Tag Archives:

What am I entitled to now I m retired? Retirement – Which? Money #what #is

by ,

#am i entitled to income support

#

What am I entitled to now I’m retired?

  • Benefits available to pensioners from the government
  • The savings you can make on travel and health costs
  • Find out about which hobbies you can save money on, such as the cinema and visiting museums

Over a million pensioners are failing to claim the benefits they’re entitled to, according to the Government. And with longevity increasing, it’s important to make the most of your income. Which? shows you what benefits you can claim now you’re retired.

1. State benefits

Various benefit payments and ways to boost your retirement income are available from the Government – but you have to remember to claim them, as millions of UK consumers fail to do so, missing out on valuable income.

Some of these benefits are means-tested and others are universal. For more on how the Government helps fund your pension, visit our guide, State pension explained .

Pension credit

This tops up the state pension for people who are on a low income. Guarantee credit tops your weekly income up to £155.60 if you’re single and £237.55 for a couple.

Savings credit, which will disappear for those qualifying for the state pension on or after 6 April 2016, provides £13.07 for a single person and £14.75 for a couple per week. You can apply by calling the Pension Service on 0800 99 1234.

Council tax benefit

If your savings are below £16,000 or you’re on a low income you’ll be eligible for council tax benefit. The most you can get is a 100% reduction, so it’s well worth applying for. For more on how council tax works, visit our guide to Council tax .

Winter fuel payment

You can get up to £200 if you were born on or before 5 January 1953, and up to £300 if you’re aged 80 or over.

Cold weather payment

These are £25 payments for each seven-day period of very cold weather between November and March. You’ll be eligible for it if you claim any other income-related benefits.

Free prescriptions and eye tests for over-60s

You’ll also be entitled to free NHS dental treatment if you’re receiving pension guarantee credit.

Disability Living Allowance

You can get up to £139.75 a week to help with the extra costs caused by a disability, with Personal Independence Payments .

Free bus pass

If you’re born before 6 April 1950 you’ll get a free bus pass at age 60. The age at which you can claim increases broadly in line with state pension age increases.

Senior railcard

These give you a third off train fares for £30 a year.

Benefits for carers

If you spend more than a certain amount of hours per week caring for a relative or friend, you could be entitled to government benefits. Read more about benefits for carers .

2. Other benefits

It’s not just the government that makes provisions for helping pensioners make their money go further. Some types of business, like restaurants, cinemas and theatres also offer discounts for people over 60 or 65. Even if you can’t see anything advertised, it’s always worth asking if someone offers a senior discount.

  • Dining discounts. If you’re aged 50 or over you can get discounts on meals in pubs and carveries with the Diamond Club.
  • Cheap cinema tickets. Odeon, Vue and Empire offer cheaper cinema tickets to pensioners. Vue offers Seniors Club screenings, which includes a free cup of tea and a biscuit, and Odeon offers free hot drinks and discounted tickets at Silver Cinema showings.
  • Money off museum visits. Most museums offer concessions for senior citizens – English Heritage and National Trust both offer reduced memberships, too.
  • Help around the house. Age UK’s free Handy Van scheme is for over-60s with less than £20,000 in savings. It installs security systems and fits smoke alarms, to make you feel safer.
  • 25% off glasses at Specsavers from Monday to Friday, on selected ranges for over 60s.

We regularly include news, features and guidance about retirement in Which? Money magazine. If you’d like to access these, as well as our expert investigations on savings, tax, investments and more,try Which? Money for two months for £1.

More on this.

Last updated:

April 2016


Fixed Income – Chevy Chase Trust #free #online #income #tax

by ,

#fixed income

#

Fixed Income

Fixed Income: doing what others
can ’t (or won ’t).

Our approach to fixed income strategies is simple: we create plans that preserve capital and outpace inflation. Fixed income allocations balance the volatility in equity assets and provide reliable cash flow to meet income needs.

