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What You Need To Know About Non-Qualified Annuities

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In the face of the current adverse economic conditions, many would-be retirees are worried about their financial capacity. Inflation remains elevated, matched with skyrocketing interest rates on borrowing. Financial advisers and personal loan management experts may recommend adding more sources of income to cover their living expenses and loan repayments upon retirement.


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It’s no surprise that many people postpone any retirement plan and get back to the hustle and bustle of the office. A recent survey indicates that retirement delays in the private sector have doubled in the last year.

However, amidst rampant financial insecurity, more opportunities are being offered in the market. It may not be too late to compare various financial products and get one for retirement.

Retirement savings accounts and investments are the most common sources of retirement income. But there are more ways to improve your finances while building asset protection.

Life insurance may be the first thing you consider, but are you familiar with annuities? Research shows that 39% of investors aged 55 and above are not. Although that sounds like a lot, it’s still a notable improvement from 47% in 2014. Of those who do understand these financial plans, over 80% appreciate their value, which is an increase from pre-pandemic levels.

People are learning powerful lessons from the events of the last two years. This article considers annuities and how they work to provide you with a retirement income.

What Is a Non-Qualified Annuity?

Annuities are insurance contracts issued by financial institutions like banks and insurance companies, which guarantee a fixed investment fund payout in the future. You can invest in them or purchase them with premiums or lump-sum payments.

After accumulating funds, you can start receiving payments at a fixed schedule for a specific period or as long as you are alive. Even better, you can structure an annuity into different financial instruments, giving you more flexibility. So, annuities provide an effective retirement income stream if your savings are insufficient.

Annuities provide a consistent cash flow for annuitants upon retirement in addition to other ordinary income. It assures you of a steady income stream even if you outlive your assets. In the event that more than savings and dividends from investments are needed, it’s a good idea to consider purchasing an annuity contract.

But before we focus on non-qualified annuities, we must first differentiate annuity products from life insurance. The table below shows the fundamental difference between the two financial products.

Life Insurance vs. Annuity

Life Insurance

Annuity

A death benefit, so not a retirement plan. Payout is distributed as long as the recipient is alive.
Dependents receive the income. Policyholders receive fixed payouts like an income stream.
Life insurance is not subject to income tax. Subject to tax, but the extent varies according to type.

Put simply, annuities are the opposite of life insurance. They can be qualified or non-qualified, which determines how taxes may apply to them. A non-qualified annuity is an investment vehicle bought with after-tax dollars. It can help reduce taxes upon retirement while providing tax-deferred income.

But that doesn’t mean you can use them to avoid taxes completely. You don’t have to pay taxes as your money accumulates; instead, you will pay taxes when you receive a payout. Withdrawals and lump-sum payments are taxed as ordinary income, not capital gains. The good thing is that it only applies to gains or earnings of non-qualified annuities since taxes are already deducted upon purchase and contribution.

For example, let’s say you purchase a retirement plan. Once you reach retirement age, you can either take withdrawals or annuitize them. If you choose the former, taxes apply as last-in-first-out (LIFO).

The withdrawal amount is taxed first as the growth element of a non-qualified annuity. However, the extent of taxation is only up to the amount of gains. Once the withdrawn amount exceeds gains, subsequent withdrawals will become tax-free.

Let’s say your $100,000 deposit becomes worth $250,000; you’ve gained $150,000. So, every dollar you withdraw up to $150,000 is taxable. Gains are treated as the last in and are therefore taxed first.

It is possible to contribute to an annuity without paying taxes on payouts after retirement. You can accomplish this by funding it in a Roth account like a Roth IRA or Roth 401k. However, there are contribution limits to this type of retirement account.

What Is the Purpose of a Non-Qualified Annuity?

A non-qualified annuity is one of the best tax-deferred investment options for people who have already used up retirement plans offered by their employers. It’s another way to save while generating gains and receiving fixed payouts or a lump-sum value in the long run.

Often, annuities have two phases, namely, the accumulation and the distribution phase. The accumulation phase refers to the part where you pay premiums while your money grows. You may withdraw funds but face tax or early withdrawal penalties during this phase. Typically, the penalty amount is a specific percentage of the withdrawn amount.

The distribution phase happens when you receive payouts through self-directed withdrawals or scheduled payments. You have the option to either withdraw the lump-sum value or annuitize it. If you withdraw it, you will receive taxable earnings on top of the principal amount. That way, the principal amount remains intact while generating new earnings.

If you choose annuitization, it will provide you with a fixed income stream after retirement, but you cannot get the lump-sum value of the annuity. Either way, earnings are subject to taxes, but you have more control over your funds.

