The level of wealth, comfort, material goods and necessities available to a certain socioeconomic class in a certain geographic area. The standard of living includes factors such as income, quality and availability of employment, class disparity, poverty rate, quality and affordability of housing, hours of work required to purchase necessities, gross domestic product, inflation rate, number of vacation days per year, affordable (or free) access to quality healthcare, quality and availability of education, life expectancy, incidence of disease, cost of goods and services, infrastructure, national economic growth, economic and political stability, political and religious freedom, environmental quality, climate and safety. The standard of living is closely related to quality of life. The standard of living is often used to compare geographic areas, such as the standard of living in the United States versus Canada, or the standard of living in St. Louis versus New York. The standard of living can also be used to compare distinct points in time. For example, compared with a century ago, the standard of living in the United States has improved greatly. The same amount of work buys an increased quantity of goods, and items that were once luxuries, such as refrigerators and automobiles, are now widely available. As well, leisure time and life expectancy have increased, and annual hours worked have decreased.
A Traditional or Roth IRA established and funded by an individual for his or her spouse. These plans are typically set up when the spouse has little or no income, as they provide added benefits in that case. The contribution limits and eligibility requirements for a spousal IRA are the same as those for a regular IRA.
A transfer of retirement fund assets to the spouse of the deceased. The transfer is generally done in one of two ways. The first way is for the retirement account to remain intact and simply be renamed to reflect the new owner. The second way is to transfer the funds to the spouse's account. The spouse is not automatically designated as the recipient of unused retirement funds. However, with many retirement plans, the spouse must give their consent for another recipient to be named. In some cases, for example in a qualified plan account, the spouse must be named the beneficiary.
A type of annuity that uses a portion of the principal to fund immediate monthly payments and then saves the remaining portion to fund a deferred annuity. The two funding methods let the annuity holder receive dependable income and simultaneously save for future needs. Using a split-funded annuity means that individuals do not have to wait for the annuity to reach the payout phase, because the stream of income begins immediately. At the same time, the annuity's remaining balance compounds tax deferred.
An organizational pension program created by a company for the benefit of its employees. Also referred to as a "company pension plan". Funds deposited in a superannuation account will grow typically without any tax implications until retirement or withdrawal. These plans are usually either defined-benefit or defined-contribution plans.
The action of one party, person or product being replaced by another that has become obsolete, incapacitated, retired or deceased. Ideally, a successor will fill the role of its predecessor, being fully compatible with all other entities in place and perfectly functional without any interruption in service. Since the Sarbanes-Oxley Act, planning for succession of a executive officer in a corporation has become a very important issue in the field of corporate governance. Ensuring that, in the event of a problem with one employee, a company will continue to function adequately creates tremendous value for shareholders.Family succession is the passing of one person's assets and role in the family onto an heir. With the increasing pace of technological change, when new products replace old ones, it is important those new ones can fill the role of the old products without interruption in service and without the need to replace other functional elements of a network of products.
An insurance product that can be purchased by a person with a serious, demonstrable health problem which will likely shorten the annuitant's life expectancy. A substandard health annuity is a type of straight life annuity. These annuities pay out more money per period than other straight life annuities because the length of the annuitant's life is expected to be significantly shorter than that of the average, healthy person of a similar age.
An annuity option where tax-deferred allowances are passed on to the beneficiaries, offering the beneficiaries more flexibility and control over maintaining the investment. Therefore, the beneficiary has less restraints on wealth transfer, and he or she is able to receive a larger sum of benefits stretched over a longer period of time. Legacy annuities or stretch annuities are not offered by many insurers, unfortunately. This type of annuity is very advantageous because the beneficiary isn't burdened with paying a huge tax bill on his or her gains. This often can be stressful for a family that has just dealt with the loss of a loved one.
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