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Essay / Research Paper Abstract
This is a 7 page paper which examines the tax benefits of including annuities in retirement planning.
The bibliography has 2 sources.
Page Count:
7 pages (~225 words per page)
File: D0_JHAnnu.rtf
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Unformatted sample text from the term paper:
financially satisfying "golden years" have invested in their future by using a number of different retirement savings "building blocks." Individual Retirement Accounts (IRAs), Keoghs, 401(K)s and company pension plans are
some ways people put money aside to assure the kind of lifestyle they desire when retired. However, after they have taken advantage of these systems for providing income to supplement
Social Security, many have also chosen to purchase an annuity. WHAT IS AN ANNUITY? An annuity is a contract where an individual (annuitant) pays a premium (series of premiums or
a lump sum), and in return, the other party agrees to pay a certain amount of money to the individual at stated intervals during that persons lifetime (Fink, 2005). The
income can begin immediately or be deferred to some future date (Fink, 2005). An annuity is often described as being the opposite of life insurance. An annuity pays while the
person lives; life insurance pays when the person dies. People who are saving money toward retirement often purchase deferred annuities. Some options provide continuing payments to the surviving spouse or
other designated survivors if the annuitant should die. Such annuities can serve as a source of retirement income for the annuitant and as a source of income for the surviving
spouse or other beneficiaries. Further as defined in the Department of the Treasury, Internal Revenue Service Publication 575, Pension and Annuity Income for use in preparing 2004 returns,
an annuity is defines as "a series of payments under a contract made at regular intervals over a period of more than one full year. They can be either fixed
(under which you receive a definite amount) or variable (not fixed). You can buy the contract alone or with the help of your employer" (IRS..., 2004). Some companies who
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