At Chevy Chase Trust, we think dependable, conservative fixed income investing shouldn’t be staid or uninspired. After all, our clients aren’t satisfied with “good enough.” So we push further. We dig deeper, and learn everything there is to know about income vehicles. It means uncovering value through creative strategies and structures. And it means taking the time to pursue opportunities that institutionalized money managers simply avoid or ignore.

As a result, our clients are surprised by what’s possible with an inspired fixed income methodology.

Our fixed income strategy includes:

  • Customizing portfolios for each client according to liquidity needs, income requirements,
    and time horizons
  • Giving careful attention to each client’s tax situation
  • Considering asset classes, industry sectors and geography
  • Utilizing a diverse network of broker dealers to achieve best trade execution and
    price transparency
  • Focusing on high quality municipal and taxable fixed income instruments, with short and
    intermediate durations

Meet:
Craig Pernick
Head of Fixed Income

Our actively managed fixed income portfolios protect principal, balance investment risks and generate reliable cash flows to support the needs of each client.


Tax relief on pension contributions – Money Advice Service #income #tax #filing #return

by ,

#income tax relief

#

Tax relief on pension contributions

Tax relief means some of your money that would have gone to the government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief you get on your pension contributions.

Tax relief on your annual pension contributions

If you’re a UK taxpayer, in the tax year 2016-17 the standard rule is that you’ll get tax relief on pension contributions of up to 100% of your earnings or a £40,000 annual allowance, whichever is lower.

  • For example, if you earn £20,000 but put £25,000 into your pension pot (perhaps by topping up earnings with some savings), you’ll only get tax relief on £20,000.
  • Similarly, if you earn £60,000 and want to put that amount in your pension scheme in a single year, you’ll normally only get tax relief on £40,000.

Any contributions you make over this limit will be subject to Income Tax at the highest rate you pay.

A defined contribution pension (also known as a money purchase pension which includes personal and stakeholder pensions) builds up a pot to pay you a retirement income based on contributions from you and/or your employer and investment returns.

However, you can carry forward unused allowances from the previous three years, as long as you were a member of a pension scheme during those years.

But there is an exception to this standard rule. If you have a defined contribution pension, the annual allowance reduces to £10,000 in some situations (see, The Money Purchase Annual Allowance, below).

From April 2016 the £40,000 annual allowance will be reduced if you have an income of over £150,000, including pension contributions. For more information, see ‘Tapered annual allowance’ in Pensions and retirement jargon buster .

The Money Purchase Annual Allowance (MPAA)

In the tax year 2016-17, if you start to take money from your defined contribution pension, this can trigger a lower annual allowance of £10,000 (the MPAA). That means you’ll only receive tax relief on pension contributions of up to 100% of your earnings or £10,000, whichever is the lower.

Whether the lower £10,000 annual allowance applies depends on how you access your pension pot and there are some complicated rules around this.

As a basic guide though, the main situations when you’ll trigger the MPAA are:

  • If you start to take ad-hoc lump sums from your pension pot
  • If you put your pension pot money into an income drawdown fund and start to take income.

And you won’t trigger it if you take:

  • a tax-free cash lump sum and buy an annuity (an insurance product that gives you a guaranteed income for life)
  • a tax-free cash lump sum and put your pension pot into an income drawdown product but don’t take any income from it.

You can’t carry over any unused MPAA to another tax year.

A defined benefit pension pays a retirement income based on your final salary and how long you have worked for your employer. Also known as ‘Final Salary’ or ‘Career Average’ pension scheme. Generally only available from public sector or older workplace pension schemes.

The lower annual allowance of £10,000 only applies to contributions to defined contribution pensions. So, if you also have a defined benefit pension (this pays a retirement income based on your final salary and how long you have worked for your employer and includes final salary and career average pension schemes), you can still receive tax relief on up to £40,000 of contributions a year.

For example, if you earn £20,000 a year and you contribute £8,000 to your defined contribution pension for the tax year 2016-17, you’ll receive tax relief on these contributions plus you can still receive tax relief on up to £12,000 of contributions to your defined benefit pension.

