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Funding an Annuity: What Are the Options?
Atthe simplest level, annuities are funded when you make payments (premiums) nowin order to receive payments (return of premiums and any earnings) later. However,nike basketball trainers, annuity payments made prior to age 59? may be subject to a 10% federaltax penalty unless an exception applies. Some annuities are funded with onepayment (single premium annuities), and some are funded over time (flexiblepremium annuities). Thereare also some annuities that are not funded with cash at all. These arecharitable gift annuities, and they're often funded with appreciated assets togain special tax benefits. Single premium annuityAsyou might expect, with a single premium annuity, you (the purchaser) pay onepremium. If it is a deferred annuity, payouts begin at a later date, perhapsyears in the future. A single premium immediate annuity (immediate annuitiesare only funded with a single payment) usually requires a distribution startingdate that is within one year of the annuity contribution. Thesingle premium annuity is also used in other situations. When a defined benefitpension plan is terminated,nike running shoe sale, the accrued benefits under the plan are determinedfor each plan participant,asics kayano, and a single premium annuity may be purchased foreach plan participant (with benefits usually starting at age 65). Anothercommon use is in the structured settlement of lawsuits. In these cases, theparties agree to pay a sum of money not as a lump sum, but as a series ofpayments (often for the life of an injured party). A monthly amount to be paidis agreed to by the parties, and an annuity is purchased that provides thatamount. Periodic annuity fundingAlthoughdeferred annuities can be funded with a single premium, mostly they are fundedover a period of time. Periodic payments can be made until the annuity payoutperiod begins. Annuities that utilize periodic funding can be divided into twocategories: Level premium funding: Premium payments are made on a regular,ferragamo purse, ongoing basis. Payments can be made either monthly or annually, depending on the terms of the contract.
Flexible premium funding: Premium payments are flexible and can occasionally be skipped. The insurer may impose an annual minimum and maximum on the amount of premiums that can be paid in.
Charitable annuitiesIndividualswho plan to give away substantial assets at death to qualified charities have aspecial funding option available that may help lower their current taxes, aswell as provide a guaranteed income stream for life. (Guarantees are subject tothe claims-paying ability of the issuing insurance company. )Witha charitable remainder annuity trust, an individual (the donor) makes anirrevocable transfer of assets to a trust whose beneficiary is a qualifiedcharity. The trust pays a fixed amount to the income beneficiary, who may bethe donor or someone the donor chooses, based on the value of the assets andthe age of the income beneficiary. At the income beneficiary's death, the trustassets go to the charity. Thedonor can take a current tax deduction for a percentage of the amount gifted, based on the present value of the charity's right to receive assets at theincome beneficiary's death. Written byLife Insurance Calculator | Life Insurance Companies: BeamaLife.Topics related articles：


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