When the annuitant dies, the payout schedule and terms may vary. Some plans may allow you to have a beneficiary receive scheduled payments. Some do not have this option, so payouts end upon death. If you choose not to annuitize your fund, your beneficiary will receive a death benefit to the value of your annuity.

Qualified vs. Non-Qualified Annuity: How Are They Different?

As we discussed above, annuities can be qualified or non-qualified. As with the non-qualified type, individuals can contribute to their qualified annuities while their money increases. Accumulation and distribution phases are present in this type, too.

Additionally, they can get the lump-sum value or annuitize contributions for scheduled payments. But these annuity products have notable differences regarding contribution, distribution, and withdrawal mechanisms.

First, qualified annuities are purchased and funded with pre-tax dollars, unlike non-qualified ones. Contributions are deducted from the person’s gross income and increase tax-free.

Upon retirement, payouts are subject to taxes. But potential income may be smaller than non-qualified annuities due to contribution limits. Qualified annuities are capped according to the person’s income and whether they have other qualified pension plans.

With regard to early withdrawals, both types are subject to a penalty, typically 10%, but the extent may vary. Both types set a minimum withdrawal age of 59½, so withdrawals before that age have corresponding penalties.

For non-qualified annuities, only the earnings and interest are typically subject to the penalty. For qualified plans, the entire amount is subject to a tax penalty.

Once you reach the mandatory withdrawal age of 72, you can withdraw funds or receive a guaranteed income. That applies to qualified annuities, whereas non-qualified annuities do not set a mandatory withdrawal age. Once you withdraw or start receiving payouts, qualified annuities have a different tax treatment.

Except for a Roth IRA, these are subject to required minimum distribution (RMD) guidelines. The whole distribution amount is taxable for the payouts since the contribution is made using before-tax dollars. Also, if you purchase one to fund a retirement plan or an IRA, you will not have additional tax deferral benefits for that plan. But for a non-qualified annuity, only the earnings are taxable.

What Are the Different Types of Non-Qualified Annuity?

Before deciding what non-qualified annuity products are best for you, you must first investigate the different options. You may want to get one to cover your living expenses after retirement.

Knowing how much you need and how much return you want to generate is essential. That’s why proper financial planning is so important; the earlier, the better. Talking with a financial advisor may help you become familiar with your options.

Immediate and Deferred

Some annuities may start immediately upon the deposit of a lump sum of money. This is referred to as an immediate annuity. It’s the opposite of the typical annuity that has to season for a period of time and accumulate before funds can be withdrawn or annuitized.

Put simply, an immediate annuity is purchased with a single lump-sum payment. It then starts distributing payouts right after you buy it.

For example, you sell your car and use the proceeds to purchase an immediate annuity. It will provide you with an agreed-upon income scheduled for a specific number of years or as long as you live. However, you cannot invest or spend your purchased annuity in any other way.

Remember that you ensure a specific outcome when you buy immediate annuities, not investing. To be precise, the outcome you will get is income in your retirement years or for the specified period you prefer.

Annuities can also be structured as deferred benefits. A deferred annuity or deferred income annuity will take time to pay out after the initial payment. Instead, holders choose an age at which they will start receiving payouts.

This type is more suitable for a retirement account. Since it is a tax-deferred growth annuity, you only pay tax when you withdraw. This is the typical sort as opposed to an immediate annuity.

Also, a deferred non-qualified annuity has no contribution limits. You can even invest it with an insurance firm and choose among fixed, variable, equity-indexed, and longevity contracts. You will pay income tax on gains once you withdraw.

Depending on which type you choose, you may or may not recover some portion of the principal invested. It’s more typical in a straight or lifetime payout for there to be no refund. The payments continue as long as the annuitant lives, and there is no death benefit.

There are some options in which annuitants can declare beneficiaries and continue receiving payments once they die. But if the annuity is only for a specific period of time, payouts will last until the period ends. Annuitants or their beneficiaries can withdraw or refund the remaining principal.

Fixed, Variable and Indexed

Annuities can be structured according to varying levels of risk tolerance. Financial advisors will consider market volatility and your financial position before taking risks. You may prefer to play it safe, but you stand to benefit from higher potential returns if you agree to face more risk.

A typical example of a safe investment is a fixed annuity. This type has a guaranteed and conservative interest rate set by the insurance company. The fixed option is a perfect fit for low-risk investments.

On the other hand, a variable annuity is invested in securities like stocks, bonds, and mutual funds, which tend to yield more. The earnings are based on the performance of the securities you select. You may choose either type or a combination of the two.

