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December 16, 2020 9:36 AM David Rodeck - Forbes Advisor
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December 18, 2020 6:46 AM
An immediate annuity is an investment that turns your current retirement savings into future income payments. When you buy an immediate annuity, you receive guaranteed income payments for a set number of years or possibly for the rest of your life. Annuities are not for everyone, though. Here’s what you need to know to decide if immediate annuities make sense for your retirement strategy.
How Does an Immediate Annuity Work?
An immediate annuity is designed to provide you with income payments for a set period of time in exchange for an initial lump-sum investment. They’re called “immediate” annuities because you begin receiving annuity income payments almost immediately after you deposit your money .
Credit card debt being used for gifts, hurting retirement
People are tacking on nearly $2,000 to credit card balances pay for holiday presents, a survey found
December 16, 2020 5 MINS
Holiday spending is down amid the pandemic, but people are taking on more credit card debt to buy gifts, and that could hurt long-term and retirement savings goals.
While credit card debt is up across the board, people who suffered job losses this year have disproportionately been covering expenses with credit, according to a report today from LendEDU.
On average, 51% of people who remain unemployed because of COVID-19 are taking on additional credit card debt to pay for holiday expenses, LendEDU reported. That compares with 48% of people who were laid off but have since found employment and 33% of all people surveyed. The report is based on a Dec. 1 survey of 1,000 U.S. adults conducted by research firm Pollfish.
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6 tips for navigating the holidays if you took a financial hit this year
(TNS) â Itâs safe to say that this year has been a wild ride and thereâs a good chance that your finances have taken a hit as a result of the coronavirus pandemic and all thatâs followed.
With the holidays just around the corner, this can be an extra stressful time financially with the added pressure of gift giving and various other holiday-related expenses. Brittney Castro, a CFP at Mint, suggests taking some time to evaluate your current financial life and how youâre going to navigate the holidays.