FAQs

Q?

What does being vested mean?

A.

Being vested in your 401(k) means that you are able to take your employer's contributions as well as your own you when you leave a job. Get in contact with your Human Resources department to find out if this is an option for you.

Q?

Should I move after I retire?

A.

When you are young and employed, you are more likely to live in urban areas, close to the city. As you come upon retirement, you may want to consider moving to a more affordable location. When considering if you should move after retirement, make sure you consider things such as the cost of housing, how close you'll be to family, and the year-round weather conditions.

Q?

Can I get an estimate of my Social Security benefits?

A.

You can use the benefit calculators that are available on the Social Security Administrations website, www.ssa.gov. Using these calculators you can create different scenarios that will spell out how your retirement age and income can affect the benefits you will receive. You can also estimate disability and survivor's benefits.

Q?

How do I know when I’m ready to retire?

A.

One important aspect of your retirement plan is deciding when to retire. It is important to pick a date, and calculate how many more years you can save, how quickly it will grow, and when you can expect pension and Social Security benefits.

Q?

When should I start estate planning?

A.

It's never too early to start planning for your estate. Take stock of all your assets: investments, retirement accounts, insurance policies, real estate, business interest and valuable items. Then decide what you want to achieve with your assets and who should inherit them. After you decide what bequests you wish to make, discuss your plans with your heirs.

Q?

Where should I save my retirement money?

A.

Tax-favored retirement accounts like IRAs and 401(k) s are the best places to save for your retirement. Other plans have different features, but most allow you to defer taxes on the money you save and the returns you earn within the account.

Q?

When should I start saving for retirement?

A.

Ideally, you should save for retirement in your 20s when you first begin earning paychecks. The sooner you begin, the more time your money has to grow. It is always best to start early when it comes to retirement.

Q?

How can I benefit from asset protection?

A.

Asset protection reduces your risk of being a target for a lawsuit. If assets are protected, it's more difficult for the creditor to sue you or your business. Protecting your assets will fill in any holes left by your insurance coverage. Finally, the more liquid assets you have the greater risk you have of losing them when they aren't protected. Make sure they are secure so you don't run this high risk.

Q?

What is a fixed annuity?

A.

At the most basic level, a fixed annuity CD-like is a contract between an insurance company or financial consultant and a customer which obligates the company to make a series of fixed annuity payments to the customer for the duration of the contract. A fixed annuity can be deferred or immediate.

Q?

Who can benefit from a fixed annuity?

A.

Because of their stability, anyone in danger of coming up short financially can benefit from an investment in a fixed annuity. Fixed annuities are often popular with people in retirement. Get in touch with Reap Financial in Austin TX to find out more about how a fixed annuity can work for you!

Q?

What are the Pros and Cons of a Fixed Annuity Investment?

A.

Like nearly anything, there are certain advantages and drawbacks to an annuity. It helps to know if a fixed annuity is right for you, so get in touch with Reap Financial ASAP! One disadvantage could be that the payoffs don’t always match up with inflation, but its advantages such as guaranteed rates of interest and the fact the interest you receive goes without taxation.

Q?

How do I know if a fixed annuity is right for me?

A.

By getting in touch with Reap Financial of Austin TX, we can help you decide if a fixed annuity is right for you. We can explain the finer details of fixed annuities and help you decide if it will be advantageous for you to invest in a fixed annuity.