retirement

Variable Annuities for Retirement Savers Go Back to Basics

Even with today's simplified variable annuities, you need a good grasp of the pros and cons before putting part of your nest egg into one.

After years of making variable annuities more complex and expensive, some insurers are offering products that have fewer bells and whistles, are easier to understand and have lower fees.

If you have a higher-cost variable annuity, you might consider rolling the assets to a lower-fee annuity through a tax-free “1035 exchange.” But first check if you would be subject to a surrender charge, which can cost up to 7% to 10% of your balance if you leave the annuity in the first 7 to 10 years. The income rider won’t transfer if you cash out or switch annuities, so be wary of giving up guaranteed income based on a benefit-base balance that is higher than your investment value.

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Senate Passes $3,000 Child Tax Credit for 2021
Coronavirus and Your Money

Senate Passes $3,000 Child Tax Credit for 2021

The provision would temporarily increase the child tax credit to $3,000 or $3,600 per child for most families and have 50% of it paid in advance by th…
March 6, 2021
Senate Passes Bill with More "Targeted" Stimulus Payments
Coronavirus and Your Money

Senate Passes Bill with More "Targeted" Stimulus Payments

The Senate finally passes the $1.9 trillion COVID-relief bill. But fewer people will get a third stimulus check under the Senate version than under th…
March 6, 2021
Your Guide to Roth Conversions
Special Report
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Your Guide to Roth Conversions

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2021 Child Tax Credit Calculator
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2021 Child Tax Credit Calculator

See how much money you would get in advance if President Biden's $3,000-per-child tax credit plan is enacted (it was just passed by the Senate).
March 6, 2021
Senate Passes $3,000 Child Tax Credit for 2021
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Senate Passes $3,000 Child Tax Credit for 2021

The provision would temporarily increase the child tax credit to $3,000 or $3,600 per child for most families and have 50% of it paid in advance by th…
March 6, 2021
Claim These "Above-the-Line" Deductions on Your Tax Return (Even If You Don't Itemize)
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Claim These "Above-the-Line" Deductions on Your Tax Return (Even If You Don't Itemize)

If, like most people, you claim the standard deduction instead of itemized deductions on your return, there are still many other tax deductions availa…
March 5, 2021