Only 33% of today’s pre-retirees expect that social security will be a major source of retirement income – nearly 67% of retirees say Social Security is their major source of income.
Annuities have a bad reputation. They can be seen as expensive and difficult to understand. But it is important to not jump to any
conclusions. Similar to other financial tools, it is best to ask “what role can annuities play in my overall finances?” rather than to avoid them owing to myths or misconceptions.
Sometimes a new law is passed and many people say, “That’s all
right. That’s going to affect somebody else. Not me.”
A window of opportunity was opened for estate strategies as part of the 2017 Tax Cuts & Jobs Act. However, that window will shut in less than three years unless Congress decides to act and extend the current rules.
Here are some things to consider as you weigh potential tax moves between now and the end of the year.