In Market Volatility, Beware of Annuity Pitches - 270

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 21 April 2020

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

In these volatile markets, pitches for fixed indexed annuities will be on the upswing. Here's how to analyze them for yourself. Plus, CARES Act stimulus payments for kids, retirement account distributions, and rethinking your retirement savings strategy. Also, SECURE Act stretch IRA rules, evaluating long term care insurance options, and why thrift savings plan (TSP) to Roth conversions are so complicated. Send in money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-270

Transcript

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0:00.0	The Your Money, Your Wealth guide to the five-year rules for Roth IRA withdrawals is now available for download from the podcast show notes.
0:07.5	Just click the link in the description of today's episode in your podcast app to access it for free.
0:12.9	Today on YMYW, pitches for fixed indexed annuities will be on the upswing given these volatile market conditions.
0:19.9	So Joe breaks down how to analyze
0:22.0	those pitches for yourself. Plus Secure Act, stretch IRA rules, evaluating long-term care insurance
0:27.9	options, and why thrift savings plan to Roth conversions are so complicated. But first,
0:33.5	some clarification on CARES Act stimulus payments for kids, retirement account distributions,
0:38.8	and rethinking your retirement savings strategy.
0:41.4	I'm producer Andy Last, and here are the hosts of your money, your wealth, Joe Anderson,
0:46.0	CFP, and joining us a bit later, Big Al Clopine CPA.
0:51.2	Jeff writes in, he goes, hey, please clarify the payments for children.
0:55.4	I heard they must be younger than 17.
0:58.2	Is that true?
0:59.0	If so, why?
1:01.4	Shouldn't children 23 or younger in claimed as dependents qualify too?
1:06.3	Thanks.
1:07.2	I mean, he makes a logical question, but it's not 17 and under.
1:12.6	It's under the age of 17.
1:14.6	So if Jeff's married, it's $2,400 plus any child under the age of 17 gets additional $500.
1:22.6	Looks like Jeff has a kid at 23 that he's claiming as a dependent.
1:26.6	So he would not get the $500 for the child
1:29.5	that is claiming the dependent or if the child was earning income and would not receive any
	...

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