Date : March 10th, 2010Category : UncategorizedAuthor : Editor5 Comments
My husband only works, I am a stay at home mother of four children ( I worked for 8 years as a lab manager before having children). How much should we be saving for retirement? He is 35 years old, I am 36 years old. We currently max out his 401K at 15% of his pre-tax salary. We also save 10% post tax into an annuity type account (life insurance also). When I use retirement calculators, they usually say we should be saving only 5% of our pre-tax income actually since we started at age 26 or so, but I believe that this is only for 1 person, and we are actually saving for both of us. The Yahoo retirement calculator says we should have $2,000,000 in all based on 8% return. Should this be $4,000,000 instead for 2? We have no debt except for a $70,000 mortgage with 9 years left. None of our friends or family save as much as we do, but are we really going overboard here with savings? Or is it better to save as much as we can now and ease up later when our children are in college?
I guess I actually have two questions: With the retirerement calculators, they ask if you are married and if your spouse has any income, but are the totals for one person or two? Also, is a total savings rate of 25% totally off the mark (too much)? My husband thinks we are saving too much, I am very conservative!
Thanks so far for all the answers. With all of our savings as is, and 4 young children with 1 income only, we really have no “disposable”spending money. Is cutting back to 10% for his 401K a good idea? Would our retirement still be “on course” for both of us? We never eat out, have not gone on vacation since we were married 10 years ago, his car is 9 years old and we would need to buy a new one soon, etc. He thinks we need to enjoy our lives now a bit more. We do also fund an HSA with about 4% pretax also each month! But we have no separate college savings plan yet.
I thought that 529 plans only had state tax benefits, not federal currently?
Date : March 9th, 2010Category : UncategorizedAuthor : Editor2 Comments
I just receive life insurance settlement it was put in a total control account @ 1.5 interest how much interest per month would 17,000 dollars bring per month?
Date : March 3rd, 2010Category : UncategorizedAuthor : Editor1 Comment
I know it may be alittle long..but please help me, I really appreciate it! Thanks to all the kind people on Yahoo Answers!
Totals: 1972 Start-up through FY 2000*
Total Lottery Ticket Sales $25.12 billion
Net Revenue to Aid Education $9.83 billion
Retailer Commissions $1.68 billion
Prizes to Players$12.86 billion
*http://www.Michigan.gov/lottery
The Big Game is a multi-state lottery game with BIG Jackpots.Seven states participate in The Big Game: Georgia, Illinois, Maryland, Massachusetts, Michigan, New Jersey and Virginia. By teaming up together, the member lotteries are able to offer players jackpots that start at $5 million. The jackpots grow until someone wins. Jackpots can grow as high as $200 million or more. In fact, The Big Game holds the record for the largest lottery jackpot ever in the United States: $363million! This jackpot rolled 18 times since last being hit! Two winning tickets — one sold in Michigan, and one sold in Illinois — matched all six numbers in this Big Game drawing, each worth an annuitized value of $181.5 million. The winners were Larry and Nancy Ross of Shelby Township, Michigan, and Joe and Sue Kainz of Lake County, Illinois.The Michigan Lottery can pay Big Game jackpot winnings inone of two ways: as an annuity or in one lump-sum/cash-option payment for the present cash value of the jackpot share. When a winnerselects annuity payments, the jackpot is paid out in equal installments over 26 years. When a winner selects the cash option, the Lottery paysthe winner the present cash value of the announced jackpot in onelump-sum payment, which is typically about 50% of the publishedvalue. In effect, the Lottery takes all of the money that would have been invested to fund the 26-year annuity and turns it all over to the winner, retaining absolutely none of the prize. Regardless of which option thewinner selects, the Michigan Lottery is required by law to withholdestimated income taxes for federal (28 percent) and state (4.2 percent), on any prize over $5,000. These amounts are estimates only, and the winner is required to satisfy any further tax liability for the year inwhich the prize award is claimed.
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Q1) Why do most winners select the cash option plan when given a choice?
Q2) If Michigan Lottery would like to give the annuity option an equal chance of being selected, how would it have to structure its payments?
Date : March 1st, 2010Category : UncategorizedAuthor : Editor3 Comments
Ok this is really a general question that I am having a hard time figuring out. I am thinking about getting some type of Annuity life option for my mom. It would be a deferred annuity that would start in approx 20 years (once she reaches age 65). How much would I need to invest in a deferred annuity in order to pay her an income of approx 2k a month until death?? Any help would be appreciated. I tried searching for calculators online for this sort of thing but came up empty.
Thanks,
Date : March 1st, 2010Category : UncategorizedAuthor : Editor3 Comments
Ok this is really a general question that I am having a hard time figuring out. I am thinking about getting some type of Annuity life option for my mom. It would be a deferred annuity that would start in approx 20 years (once she reaches age 65). How much would I need to invest in a deferred annuity in order to pay her an income of approx 2k a month until death?? Any help would be appreciated. I tried searching for calculators online for this sort of thing but came up empty.
Thanks,
Date : February 28th, 2010Category : UncategorizedAuthor : Editor4 Comments
My great aunt and uncle have been exploring options to letting their life insurance policy lapse. We’ve been researching the option of a life settlement. However, I can’t seem to find a clear answer on the amount of an average life settlement. Does anyone know?
Date : February 28th, 2010Category : UncategorizedAuthor : Editor4 Comments
I purchased a 20yr annuity for $20,000. I will receive payments of $370 each month of annuity’s life. How much of the annuity payments must be included in my 2009 gross income? I received all 12 payments this year. Also, how much of these annuity payments may be excluded from gross income?
Date : February 19th, 2010Category : UncategorizedAuthor : Editor2 Comments
I am very healthy mom of tree seeking term life insurance and I got this quote. It is for 300 000 dollars, 30 years, term, I am healthy, family healthy no smoke,no driving problems, any extreme, no sick relatives, no overweight. I am looking for the best price and I got this quote for 22 dollars a month. Is there any better price? Thank you
Date : February 19th, 2010Category : UncategorizedAuthor : Editor2 Comments
I slipped & fell at a restaurant & broke my upper arm, shoulder & 3 ribs. How much settlement can I expect from the personal injury case? Does the restaurant’s insurance pay this?
Date : February 19th, 2010Category : UncategorizedAuthor : Editor3 Comments
Let’s say for example I have $140,000 in the bank that will be payed to me over the next 20 years, with a payment every 4 years. How much would it cost if I wanted to take out $40,000 out of my structured settlement? I’m just looking for rough numbers of what companies charge for taking money out in advance of a structured settlement (not a lump sum because I want only 40k)?
Date : February 19th, 2010Category : UncategorizedAuthor : Editor2 Comments
How much money must be deposited now, at 6% interest, compounded semiannually, to yield an annuity payment of $4,000 at the end of each six- month period, for a total of five years?
Date : February 19th, 2010Category : UncategorizedAuthor : Editor1 Comment
Marie Richard purchases a new sports car for $35,500. What is the monthly payment if Marie agrees to pay for the car in 48 months if the car dealer is offering an interest rate of 6.5% APR? Marie wishes to pay off the loan completely after one year of monthly payments. How much would this lump sum payment be?