Variable annuities are riskier, especially now that market volatility remains high, leading to a bearish trend in the stock and bond market. Therefore, they are more suitable for those with higher risk tolerance.

If you want better returns than a fixed annuity but wish to avert risks in a variable annuity, consider choosing an equity-indexed annuity. With this type, you may enjoy the best of both worlds. You can realize upside growth based on market performance without negative yields.

This annuity generates credited interest varying with the performance of an equity market benchmark. It includes the S&P 500 and NASDAQ composite indexes. But since it has a 0% floor, some EIA cap gains and fees can eat away a huge chunk of the account value during downtrends in the market benchmark.

Protect Yourself, Learn More About Non-Qualified Annuity

Having a foolproof retirement plan has become more crucial than ever. You have to ensure adequate financial capacity, especially during economic downturns. Fortunately, a non-qualified annuity promises financial safety. You can generate an income stream to fund your living expenses after retirement while adding an extra layer of protection.

The post What You Need To Know About Non-Qualified Annuities appeared first on Due.

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Layoffs Abound, But These Major Companies Are Still Hiring

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This year started off with massive layoffs — from Big Tech to real estate and beyond.

But it’s not all bad news.

Though many industries continue to brace for more job cuts, some of the most well-known companies are still hiring, per Insider.

Related: These Are the 2 Reasons Apple Has Avoided Mass Layoffs So Far

Economists remain optimistic about the 2023 job market, CNBC reported, noting that blue-collar workers may have more job security than white-collar employees. ZipRecruiter chief economist Julia Pollak told CNBC that despite headlines about mass layoffs, many companies “are starved for talent and leaving money on the table because they can’t run at full capacity.”

Related: Layoffs Affecting 1,600 Tech Workers a Day on Average in 2023

See Insider’s full list of hiring companies and the number of jobs they’re looking to fill below.

Chipotle: 15,000 jobs

Boeing: 10,000 jobs

United Airlines: 2,500 jobs

Airbus: 13,000 jobs

Alaska Airlines: 3,500 jobs

Bloomberg: 1,000 jobs

Moderna: 2,000 jobs

Palantir Technologies: A few hundred jobs

Binance: 15%-30% workforce increase

Hudson Tunnel Project: 72,000 jobs

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6 Ways to Celebrate Black History Month beyond February

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Opinions expressed by Entrepreneur contributors are their own.

Celebrating Black History Month is a great way to honor the significant contributions African Americans have made throughout history. However, to create a truly equitable workplace and ensure that our employees feel seen, heard and valued daily, it’s essential to recognize Black history as an integral part of American history throughout the year.

Research shows that workplace diversity positively impacts employee engagement and productivity. In other words, creating an environment of inclusivity for all employees isn’t just the right thing to do, but it also makes good business sense. An authentic celebration of Black heritage throughout the year can help companies foster understanding and empathy among coworkers from different backgrounds. Such a celebration also allows employees to learn more about their colleagues’ experiences, promoting a deeper sense of community and understanding.

Related: It’s Black History Month. Here’s How to Show Black Employees You Care.

By recognizing Black history all year long, companies can show their employees they care while demonstrating a commitment to creating an environment where everyone feels seen, heard, valued and respected. Celebrating Black culture is one way to ensure all employees feel included in the workplace, no matter what month it is.

Here are six ways to be a better ally and celebrate Black History Month beyond February:

1. Celebrate authentic Black history and culture

Make sure that all employees have access to accurate and current information about the African-American experience and contributions throughout history. Encourage employees to learn more about the accomplishments of African Americans in a variety of fields — from science and engineering to art, music and literature.

How to implement it: Provide employees with a list of books, movies and articles by African Americans that tell the stories of African Americans throughout history. As opposed to non-African Americans telling the stories about African Americans (which has been the norm for too long).

Related: Be Intentional About Diversity

2. Plan authentic events

Celebrate Black History Month by planning events that make meaningful connections to the African-American experience. Invite guest speakers to share their unique perspectives on Black success stories and create opportunities for employees to engage in dialogue about important topics such as race, identity and inclusion.

How to implement it: Engage in an open dialogue with employees about the types of events they would like to participate in, such as movie screenings, group discussions and panel talks. Use their input to plan engaging activities focusing on Black culture and history.

Related: Here’s the No. 1 Question White Leaders Ask Me About Black History Month

3. Show authentic support

Show employees that their contributions are seen and valued by celebrating their success throughout the year. From recognition awards to career advancement opportunities, ensure you’re actively engaging with all of your employees so they know their work is appreciated.

How to implement it: Highlight employee achievements in company newsletters and recognize them at team meetings. These small gestures can go a long way in making your workplace more inclusive for everyone!

