No. 1
What is an Annuity?
An Annuity is a Contract between you and an insurance company, which states that in exchange for your payment (premium) the company agrees to pay you an income in the future.
No. 2
How does an annuity work?
Whether you choose to make a lump-sum payment with a Single Premium
Annuity or periodic payments with a Flexible Premium Annuity, your
Annuity will have an accummulation phase, during which time your investment grows, followed by an income phase, when you withdraw your money in amounts and at intervals determined by the paln your purchased. There is an option to invest in an immediate annuity in which you deposit a substantial amount of money and begin withdrawing immediately. In this instance, there is no accummulation phase but your money contiues to grow even after you begin withdrawing funds.
No. 3
What is a pension plan?
Pensions plans can be Corproate-sponsored or personal. In a Corporate
Pension Plan, your employer makes
contributions toward a pool of funds set aside for your future
benefit. The funds are managed by a company such as BAF and invested on
your behalf,so that you can receive benefits when you retire.
No. 4
I have a company-sponsored pension plan. Do I also need a personal plan?
A pension plan is a great way to secure your future. Personal pension
plans put you in control of your own retirement and are always a good
idea, even if you have a corporate-sponsored pension plan. Oftentimes,
you may need to supplement iyour employer's plan with your own to ensure
that you can live comfortably when you retire.
No. 5
What is the difference between a defined-benefit pension plan and a defined-contribution pension plan?
There
are two main types of pension plans: defined-benefit plans and
defined-contribution plans.
In a defined-benefit plan, your
employer guarantees the amount you will receive when you retire,
regardless of the performance of the underlying
investment pool.
In a defined-contribution plan your
employer
makes predefined contributions for you, your final benefit will depend
on the performance of your investment fund.
No. 6
What is the first step to buying my home?
Many people rush out to find the home of their dreams only to find that they are unable to obtain the necessary mortgage to make that dream come true. Your very first step to purchasing a home is meeting with your mortgage specialist who will pre-qualify you to help you determine how much you can afford and the likelyhood of you obtaining a mortgage. Our mortgage specialists are financial planning experts and can work with you to prepare for home ownership.