If you earn £50,000 a year and you contribute £12,000 to your defined contribution pension for the tax year 2016-17, you’ll receive tax relief on just £10,000 (and the other £2,000 will be subject to Income Tax). In addition you can contribute up to £30,000 to your defined benefit pension and claim tax relief on this.

Tax relief if you’re a non-taxpayer

If you are not earning enough to pay Income Tax, you can still receive tax relief on pension contributions up to a maximum of £3,600 a year or 100% of earnings, whichever is greater, subject to your annual allowance. For example if you have relevant income below £3,600, the maximum you can pay in is £2,880 and the government will top up your contribution to make it £3,600.

How much can you build up in your pension?

A lifetime allowance puts a top limit on the value of pension benefits that you can receive without having to pay a tax charge. The lifetime allowance is £1 million for the tax year 2016-17. Any amount above this is subject to a tax charge of 25% if paid as pension or 55% if paid as a lump sum.

Workplace pensions, automatic enrolment and tax relief

Since October 2012, a system is being gradually phased in requiring employers to automatically enrol all eligible workers into a workplace pension. It requires a minimum total contribution, made up of the employer’s contribution, the worker’s contribution and the tax relief. Find out more in our guide below.

Share this article

  • Share this article on Facebook

Share this article on Facebook

  • Share this article on Twitter
    Share this article on Twitter
  • Share this article by Email

    Share this article by Email


  • Income Limits – SSI Disability Eligibility #michigan #income #tax #forms

    by ,

    #disability income

    #

    Income Limits SSI Disability Eligibility

    SSI, or Supplemental Security Income, is a type of disability benefit paid to qualifying individuals whose household income falls below a certain level. It is different from Social Security disability insurance. or SSDI, which is paid out of the Social Security trust fund and is available to those who have worked (and paid FICA taxes) for a required minimum number of years.

    The SSI program has strict limits on the amount of income and assets you can have and be eligible for SSI. Determining whether you fall within SSI’s income limits (as well as figuring out what your SSI payment might be) is pretty complicated. While we’ll go over the key principles here, your claims representative at the Social Security Administration (SSA) can tell you whether you will qualify under the income limits for SSI after looking at your finances.

    What Is the Income Limit for SSI?

    The income limit for the SSI program is based on something called the federal benefit rate (FBR). The federal benefit rate represents both the SSI income limit and the maximum federal monthly SSI payment. In 2016, the FBR is $733 per month for individuals and $1,100 for couples. (The FBR increases annually if there is a Social Security cost-of-living adjustment .)

    To qualify for SSI, your countable monthly income cannot exceed the FBR. However, the SSA counts only some of your income when it determines whether your income is over the income limit. For instance, if you are earning money from work, less than half of your monthly earnings are counted toward the income limit, so you can make more than $733 per month (in 2016). This makes it difficult to know for sure whether your income falls under the SSI income limit. (To find out which of your income is counted, see our article on What Counts as Income Toward the SSI Income Limit .)

    In addition, if you are participating in the Plan to Achieve Self Support (PASS) program, SSI allows you to set aside funds to help you get back to work; these funds won’t count toward your income or asset limit for SSI .

    There is another wrinkle that alters the income limits in most states: the state supplement.

    What Is a State Supplement?

    Most states add money to the federal SSI payment; this is called a state supplement. This means that the allowed income level, as well as the SSI payments, are higher than the federal maximums in those states. Every state except Arizona, Arkansas, Georgia, Mississippi, Oregon, Tennessee, Texas, and West Virginia has a state supplement.

    The amount of the state supplement varies between states, from $10 to $400. (The SSA manages the state supplement for some states; for those states, you can see the state supplement amounts on the SSA’s website .) In addition, the amount of the state supplement can depend on whether you are single or married and on your living arrangements. For instance, some states pay a supplement only to those living in a nursing home. For these reasons, unless you live in a state without a state supplement, it might be difficult for you to estimate whether your income falls under the SSI limit.