4. Host educational events

Consider hosting educational events such as lectures, workshops and brown bag lunches that focus on learning more about the roots of Black history in America. Provide professional development resources and opportunities for employees to engage in meaningful conversations around race, culture, and inclusion.

How to implement it: Invite experts in the fields of African American studies or Civil Rights to speak to employees about the history and legacy of Black people in America.

5. Incorporate inclusive resources into training

Include inclusive language, images, historical facts, etc., into all existing workplace diversity curriculums and training materials. Such a universal approach will help employees become more aware of the impact that race, gender and ethnicity have on daily workplace interactions.

How to implement it: Incorporate examples from Black history into existing diversity training materials such as videos, readings, and case studies. Ask employees for feedback about which resources would be most useful for learning more about Black history and culture.

6. Develop authentic mentorship programs

Invest in mentorship programs focusing on developing collaborations between African American employees and their colleagues of other ethnic backgrounds. Establish safe spaces where everyone can share their experiences openly and without judgment.

How to implement it: Create an inclusive environment through team-building exercises, cross-cultural conversations and networking events. Facilitate dialogue among employees of different backgrounds and encourage them to share their insights and ideas.

Celebrating Black History Month is an important way to remind everyone of the contributions African Americans have made to our society over the last several hundred years. Yet it’s also important that we recognize these achievements throughout the year in the workplace. By incorporating authentic resources into the workplace, employers can create a more inclusive atmosphere for all employees — no matter what month it is.

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3 Growth Stocks to Buy Now Before They Heat up

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The gradual decline in inflation and decelerating wage growth might prompt the Fed to slow the pace of rate hikes this year, which might help growth stocks to stage a recovery. So, fundamentally strong growth stocks Salesforce (CRM), HF Sinclair (DINO), and Box (BOX), which look poised to soar in the near term, might be ideal buys now. Keep reading.

December’s Consumer Price Index (CPI) fell 0.1% for the month, in line with the Dow Jones estimate, marking the largest month-over-month decrease since April 2020. Moreover, the Labor Department reported that employers added 223,000 jobs in December 2022, reflecting a slowdown from the pace of job creation seen earlier in the year.

Also, average hourly pay, which had been increasing at an annual rate of 5% in September, fell to 4.6% in the month.

The sky-high inflation and the Fed’s aggressive interest rate hikes to tame it have affected growth stocks significantly last year. However, the easing inflationary pressures and declining wage growth signals that the Fed’s rate hikes are having their intended effect, which might prompt the Fed to slow its rate hike pace.

The Fed is widely anticipated to deliver a 0.25 bps rate hike in its next meeting, a step back from a 0.50 bps hike last month.

Furthermore, as per Fundstrat Global Advisors co-founder Tom Lee, US stocks will surge back toward record highs in 2023 once the Federal Reserve signals that it’ll ease up on its monetary-tightening campaign. Lee also said that he expects the S&P 500 to steadily climb to hit 4,800 points this year.

Given this backdrop, fundamentally strong growth stocks Salesforce, Inc. (CRM), HF Sinclair Corporation (DINO), and Box, Inc. (BOX) might be ideal buys for solid returns this year.

Salesforce, Inc. (CRM)

CRM provides customer relationship management technology that brings companies and customers together worldwide. The company’s service offerings include Sales, Service, Marketing, and Commerce. The company provides its services through direct sales, consulting firms, systems integrators, and other partners.

The company’s forward Price/Book multiple of 2.79 is 32.8% lower than the industry average of 4.15.

During the third quarter that ended October 31, 2022, CRM’s total revenues increased 14.2% year-over-year to $7.84 billion. The company’s gross profit increased 14.5% year-over-year to $5.75 billion, and non-GAAP income from operations increased 30.9% year-over-year to $1.78 billion.

The consensus EPS estimate of $1.36 for the fiscal fourth quarter ending January 2023 indicates a 62.3% improvement year-over-year. The consensus revenue of $8 billion for the same quarter represents a 9.2% year-over-year growth. CRM has an impressive earnings surprise history as it has surpassed the consensus EPS and revenue estimates in each of the trailing four quarters.

Also, the company’s revenue and levered free cash flow have grown at a CAGR of 24.1% and 21.8%, respectively, over the past three years.

The stock has gained 26.7% over the past month to close the last trading session at $167.97.

CRM’s POWR Ratings reflect its promising outlook. The stock has an overall rating of B, which translates to Buy in our proprietary rating system. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree.

It has an A grade for Growth and a B for Sentiment. Within the 138-stock Software – Application industry, it is ranked #27.

