Speak with a Registered Agent: 1-866-223-2121

Speak with a Registered Agent: 1-866-223-2121

Annuities in IRI Retirement Quiz


The Insured Retirement Institute, or IRI, has an 11-question quiz on their website that tests retirement financing knowledge.  Julie Jason published these questions in The News-Times in her article “A Quiz to Fine-Tune Your Retirement Knowledge.”  The IRI is focused on educating people about annuities through their nonprofit trade organization.  The facts from the quiz are summarized below.

While 4% of the U.S. population was over the age of 65 in 1990, by 2050 20% of the population will be over age 65.  Proving how strong the impact of inflation is, a loaf of white bread went from costing 20 cents in 1960 to $1.18 in 2000.  Each year that you remain living, you increase the chances that you’ll live an even longer life.  Seventy-percent of the people who are at least 65 years old today will reach the age of 80.  If you plan to retire early, you will have a smaller Social Security payment at retirement along with less in savings, a smaller pension, and fewer dollars in your retirement plan.

Contribute as much money as possible to your qualified plans so that you can achieve financial independence in retirement.  Throughout your retirement, you’ll likely need around 70-80% of your pre-retirement income to live.  While some of your working years expenses will be gone in retirement, your health care costs will likely increase significantly.  Social Security, personal investments, and annuity payments are all sources of retirement income.  While an IRA rollover, annuitization, and a trustee transfer will keep your money safe from taxes, a lump sum distribution will subject your money to taxes.

If you take money from a retirement plan prior to age 59, you are subject to a 10% penalty unless you make a 401k annuity transfer.  In order to ensure that you have enough income to meet your retirement needs, you have to make a plan, set your timing, know any tax penalties, and be sure not to do all of the planning without the help of a professional.  Retirement planning is some of the most important planning you’ll do in your life, so having a professional to help you is key.

Written by Rachel Summit

Follow Finance Mama on Twitter https://twitter.com/#!/financemama

For more information about the product mentioned in this article contact us here:

Newest Blog Posts

Information Request Form

If you have questions or would like more information, please complete this form and a licensed professional will be happy to help. For the fastest response, please select 'Phone' as your Contact Preference.

By providing your information and clicking 'Submit' above, you acknowledge that you have read and agree to this site's privacy policy. You also provide your consent to be contacted at the email address or phone number provided above (including any wireless number) by licensed agents or representatives from or on behalf of AFYI Holdings Group, LLC and other companies to provide the information requested and/or offer annuities or financial products. You understand that these calls or SMS messages may be generated using an automated telephone dialing system, a pre-recorded message, or artificial voice. Consent to receive such messages is not a condition to purchase any goods or services. You may opt out at any time by following the instructions in the messages you receive.  Receiving quotes and information through our website is free, and you are under no obligation to purchase any goods or services as a result of this request. You affirm that you are the subscriber of the provided telephone number or that the subscriber authorized you to provide the number. Message and data rates may apply. AFYI Holdings Group, LLC is committed to respecting your privacy and adhering to all applicable laws and regulations, including the Telephone Consumer Protection Act (TCPA).