    How the Earned Income Exclusion Works

    For 2016, if an individual has only earnings income, he or she can earn up to around $1,500 per month and still be eligible for a small SSI benefit (depending on the type of disability and whether his or her state has a state supplement). This is because Social Security allows you to deduct part of your earnings from being counted toward SSI. For example, an individual earning $1,500 per month could subtract $65 of earned income, subtract another $20 for earned or unearned income, and then subtract half of the remainder, which works out to almost $710 of countable income. This number is lower than the federal benefit rate, which is also the SSI income limit, so the individual would be entitled to a small SSI payment of about $14. So, those who earn less than $1,500 per month are eligible for a decreased SSI benefit.

    Remember, $733 is the federal maximum, but if you live in a state with a state supplement, the amount may be higher.

    However, when Social Security first considers your eligibility for SSI, there is a lower limit for work income: the substantial gainful activity limit.

    Substantial Gainful Activity Limit

    If an SSI applicant has monthly earnings of $1,130 or more in 2016, the applicant is considered to be engaging in “substantial gainful activity,” and won’t be considered disabled. (For more information, see our article on income limits due to substantial gainful activity .)

    However, after one month of receiving SSI benefits, an SSI recipient can work and make more than $1,130 without losing disability benefits (under Section 1619 of the Social Security Act), as long as the recipient is still considered disabled. But continuing SSI recipients are still bound by the $1,500 limit discussed above (if the recipient lives in a state that doesn’t pay an SSI state supplement; in states that do pay the supplement, the limit may be higher). But remember, an SSI recipient’s countable income will be deducted from his or her SSI payment, meaning that the SSI payment will be less than the full amount.

    Substantial Gainful Activity Limit for Blind Recipients

    Blind SSI applicants are allowed to make up to $1,820 per month (in 2016) before they are considered to be performing SGA. However, the upper income limit for all SSI applicants is still a little over $1,500 per month (in states that don’t pay an SSI supplement). (Remember, if an SSI applicant makes more than $1,500 per month, their counted income would be too high for SSI.) However, many blind applicants have impairment-related blind work expenses (BWE), which can be deducted from their countable income. Examples of BWE include the cost of visual and sensory aids or service animals.

    Effects of Family Members’ Income

    When a child SSI applicant (under the age of 18) who is living with his or her parents applies for SSI, part of the parents’ income is considered toward the income limit for SSI.

    Likewise, marriage can have a strong effect on your financial eligibility for SSI. SSI considers your entire household’s income and resources, not just yours. In addition, the FBR for a married couple is approximately one and a half times the individual FBR, not twice the amount, as it should be. Even if only one member of a couple is medically eligible for disability benefits, both spouses’ incomes are considered to be part of your countable income. (However, only part of a spouse’s income is “deemed” to be available for your use. For more information, see our article on the deeming of marital income .)


    NS – I Income Bonds to pay more interest #virginia #income #tax

    by ,

    #nsandi income bonds

    #

    NS I Income Bonds to pay more interest

    Those with less than £25,000 in the bonds will see their interest rate rise by 0.3 of a percentage point, from 1.45pc to 1.75pc.

    The move follows a rise in NS I’s Isa rates in January and bucks the trend of falling returns for savers following the introduction of a state-backed scheme to give banks access to cheap loans.

    The change will see a saver with £24,000 in Income Bonds receive £72 a year more in interest.

    The improvement comes as a result of a programme to simplify NS I’s products. Previously Income Bonds paid tiered interest rates 1.45pc on balances of less than £25,000 and 1.75pc above. Now the higher rate will be paid on all balances between the minimum and maximum allowed, £500 to £1m.

    Interest on Income Bonds is taxable but paid gross, which can be attractive to non-taxpayers because they are spared the inconvenience of reclaiming tax. As a result they have proved popular with many pensioners.

    Related Articles

    Income Bond holders can now manage accounts by phone and online, while bond certificates detailing investments have been replaced by statements.

