What about FDIC Insurance?
How much do you have your home insured for? Car? Office Furniture?
Insurance companies are MORE SOLVENT than banks. They have their OWN plans administered by the State of California to protect against any loss of principle. Agents are prohibited from using it in sales presentations. Here’s the link to the California Insurance Code on it. §1067-1067.18Did anyone lose principle when Executive Life went under?
I could always get at least 3%
There was a time when people told me they could always get 7 – 12% at the bank. The bank DOES NOT GUARANTEE ANY interest rate!!! We are currently paying x% . What is your bank paying now? If you get a CD how much do they charge if you want your money back early? There is NO penalty if you just stop depositing. Will the bank automatically send you your money monthly or annually? Will the bank send you a bill to remind you to send in the money so it can grow? Does your bank promptly answer your questions by email, from someone you’re dealing with personally?
If you take the money out on a “payment” plan and not lump some – there is NO Penalty Doesn’t sound like 5.25% to me? What’s their penalty for early withdrawal? We have NONE if you take the money out over a 3 year period. (I’ll double check the minimum time) What’s the penalty from the Federal Government for early withdrawal on an IRA? The Jackson Annuity is the SAME annuity whether you do it as an IRA, Roth IRA or without the current income tax deduction
IRA CDs bankrate.com
This web site is continually evolving, we get weekly reports on every request in our search engine. Many of you have asked about EARLY WITHDRAWAL. I’ve cut and pasted several of the questions from the IRS Page on this issue. Basically, it’s a 10% penalty from the Federal Government. You will probably have a penalty from the Bank Certificate of Deposit or the Insurance Company Annuity. You would have to check with your Bank or in the Annuity Policy it will have a page – called Surrender Charges and it will tell you. When you get your statement, it should show a figure for Accumulated Value and Cash or Surrender Value.
- Form 1040ES (PDF), Estimated Tax for Individuals
- Form 5329 (PDF), Additional Taxes Attributable on Qualified Plans (Including IRA’s) and other tax-favored accounts
- Publication 505 (PDF), Tax Withholding and Estimated Tax
- Tax Topic 451, Individual retirement arrangements (IRAs)
- Tax Topic 558, Tax on early distributions from retirement plans
- Business Retirement Plans
- Coverdell Education Savings Account
- IRA – Individual Retirement Account
- Seniors – Resources
- TSA-Teacher Retirement Plans