions concerning your inheritance.

Identify a team of reputable, trusted advisors (attorney, accountant, financial/insurance advisors). There are complicated tax laws and requirements related to certain inherited assets. Without accurate, reliable advice, you may find an unnecessarily large chunk of your inheritance going to pay taxes.

Park the money. Deposit any inherited money or investments in a bank or brokerage account until you’re in a position to make definitive decisions on what you want to do with your inheritance.

Understand the tax consequences of inherited assets. If your inheritance is from a spouse, there may be no estate or inheritance taxes due. Otherwise, your inheritance may be subject to federal estate tax or state inheritance tax. Income taxes are also a consideration.          

Treat inherited retirement assets with care. The tax treatment of inherited retirement assets is a complex subject. Make sure the retirement plan administrator does not send you a check for the retirement plan proceeds until you have made a distribution decision. Get sound professional financial and tax advice before taking any money from an inherited retirement plan…otherwise you may find yourself liable for paying income taxes on the entire value of the retirement account.

If you received an interest in a trust, familiarize yourself with the trust document and the terms under which you receive distributions from the trust, as well as with the trustee and trust administration fees.

Take stock. Create a financial inventory of your assets and your debts. Start with a clean slate and reassess your financial needs, objectives and goals.

Develop a financial plan. No one would begin building a home (ordering out materials and beginning construction) without a well thought out plan, blueprints, and a budget; so, why build your financial future without one? 

Long-term plans don’t change just because temporary conditions do.

Consider working with a financial advisor (preferably a CERTIFIED FINANCIAL PLANNER® (CFP®) professional to “test drive” various scenarios and determine how your funds should be invested to accomplish your financial goals.  Interest rates, markets, inflation, and taxes can all change.  But, your plan, if tested, is like the lighthouse in the storm – if you’re plan has been stress-tested, it’s the one thing that won’t move when everything else seems to be in turmoil.

Evaluate your insurance needs. If you inherited valuable personal property, you will probably need to increase your property and casualty coverage or purchase new coverage. If your inheritance is substantial, consider increasing your liability insurance to protect against lawsuits. Finally, evaluate whether your life insurance needs have changed as a result of your inheritance.

Review your estate plan. Your inheritance, together with your experience in managing it, may lead you to make changes in your estate plan. Your experience in receiving an inheritance may prompt you to want to do a better job of how your estate is structured and administered for the benefit of your heirs.

Don’t forget your LifeGuide!

Hope this helps,

Jim

 


Jim Lorenzen, CFP®, AIF®

 

 

 

 

 

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and an ACCREDITED INVESTMENT FIDUCIARY® serving private clients since 1991.   Jim is Founding Principal of The Independent Financial Group, a  registered investment advisor with clients located across the U.S.. He is also licensed for insurance as an independent agent under California license 0C00742. The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.

CDs, Fixed Annuities, and Indexed Annuities Share Some Common Risks- copy

This time the unnamed beneficiary gets zero.

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Jim Lorenzen, CFP®, AIF®

The most common risk associated with all fixed-rate investments is interest rate risk.  If interest rates rise—and the fed has already sent some pretty strong signals higher rates are on the way—investors could be stuck with the old lower rates, especially  if the rate  hikes occur during the penalty period.

This may not be a huge issue with CDs most people tend to “ladder” shorter-term CDs .  Missing out on a half-point increase for six months is really an opportunity cost of 0.25%.  The bigger problem, of course, is the loss of purchasing power on an after-tax basis.

Fixed annuities tend to have surrender charges  with longer  time spans—and therefore have a larger interest rate risk exposure.   Penalty periods of five to ten years aren’t  uncommon.  Waiting several years through several potential rate increases can have a larger impact.    The longer surrender period usually does come with higher interest crediting rates, to be sure; but, it’s worth doing the math—it’s hard to get ‘sold’ on longer terms and accompanying surrender charges when the outlook for increases is unknown.  Given how long rates have been so low, a pendulum swing isn’t  hard to believe.  Remember, the insurance company’s annuity products purchased today will be backed by low-yielding bonds held today for most of the penalty period.

Fixed Indexed Annuities offer an opportunity for higher interest based on the performance of some outside index.  Despite the fact many people choose the S&P500 index as the calculation benchmark, these products are not investments in the stock market.  They are still insurance company IOUs paying a fixed rate—it’s just that the fixed rate paid each year is determined by the performance of the outside index; however,  they always come with some limiting factor—usually a ‘cap’ on the amount they’ll credit or crediting based on some sort of ‘spread’ factor.   Many professionals figure a fixed indexed annuity might actually return 1-2% more than it’s fixed-rate guarantee.   So, one that offers a fixed rate of 4% might be expected to provide a long-term return of 5-6%;  however, the return could be less.  It all depends on the performance of the external index chosen, so short-terms carry more risk than long term, if history is any indication.

Remember, too, that insurance companies can change their  crediting rates.  Nevertheless,  when you compare the expected  return of an FIA to a 5-year CD, it’s still a popular alternative, providing other factors meet with your needs.  Remember, however, longer-term products also mean longer-term  interest rate exposure, as noted above.

Premium Bonuses, too, may not be as good as they sound.  While they provide purchasing incentives, they virtually always result in lower crediting rates, further increasing interest rate risk.  It may be better to seek a shorter-term product without a bonus that allows you to move to a higher rate product sooner.  Why get stuck in a long-term contract?

Personal Take:   Generally, whatever you want to accomplish with an annuity might be better accomplished in another way, often with greater liquidity and sometimes even better benefits.  In any case, it pays to do your homework.   Just as all investments can’t be good, all annuities aren’t necessarily bad.  For many, the peace of mind knowing income is  protected is worth the trade-off.  Just remember, tax-deferred means tax postponed.  Do YOU know what tax rates will be when you plan to begin taxable withdrawals?   Neither do I.

Jim


Jim Lorenzen, CFP®, AIF®

 

 

 

 

Jim Lorenzen is a CERTIFIED FINANCIAL PLANNER® professional and an ACCREDITED INVESTMENT FIDUCIARY® serving private clients since 1991.   Jim is Founding Principal of The Independent Financial Group, a  registered investment advisor with clients located across the U.S.. He is also licensed for insurance as an independent agent under California license 0C00742. The Independent Financial Group does not provide legal or tax advice and nothing contained herein should be construed as securities or investment advice, nor an opinion regarding the appropriateness of any investment to the individual reader. The general information provided should not be acted upon without obtaining specific legal, tax, and investment advice from an appropriate licensed professional.