Pension Release: What Is Annuity

by Pension Release by Pension Forecast

Charles asks…

What do to have my brother’s military annuity checks sent to me? My brother is mentally handicapped.?

My brother is a military dependent from birth and can not handle my dad’s annuity checks. He is mentally handicapped 60 year old. Do I need to become his legal guardian? Our dad was in the military for 30+ years.

Pension Release by Pension Forecast answers:

Seek a legal clinic for advice. You probably need to become a conservator or legal guardian or something.

Susan asks…

How can I get my money from my annuity?

Lincoln financial group won’t let me cash in my annuity. I’ve had it for 15 years with my husband as beneficiary. He passed away and they are claiming that it is his money and I can’t have it. It is my annuity in my name, he was beneficiary. What steps can I take to get my money?

Pension Release by Pension Forecast answers:

Have YOUR attorney demand COMPLETE documentation on the annuity. Until you have that, not even an attorney can tell you if the information you provided is accurate. If they screwed up and opened the account in HIS name, your have to show you are HIS beneficiary.

Sharon asks…

Losing SSI bya blind person who received a gift or annuity?

What happends if a blind person (blind since birth) who gets SSI benefits receives annuity of more than lets says $70 000? Assume that her age is 58 and she has never worked. Does she has to report that?

Pension Release by Pension Forecast answers:

Yes, she does. And since SSI has an asset cap of $2,000, that means that her benefits will in fact stop.

If she tries to ‘hide’ the asset and the Soc. Sec. Admin. Finds out about it (which they probably will), she will have to pay back any benefits received during the time since she was actually no longer eligible to receive them.
“The limit for countable resources is $2,000 for an individual and $3,000 for a couple.”

Maria asks…

(Present value of an annuity) What is the present value of the following annuities?

what is the formula to figure this out?

Pension Release by Pension Forecast answers:

Present value = Cash flow x Factor.

To simplify the explanation, you have a present value of $200 annuity for 3 years at 10%.

To figure the Factor, you need to look at the present value table in your accounting textbook, usually in the back or appendix. It’s usually titled something like “Present Values of An Annuity of $1 per Period.” The hardest part for newbies is figuring out which present value tables to use.

N = the 3 years (or period). Go across the chart until you see the 10%. So, the Factor is 2.4869 or 2.487, depending on your textbook.

PV = $200 x 2.4869
PV = $497.38

Ken asks…

Why present value of an annuity received in the future is less than its nominal value @ the time of receipt?

Under what condition(s) would the two be equal?

Pension Release by Pension Forecast answers:

Interest. Only equal if interest rate is 0.

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