    Jane Platt, NS I’s chief executive, said: “Our modernisation programme is now entering its final stages. We’ve transformed NS I’s product range: delivering simpler, more straightforward savings products which give our customers the telephone and online access that they want.”

    All Income Bonds holders will be sent a leaflet outlining the changes with their annual statement which will be sent before the end of May.

    In January NS I increased the interest rate for Isa savers when it announced that it would automatically switch customers in its older Cash Isa account into the new Direct Isa, which pays a far more competitive rate of interest.

    The state-owned organisation’s 94,000 customers in its T Cash Isa (which was for those who had previously had Tessas) and its Cash Isa will see rates rise from 0.5pc to 2.25pc after the switch, which will take place next month.

    It had less good news at the time of the Budget for savers hoping for a return of its inflation-linked savings certificates. After the Chancellor announced that NS I’s net financing target would be zero for the 2013/14 tax year, the organisation said it did “not anticipate being able to return Index-linked Savings Certificates to general sale in 2013/14”.


    Money Assistance Alabama – Low Income Financial Help #income #tax #returns #filing

    by ,

    #low income help

    #

    Money Assistance Alabama

    Money Assistance Alabama

    In Alabama, 18.7% of residents are considered to be living in poverty. Poverty USA goes on to rank the state at a poverty level of 44 out of 50 when compared to other states. This means that there are substantial amount of families and individuals doing it tough. Fortunately, the state of Alabama has various programs aimed at easing the financial burden.

    Assistance with Utilities: For assistance with utilities, the Low Income Home Energy Action Center (LIHEAP) can help Alabama residents. This is an income based program and eligible individuals may have an income that is up to 150% of the poverty level. If you do not qualify for LIHEAP, Operation Warm is a program organized by the Community Action Partnership of North Alabama that helps to offset utility bill costs for needy families or individuals.

    Food Assistance: Within Alabama, the Food Assistance Division makes the Supplemental Nutrition Assistance Program (SNAP) available to families that need help buying food. The goal of the program is to end statewide hunger and improve nutrition. SNAP provides monthly benefits that can be used to buy food from participating stores. This program is income based. Food pantries are also available to Alabama residents in need that do not qualify for assistance from SNAP.

    Loan Assistance: If you are having difficulties qualifying for a loan. Visit our low interest low income loans section and learn about great options. Avoid expensive micro or payday loan providers and see how a specialty loan from the banks, credit unions or non-profits can help.

    Rent and Mortgage: The U.S. Department of Housing and Urban Development can help Alabama residents with rent and mortgages. For help with rent. subsidized apartments can help apartment owners to offer reduced rent to low income tenants. Public Housing Agencies (PHA) exist and can provide lowered rent with the use of Housing Choice Vouchers. These vouchers are used to pay the landlords the rest of the portion of rent. If you’re a homeowner and you need assistance with your mortgage, contact Alabama Government Mortgage Help .

    Medical Assistance: For medical assistance in Alabama, there are programs aimed to help residents have access to healthcare. For children, the All Kids children’s health insurance program is available to offer low cost insurance for children who are under the age of 19. Medicaid is available for low-income pregnant women, children, certain individuals on Medicare, disabled individuals and nursing home residents in order to pay for medical and long term care services.

    Educational Assistance: For Educational Assistance, Alabama Residents can turn to The Office of Student Assistance. This program administers various state sponsored financial aid programs for students. These include the Alabama Student Assistance Program, the Alabama Student Grant Program, the Alabama national Guard Educational Assistance Program and the Police Officer’s and Firefighter’s Survivor’s Educational Assistance Program. Every one of these programs is aimed at making higher education more accessible and affordable.

    Community Action Centers: The Community Action Association of Alabama is an organization aimed at fighting poverty. They work to make local, state, federal and private resources more available to the residents of Alabama who are in need. They coordinate various assistance programs in Alabama.

    Charities: Charities exist because there are people and organizations that want to help. If you or your family is in need of assistance, reach out to one of the available charities in Alabama. Catholic Charities is a charity that will assist qualifying residents regardless of their religion, race, age or gender. They offer help with food, emergency financial aid, housing, clothing and even holiday assistance.

