JoeyRock58
New Member
- 16
I had no idea that this forum was going to have this much information anything I want to know so far has already been posted. Thank all of you 
JoeyRock58
JoeyRock58
Whats HOT Right Now
- Thread starter HarryRenard
- Start date
- 924
Annuities are not just for seniors, however...
If you sell an annuity to someone 50 and they run into a problem in 5 years and need to cash out, you had better have something in writing (and signed) proving you discussed the 10% penalty on top of the early withdrawal fees.
If you sell an annuity to someone 50 and they run into a problem in 5 years and need to cash out, you had better have something in writing (and signed) proving you discussed the 10% penalty on top of the early withdrawal fees.
- 2,455
I have them initial every page of the app (IRS penalty is on one of those pages)...........along with all the signatures. I also say the penalty is "currently" 10% and I am not a "tax advisor" however I'm happy to field questions and have two full time CPA's on staff.
I let them know on any retirement vehicle there is almost always IRS penalty (in addition to surrender charges on annuities) for taking it out early with some exceptions......
The early withdrawal penalty does not apply to distributions that:
Occur because of the IRA owner's disability. (This can be a very narrow definition, so if you get a severe paper cut, don't consider a Roth IRA distribution for a disability until you review IRS Code Section 72(m)(7) and IRS Publication 590.)
Occur because of the IRA owner's death.
Are a series of "substantially equal periodic payments" made over the life expectancy of the IRA owner.
Are used to pay for unreimbursed medical expenses that exceed 7 1/2% of adjusted gross income (AGI).
Are used to pay medical insurance premiums after the IRA owner has received unemployment compensation for more than 12 weeks.
Are used to pay the costs of a first-time home purchase (subject to a lifetime limit of $10,000).
Are used to pay for the qualified expenses of higher education for the IRA owner and/or eligible family members.
Are used to pay back taxes because of an Internal Revenue Service levy placed against the IRA.
Here is a good article:
Roth IRA early withdrawals and penalties - Fool.com
I let them know on any retirement vehicle there is almost always IRS penalty (in addition to surrender charges on annuities) for taking it out early with some exceptions......
The early withdrawal penalty does not apply to distributions that:
Occur because of the IRA owner's disability. (This can be a very narrow definition, so if you get a severe paper cut, don't consider a Roth IRA distribution for a disability until you review IRS Code Section 72(m)(7) and IRS Publication 590.)
Occur because of the IRA owner's death.
Are a series of "substantially equal periodic payments" made over the life expectancy of the IRA owner.
Are used to pay for unreimbursed medical expenses that exceed 7 1/2% of adjusted gross income (AGI).
Are used to pay medical insurance premiums after the IRA owner has received unemployment compensation for more than 12 weeks.
Are used to pay the costs of a first-time home purchase (subject to a lifetime limit of $10,000).
Are used to pay for the qualified expenses of higher education for the IRA owner and/or eligible family members.
Are used to pay back taxes because of an Internal Revenue Service levy placed against the IRA.
Here is a good article:
Roth IRA early withdrawals and penalties - Fool.com
Last edited:
- 1,802
You must be doing pretty good to have 20 clients and 2 full time CPA's on staff.
Sounds like my kind of clients..........
- 2,455
Well there is over 60 agents. They are mainly there for the firm but we have access to them, which is a nice perk.
As long as we don't abuse the perk, it's all good.
Also a couple of certified financial planners. Thing is, if you go to most of the agents in the office for help on a case then they want in on the action.
Some, like me, aren't greedy like that. That's why I like the forum. Plus I also have to hope that the client likes the other agent if I bring them in on a case and if I don't care for them very much generally my client also won't.
One guy that helps me I like but he is working another part of the state so it is hard to schedule with him plus he works with older people mostly and I work more with younger people and "flow" not so much single premium.
As long as we don't abuse the perk, it's all good.
Also a couple of certified financial planners. Thing is, if you go to most of the agents in the office for help on a case then they want in on the action.
Some, like me, aren't greedy like that. That's why I like the forum. Plus I also have to hope that the client likes the other agent if I bring them in on a case and if I don't care for them very much generally my client also won't.
One guy that helps me I like but he is working another part of the state so it is hard to schedule with him plus he works with older people mostly and I work more with younger people and "flow" not so much single premium.
- Thread starter
- #16
- 1,802
I will check when I get to the office on Monday and let you know.
Top GA contract is 5% comp.
- 1,802
Harry,
The product is available in the state of Maryland. Let me know if you need some brochures.
The product is available in the state of Maryland. Let me know if you need some brochures.
- 132
Insuranceexec, I am thinking of going indy, I work for a wire right now, what marketing strategies do you use in order to get in front of qualified prospects. Thanks BudFox.
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