Annuity News

Columnist Calls the End of Personal Finance

Felix Salmon writes a regular personal finance column for Reuters. Salmon, along with Brett Arends who writes the "ROI" personal finance column for the Wall Street Journal, is a writer whose thoughts are interesting and worth following on a regular basis. In a recent piece titled "The End of Personal Finance," Salmon considers what has taken place in the world of investing and personal finance over the past 12 years. Much of the discussion focuses on the futility (and danger) of accepting...

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Brett Arends

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Brett Arends

Charitable Gift Annuities Impacted by Financial Crisis

The financial crisis has begun to have an impact on something known as a charitable gift annuity or simply gift annuity. Tax deductible gifts to charitable organizations can be made in exchange for the promise of guaranteed, annuity-like payments from the charity to the donor. Some charities purchase insurance policies to fund the promised annuity payments while others simply rely on existing assets and the overall financial health of the organization. Not surprisingly, financial market turmoil...

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Variable Annuities are Starting to Lose Appeal

Variable annuity sales had been surging prior to the onset of the financial crisis. As reported earlier , many customers who had purchased variable annuities with guaranteed living benefits (GLBs) two or more years ago have been well insulated from the financial storm. However, the current environment for variable annuities and living benefits is vastly different than it was even a year ago. Insurers are now increasing prices and scaling back on the richness of product features, making it a...

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Annuity

Guaranteed Living Benefit

Living Benefits

Variable Annuity

Surrender Charge

Section 1035 Exchange

1035 Exchange

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Financial Crisis

Annuity Sales

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Annuity

Guaranteed Living Benefit

Living Benefits

Variable Annuity

Surrender Charge

Section 1035 Exchange

1035 Exchange

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Financial Crisis

Annuity Sales

Spending Increases in Democrat's Budget Total $5.6 Trillion Over Next 10 Years

In the interest of considering the impact of deficit spending on inflation and inflation's impact on personal finances and retirement income : Total outstanding government debt in 2007 when Democrats took control of both the House and the Senate: $4.8 trillion. Projected budget surplus in 2019 if Congress had maintained the level of spending that existed when Democrats took power in 2007: $70 billion. Proposed spending increases between 2009 and 2018 in President Obama's May budget proposal: $5...

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MassMutual Appears to be Moving Away from Variable Annuity Marketplace

Recent decisions by MassMutual would appear to indicate that the company is becoming less interested in and committed to the variable annuity marketplace. The company has recently scaled-back on some of its variable annuity product features or riders. The departure of one of MassMutual's top annuity experts, Jerome Golden, would also seem to indicate waning interest in the space. The company also indicated that it will place renewed emphasis on distribution through career agents rather than...

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Barrons Remains Optimistic on Several Life Insurers Receiving TARP Funds

Barrons--a weekly trade publication for the investment community--has written favorably on parts of the U.S. life insurance sector over the past several months. In particular, Barrons had singled-out perceived opportunities with shares of Hartford Financial Services Group and Prudential Financial. The publication remains bullish on several of the companies that were recently approved for TARP funds. In addition to Hartford and Prudential, Barrons has favorable views of Allstate and the...

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John Bogle Cautions on the Coming Retirement System Train Wreck

A very good article discusses Vanguard Founder John Bogle's views and work on the retirement system in the United States. Bogle is a highly vocal critic of the status quo: "Our nation's system of retirement security is imperiled, headed for a serious train wreck.That wreck is not merely waiting to happen; we are running on a dangerous track that is leading directly to a serious crash that will disable major parts of our retirement system." There are some interesting and surprising statistics:...

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Individual Retirement Account

Income

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Prudential and Ameriprise Decline TARP Funds

Prudential Financial and Ameriprise Financial have both indicated that they will decline funds that are available to them through the U.S. Treasury's TARP program. $22 billion in TARP funds are available to six life insurers: Hartford Financial Services Group, Prudential Financial, Principal Financial Group, Lincoln National, Allstate and Ameriprise Financial. Hatford Financial Group is in the final stages of accepting $3.4 billion in funding while Lincoln National is likely to accept $2.5...

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Consider 5 Basic Risks When Thinking About How to Plan for Retirement

How much do I need to save for retirement? How do I plan for retirement? Both are pretty basic questions that are top of mind for most people who are at or approaching retirement age, and the uncertainty and anxiety around these questions have only increased in light of the financial crisis. A recent article lists 5 risks that should be on the radar of anyone contemplating retirement: Inflation Longevity risk Market risk Health problems and expenses Losing a job or unexpected retirement Source...

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Life Insurance Companies to Receive $22 Billion in TARP Funds

Life insurance companies that have bank holding company status and applied for TARP funds prior to November 14 2008 will receive $22 billion in TARP funds from the U.S. Treasury. Companies that are set to receive funds include: Hartford Financial Services Group, Prudential Financial, Principal Financial Group, Lincoln National, Allstate and Ameriprise Financial. Many life insurers--particularly those with meaningful variable annuity businesses--have been significantly impacted by the capital...

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