VDO of Interview with Tom Hegna - Mortality Credits - Retirement Planning
Interview with Tom Hegna - Mortality Credits - Retirement Planning Tube. Duration : 15.02 Mins.We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from 2012 Income Tax Brackets. Steve Savant interviews special guest Tom Hegna, CLU, ChFC, CASI, author of the #1 book on retirement, Paychecks & Play Checks on Amazon.com. On Tuesday's Show: Steve discusses more from Tom's new book, Paychecks and Play Checks, which you can order at thebiz@brokersalliance.com. Mortality credits can overcome poor interest rate crediting for those age 70 and older. Tom features the exclusion ratio, the return of basis as a portion of the income from single premium immediate annuities (SPIAs) in life only payout scenarios. This generates a tax advantage as nontaxable basis is amortized over the annuitant's life expectancy. So the basis portion is tax free, but only in non-qualified SPIA scenarios and the portion of gain is taxed at ordinary income rates. After basis has been paid out, the entire income stream is completely taxed at ordinary income rates. SPIAs in qualified plans are completely exposed to ordinary income taxation, as basis is not recognized. Before moving forward with any tax strategies with SPIAs, always consult an accredited tax expert from the fiduciary community such as CPAs, Enrolled Agents of the IRS and/or tax attorneys. Payout Options: Life Only, Joint Life Only, Life with Period Certain, Joint Life with Period Certain, Life with Installment Refund, Joint Life with Installment Refund, Life with Modified Cash Refund, Joint Life with Modified Cash Refund, Period certain to name a few. There are also liquidity riders that have a variety of uses with ...
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