Beyond the POWR Ratings just highlighted, you can access additional CRM grades for Value, Momentum, Stability, and Quality here.

HF Sinclair Corporation (DINO)

DINO is an independent petroleum refiner that produces and markets high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel, and other specialty products.

Its forward non-GAAP P/E of 3.80x is 53.8% lower than the industry average of 8.23x. Its 0.27 forward non-GAAP PEG multiple is 59.6% lower than the industry average of 0.68.

The company pays $1.20 annually as dividends, which translates to a yield of 2.81% at the current price. Its four-year average dividend yield is 2.99%.

DINO’s sales and other revenues grew 126.2% year-over-year to $10.60 billion for the third quarter that ended September 30, 2022. Its adjusted EBITDA increased 267.9% year-over-year to $1.50 billion. The company’s adjusted net income increased 368.2% year-over-year to $982.90 million, while its adjusted EPS rose 257.8% year-over-year to $4.58.

Street expects DINO’s revenue to increase 106.6% year-over-year to $37.99 billion for the fiscal year 2022. Its EPS is expected to rise 789% year-over-year to $14.96 for the same year. The company has surpassed the consensus revenue estimates in all of the trailing four quarters.

Moreover, the company’s net income and EPS have grown at a CAGR of 39.1% and 33%, respectively, over the past three years.

The stock has gained 9.7% over the past month and 61.8% over the past year to close the last trading session at $56.90.

It is no surprise that DINO has an overall rating of B, equating to a Buy in our POWR Ratings system.

It has a grade of A for Growth and Momentum and a B for Quality. It is ranked #10 among 93 stocks in the B-rated Energy – Oil & Gas industry.

In addition to the grades stated above, we’ve also rated DINO for Value, Sentiment, and Stability. Get all DINO ratings here.

Box, Inc. (BOX)

BOX provides a cloud content management platform that enables organizations of various sizes to manage and share their content from anywhere on any device.

On January 10, BOX announced that BETC, a global communications, marketing, and advertising agency, have chosen BOX’s secure content management capabilities to power collaboration and accelerate processes around content management.

Sebastien Marotte, President of EMEA at BOX, said, “We’re delighted to support BETC in powering the next generation of creative content for their prestigious clients. We look forward to our continued partnership as BETC continues to expand its use of Box and develop its Content Cloud journey.”

In terms of forward non-GAAP PEG, BOX is currently trading at 1.36x, which is 14.8% lower than the industry average of 1.60x. Its forward Price/Cash flow multiple of 16.32 is 11.2% lower than the industry average of 18.37.

BOX’s revenue increased 11.6% year-over-year to $249.95 million in the third quarter that ended September 30, 2022. Its gross profit rose 15.2% year-over-year to $185.46 million. Also, its EPS came in at $0.03, compared to a loss per share of $0.12 in the year-ago period.

Analysts expect BOX’s revenue to rise 9.9% year-over-year to $256.48 million in the fiscal fourth quarter ended January 2023. Its EPS is estimated to grow 42.6% year-over-year to $0.34 in the same quarter.

Its revenue and levered free cash flow have grown at a CAGR of 15.1% and 29.1% over the past five years.

The stock has gained 22.4% over the past year to close the last trading session at $31.99. It has gained 10.1% over the past month.

BOX’s strong fundamentals are reflected in its POWR Ratings. It has an overall B rating, which equates to a Buy in our proprietary rating system.

It also has an A grade for Growth and Quality and a B for Value. BOX is ranked #6 among the 78 stocks in the Technology – Services industry.

Click here for the additional POWR Ratings for Stability, Momentum, and Sentiment for BOX.

Consider This Before Placing Your Next Trade…

We are still in the midst of a bear market.

Yes, some special stocks may go up. But most will tumble as the bear market claws ever lower.

That is why you need to discover the brand new “Stock Trading Plan for 2023” created by 40-year investment veteran Steve Reitmeister. There he explains:

  • Why it’s still a bear market
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You owe it to yourself to watch this timely presentation before placing your next trade.

Stock Trading Plan for 2023 >


CRM shares were trading at $168.63 per share on Wednesday morning, up $0.66 (+0.39%). Year-to-date, CRM has gained 27.18%, versus a 5.98% rise in the benchmark S&P 500 index during the same period.


About the Author: Kritika Sarmah

Her interest in risky instruments and passion for writing made Kritika an analyst and financial journalist. She earned her bachelor’s degree in commerce and is currently pursuing the CFA program. With her fundamental approach, she aims to help investors identify untapped investment opportunities.

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The post 3 Growth Stocks to Buy Now Before They Heat up appeared first on StockNews.com

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