An insurance product that makes periodic payments to the annuitant until his or her death, at which point the payments stop completely. These products do not allow annuitants to designate a beneficiary. Straight life annuities may be bought over the course of the annuitant's working life by making periodic payments into the annuity, or they may be purchased with a single lump sum payment. Usually, lump sum purchases are made at, or shortly after, the annuitant's retirement. Watch: What is An Annuity Because these products make no payments to beneficiaries and no further payments after the annuitant's death, they are less expensive than other life insurance products that do pay out to beneficiaries. The catch is that people who buy these types of annuities with their life savings do not have the option of continuing to support their dependents once they have died.
A tax credit that is afforded to every man, woman and child in America by the IRS. This credit allows each person to gift a certain amount of their assets to other parties without having to pay gift, estate or generation-skipping transfer taxes. The unified tax credit can be used by taxpayers either before or after death. The $780,800 tax equals $2 million of assets that can be passed to heirs or other beneficiaries. This limit increased to $3.5 million in 2009.
An industry owned co-operative supplying secure messaging services and interface software to financial institutions. SWIFT encompasses over 7,000 financial institutions in 192 countries.
A mutual fund that focuses on the distribution of income and capital gains to fund holders. These funds are becoming more popular as our population ages because they are aimed at income replacement, something that is crucial as traditional employer-sponsored pension plans disappear.Also known as "Open-End Managed-Payout Funds." Different features are offered depending on the structure of the fund. Some funds specify a specific monthly payout, while for others the payment is variable and based on portfolio performance. Some funds will deplete the investors principle, while others will maintain it.No matter the structure of the fund, it is very important to note that the payments and principle depletion or retention is not contracted - unlike annuities. Although the fund may plan to have a specific inflation-adjusted payout and principle retention strategy, if portfolio performance does not allow for it, there is no obligation by the fund managers to adhere.
An insurance benefit that is paid as a result of a taxpayer's inability to find gainful employment. Unemployment income is paid from either a federal or state-sponsored fund. The recipient must meet certain criteria in trying to find a job. Employers and employees are assessed a payroll tax to cover the cost of this benefit. Also known as "unemployment benefits" or "unemployment compensation". Unemployment income is fully taxable as ordinary income. Recipients of this benefit are sent a Form 1099-G at year-end detailing the total amount of benefits received, which they must report on the 1040. Unemployment benefits were first introduced along with Social Security in 1935. Unemployment income is designed to provide subsistence income for a given length of time, giving the unemployed recipient time to find another job.
A federal taxpayer identification number for Americans. An SSN number is required to get a job and claim taxes or other tax benefits. There are a lot of issues surrounding Social Security numbers and numbering in general. Many people feel that the identification of citizens in this manner is the beginning of a "Big Brother" government. However, it doesn't change the fact that you usually need an SSN to work.
A benefit plan that is similar to a defined benefit plan since contributions are based on projected retirement benefits. However, unlike a defined benefit plan, the benefits provided to participants at retirement are based on the performance of the investments, and are therefore not guaranteed. The target benefit plan also bears some similarity to a money purchase plan as contributions are mandatory. Generally speaking, a target benefit plan is a cross between a money purchase pension plan and a defined benefit plan.
A U.S. government agency created in 1935 by President Franklin D. Roosevelt, the SSA administers the social insurance programs in the United States. The agency covers a wide range of social security services, such as disability, retirement and survivors' benefits. Previously operating under the Department of Health and Human Services, the SSA has operated as a wholly independent agency since 1994. Unlike the majority of U.S. federal government agencies, the SSA is not headquartered in Washington D.C. Instead, the agency is based in the city of Woodland, which is a suburb of Baltimore, Maryland. The SSA has seen numerous name changes and operational revisions in its lifetime as different administrations shaped the agency into their desired forms. The SSA provides a wide range of services, including (at the time of writing) determining citizen eligibility and premium payments for the Medicare program.
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