    Related Posts

    • Money Assistance South Carolina
    • Money Assistance North Dakota
    • Money Assistance North Carolina
    • Money Assistance Minnesota
    • Money Assistance Florida
    • Money Assistance Arizona

    SFI – Internet Income 2 #insurance #premium

    by ,

    #internet income

    #

    Welcome to SFI’s revised Internet Income Course 2.0! Stop by each month for a new lesson full of updated tips, real-world advice, and in-depth, step-by-step instructions on setting up your Internet-based business. Course author and long-time SFI-er, George Little, uses plain English to explain the ins and outs of starting and running a profitable online business in today’s ever-changing global market.

    NEW! We continue our revised course with Internet Income 2.0, Lesson #26: Finding Your Target Market: Introduction . Course author, George Little, begins the first in a multi-lesson series on identifying your target market with a general introduction and an overview of personas.

    Finding Your Target Market: Introduction

    Finding Your Brand: What Can You Sell?

    Timing Your Posts

    Tapping The Power Of Social Media

    Learning By Example

    Social Media In Perspective

    Starting Your Own Blog

    Formulating A Plan

    Consumer Generated Content

    A Glimpse Of The Future

    Social Media Presence

    Staying Current With The Search Engines

    Organic Search Ranking–Keywords and SEO

    Organic Search Ranking–An Introduction

    Using Paid Advertising

    Promoting Your Site

    Publicizing Your Site

    Links To Your Site

    Introduction To Internet Traffic

    Learning To Play By The Rules

    The Continuing Potential Of Internet Income

    Internet Income Lesson archive
    Our first set of lessons, beginning in 2001 and spanning 13 years of SFI growth and online business evolution. Check them out for lots of still-pertinent information all entrepreneurs should know!


    Operating income – How is Operating income abbreviated? #e #filing #portal #of #income #tax

    by ,

    #operating income

    #

    References in periodicals archive ?

    On a constant exchange rate basis, sales grew 11% and adjusted operating income rose 15% versus prior year with adjusted operating margin increasing to 15% as a result of improved productivity, volume, price and mix and the KAI acquisition partially offset by currency headwinds.

    This quarter was another quarter of strong core operating income growth, but it was also characterized by elevated net unrealized and realized losses in the Company’s hedged agency-backed MBS portfolio, which contributed to a reduction in book value per share,” said J.

    A breakdown of net sales and operating income by segment in the January-September 2006 period follows.

    Operating income was $784 million, an increase of 34.

    6 billion, while operating income for this segment decreased to $27 million from $164 million.

    This method requires a comparison of the operating income that results from the consideration charged in the controlled transfer with the operating incomes of similar, uncontrolled parties.

    Operating income for the Commercial Vehicle Systems (CVS) and Traction divisions improved.

    The Company uses non-GAAP measures including net sales excluding acquisitions and foreign exchange rate impact; income, operating income. and income per diluted share, excluding restructuring and merger and integration costs; income and income per diluted share, excluding restructuring, merger and integration costs, and amortization; EBITDA; adjusted EBITDA; and free cash flow as key measures for purposes of evaluating performance internally.

    the “tested party,” “applicable business classification,” “profit-level indicators,” constructive operating income ,” and “convergence”).

    Improvement in operating income across all business areas

    For the quarter, operating income increased 11 percent in the U.

    Full year 2006 * Revenue SEK 418 (278) million * Operating income SEK 67 (28) million * Operating income SEK 84 (27) million after adjustments for items affecting comparability and foreign exchange effects * Operating margin 16.


    Guaranteed Income – State Farm #earn #income #online

    by ,

    #guaranteed income

    #

    Guaranteed Income

    A Single Premium Immediate Annuity

    You worked, you played, and you raised a family. Saving money was hard work, but you did it. Now is the time to make sure all of your hard work pays you back. A Single Premium Immediate Annuity from State Farm guarantees a monthly income for the rest of your life. For over eighty years we’ve helped our customers protect their financial futures. Take the guesswork out of retirement income and let us do the hard work for you.

