Jonathon,
Thanks so much for all you do and have done over the years, I have told many friends and family members about you and your personal finance articles over the years and you have helped us immensely.
I read with interest your last article on Saturday where you mentioned you did a private mortgage for your daughter. Thanks to you and Clark Howard, I am in position to do the same for my daughter who is getting married soon. Did you do it for just your daughter for a reason or perhaps she wasn't married at the time. Wondering if I should do this private mortgage in just her name or in both my daughter's and her new husband once she is married. Just wanted to see if there is a big downside to either one.
thanks again.
Thanks William. Another question for you or Jonathan is since rates are still currently high and are predicted to fall in the next couples of years, would it be a good potential strategy if one wants longevity insurance to lock in the rates now for example for insurance that kicks in when you reach 85 years old. With the secure 2.0 act of 2022, up to $200,000 can be moved from a qualified retirement plan or IRA to a qualified longevity annuity contract which allows for deferred taxes so you would not get hit with additional taxes until many years in the future. Thanks.
That’s what I thought, makes sense. As I’m nearing 60 I have been contemplating this as well. Have not been a fan of annuities during my career due to their complexity and high fees, but have come to the realization that these are one of only a few types of annuities that can make sense to take the guesswork out of longevity.
Great insights again! Wondering why you are waiting to purchase the immediate fixed annuity with interest rates high now and likely to decline over the next couple of years. Is the benefit of waiting a calculated trade off between hoping to increase your nest egg with average market returns over the next few years versus setting up the guaranteed income now that will be there for you later in life?
thanks,
Joel F.
Comments
Thanks again Jonathan, makes sense to me!
Post: Jonathan’s Loan
Link to comment from August 5, 2024
Jonathon, Thanks so much for all you do and have done over the years, I have told many friends and family members about you and your personal finance articles over the years and you have helped us immensely. I read with interest your last article on Saturday where you mentioned you did a private mortgage for your daughter. Thanks to you and Clark Howard, I am in position to do the same for my daughter who is getting married soon. Did you do it for just your daughter for a reason or perhaps she wasn't married at the time. Wondering if I should do this private mortgage in just her name or in both my daughter's and her new husband once she is married. Just wanted to see if there is a big downside to either one. thanks again.
Post: Jonathan’s Loan
Link to comment from August 2, 2024
Thanks Jonathan
Post: Retirement Roulette
Link to comment from November 26, 2023
Thanks William. Another question for you or Jonathan is since rates are still currently high and are predicted to fall in the next couples of years, would it be a good potential strategy if one wants longevity insurance to lock in the rates now for example for insurance that kicks in when you reach 85 years old. With the secure 2.0 act of 2022, up to $200,000 can be moved from a qualified retirement plan or IRA to a qualified longevity annuity contract which allows for deferred taxes so you would not get hit with additional taxes until many years in the future. Thanks.
Post: Retirement Roulette
Link to comment from November 26, 2023
That’s what I thought, makes sense. As I’m nearing 60 I have been contemplating this as well. Have not been a fan of annuities during my career due to their complexity and high fees, but have come to the realization that these are one of only a few types of annuities that can make sense to take the guesswork out of longevity.
Post: Retirement Roulette
Link to comment from November 25, 2023
Great insights again! Wondering why you are waiting to purchase the immediate fixed annuity with interest rates high now and likely to decline over the next couple of years. Is the benefit of waiting a calculated trade off between hoping to increase your nest egg with average market returns over the next few years versus setting up the guaranteed income now that will be there for you later in life? thanks, Joel F.
Post: Retirement Roulette
Link to comment from November 25, 2023