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Month: August 2024

Are annuities a good investment?

Are annuities a good investment?

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Logan Moore | (TNS) Bankrate.com

Although annuities are not for everyone, the assurance of guaranteed income in retirement and tax-deferred growth can be very attractive for certain people looking to invest their money. Meanwhile, the high fees and mind-numbingly detailed contracts are a big drawback.

Here’s a look at whether an annuity might be a good investment for you.

What is an annuity?

An annuity is a financial contract, typically with an insurance company, that pays guaranteed income over time in exchange for what you originally paid either through a series of payments or a lump sum.

There are a few different types of annuities to choose from.

—Fixed annuities offer a fixed payout over a fixed term and may guarantee a minimum rate of return, which can be appealing to those looking for a lower risk option with lower fees.

—Variable annuities offer a payout linked to the performance of the underlying investments, such as stocks and bonds or both. Variable annuities have higher fees and offer no guarantees on returns. read more

NAMAD asks members to share their thoughts as leaders assume new roles

NAMAD asks members to share their thoughts as leaders assume new roles

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MIAMI BEACH, Fla. — The National Association of Minority Automobile Dealers is conducting its own survey of members’ attitudes to provide a more focused view of the group’s needs and how they might differ from other U.S. car retailers.

Damon Lester, NAMAD’s new chair, launched the survey as a complement to the group’s twice-yearly surveys, which he called a “great tool” for evaluating manufacturers and their brands.

Minority automobile dealers — many of whom are capital-constrained — sometimes have different needs and priorities, Lester said.

“Out of the 19,000 dealerships — and we’re only 1,400 — we can kind of get lost in that data mix,” he said in an interview for the Daily Drive podcast.

Lester said his focus for the next two years will be increasing the number of minority dealers, dealer profitability and highlighting the unique needs of Black, Hispanic and Asian auto retailers in the U.S.

Lester, formerly the president of NAMAD, succeeded Damian Mills as chairman. Other new roles include Vice Chairman Ray Fregia Jr., Treasurer Robert Valdes and Secretary James “Jay” Rivchin. read more

The Savings Game: Reader questions in August

The Savings Game: Reader questions in August

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Q. Both my husband and I are in the early 70s. My husband worked for many years overseas, not associated with Social Security. If my husband pre-deceases me, will I be entitled to a survivor benefit greater than his current Social Security payment, or will my survivor benefit be equal to his current benefit?. My SS benefit is greater than his benefit now. Additional question: If I pre-decease my husband, will he be eligible for a survivor benefit based on my current SS benefit, which is larger than his current SS benefit?

A. If your husband pre-deceases you, you will only be entitled to the SS benefit he is now receiving. Since your SS benefit exceeds his, you will not be entitled to a survivor benefit because you are only eligible for whichever SS benefit is higher, your SS benefit based on your work record, or the SS benefit your husband is receiving at the time of his passing. If you pre-decease your spouse, he would only be eligible for 1/3 of your SS benefit because the Government Pension Offset (GPO) reduces his survivor benefit by 2/3 of the pension he receives for work done outside Social Security. read more