    • “Single premium” means you fund the annuity with a lump sum payment
    • “Immediate” means you start receiving income one month after policy issue

    Many customers who have purchased a Single Premium Whole Life policy or another Limited Pay policy from State Farm have also expressed interest in this type of annuity.

    You might also be interested in this annuity if you want to convert a tax-qualified retirement account, a matured CD, or an inheritance into an immediate stream of guaranteed income.

    Why Buy a Single Premium Immediate Annuity:

    • You receive a guaranteed monthly stream of income, or you can choose quarterly, semi-annual, or annual payments.
    • You pay no fees beyond the initial one-time policy fee.
    • You can choose the income payment option that best suits your needs.

    Premiums

    • Minimum single premium: $25,000
    • Maximum single premium: $1,000,000

    Higher premiums may be allowed with State Farm approval. Contact your State Farm agent for more information.

    Income Payment Options

    Income Payment Options

    This Single Premium Immediate Annuity offers the following income payment options:

    • Life Annuity. Income is guaranteed for your lifetime.
    • Life Annuity with Choice of Certain Period. Income is guaranteed for the greater of the certain period or your lifetime. Certain periods from 5 through 30 years are available.
    • Life Annuity with Cash Refund. Income is guaranteed for your lifetime. Upon your death, if the total income received is less than your initial purchase payment, any difference is paid in one sum to your beneficiary.
    • Joint Last Survivor Life Annuity. Income is guaranteed for the greater of your lifetime or your joint annuitant’s lifetime.
    • Joint Last Survivor Life Annuity with Choice of Certain Period. Income is guaranteed for the greatest of your lifetime, the joint annuitant’s lifetime, or the certain period. Certain periods of 10, 15, or 20 years available.

    Income payment options may vary depending on the age and gender of the annuitant, single premium paid, income option chosen, state of issue, and policy provisions.

    The Guaranteed Income Annuity cannot be surrendered; however, income options that include a certain period may allow you to accelerate all or part of your payments. Talk to your State Farm agent for details. (Acceleration of payments is not available in NJ, PA, TX, and WA.)

    Tax Advantages

    Income payments are not taxed until received and may not be fully taxable.

    Some annuities are used to fund a tax-qualified plan. These tax-qualified plans can include:

    • Business Retirement Plans
    • Traditional IRAs
    • Roth IRAs
    • There is a one-time $175 policy fee

    Disability Insurance – State Farm #irs #forms

    by ,

    #disability income insurance

    #

    Disability Insurance Helps Protect Your Financial Future

    Experiencing a sudden loss of income due to disability could result in devastating financial and emotional consequences for you and your family. Luckily, disability benefits can help you continue your current lifestyle and possibly prevent you from having to deplete retirement or education savings if you were to become unable to work as a result of a disabling injury or illness.

    Find an Agent

    Disability Income Insurance

    Designed to help keep you financially stable during difficult times, a Disability Income Insurance policy will pay a monthly income directly to you. This plan kicks in when you are unable to work as a result of a disabling injury or illness. It is ideal as a primary income replacement plan, and helps protect against the risk of depleting your savings, education, or retirement funds.

    Mortgage Disability Income Insurance

    This affordable plan protects your home by providing funds to help meet your mortgage loan responsibilities should you become totally disabled.

    Individual Credit Disability Insurance

    This plan is designed to help those who have a loan payment in equal monthly installments. It can pay a monthly benefit directly to your financing institution should you become totally disabled.

    Build a Triangle of Protection

    Help safeguard the people and possessions that matter most by building a Triangle of Protection around your home and family with three different products life, disability income, and homeowners insurance.

    Note:

    The information provides a brief, general description of the coverage provided by these policies. It is not a contract and certain exclusions and limitations apply. A complete statement of the coverage provided is found only in the policy itself. Policy coverages, exclusions, and limitations may vary in some states.