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Bears the risk in fixed annuity contracts.
What is insurance company/insurer?
Annuity that begins payouts after the first 12 months of the annuity?
What is deferred annuity?
Bears the risk in a variable annuity.
What is annuitant?
The riskiest annuity.
What is variable annuity?
This person receives the benefits if the annuitant dies during the accumulation period.
What is beneficiary?
Annuity that begins paying out within the first 12 months of the annuity.
What is an immediate annuity?
Purchased in the accumulation period of a variable annuity.
What is accumulation units?
Accumulation units turn into these during the annuity/pay out period in variable annuities.
What is annuity units?
A retirement plan offered by public schools and certain charities.
What is a 403(B)?
Annuity where the company invests the investors money in the index they choose, such as S&P 500.
What is index annuity?
Tax penalty on early withdrawal.
What is 10%?
This person's life expectancy taken into account when annuity is written.
What is the annuitant?
Employee-sponsored retirement plans that satisfy requirements in the Internal revenue code for receiving tax-deferred treatment.
What is qualified retirement plan?
Retirement plan for small businesses with 100 or fewer employees and self-employed individuals.
What is SIMPLE IRA?
An employer-sponsored retirement plan where employee benefits are computed using a formula that considers several factors such as length of employment and salary history.
What is defined benefit plan?
Minimum amounts you must withdraw from your retirement accounts each year.
What is required minimum distributions?
The term "fixed" in fixed annuity refers..
What is guaranteed rate of interest, equal annuity payments, and amount and length of payments?
Allows you to contribute after-tax dollars, grows tax free, withdraw tax free, and penalty free after age 59.5 once the account has been opened for 5 years.
What is a Roth IRA?
Retirement plan that is tax deferred but does not follow the employee retirement income security act guidelines.
What is a non qualified retirement plan?
Retirement plans available for businesses that operate as sole proprietorships, partnerships, llc.
What is Keogh (HR10) Plans?