Insights - Elite Income Advisors, Inc.

Illustrated risk scale showing fixed, indexed, structured, and variable annuities from low to high risk.

4 Types of Annuities and How They Work for Retirement Income

TL;DR: Annuities can play a valuable role in retirement planning by helping turn savings into predictable income. This guide breaks down the main types of annuities and explains how each one works in real-world retirement scenarios. Annuities are designed to provide steady income, often for life Different annuity types balance growth potential, safety, and income […]

Annuity vs. pension comparison represented by life insurance and annuities written on sticky notes held in hands

Annuity vs. Life Insurance: Understanding the Differences

TL;DR: Annuities and life insurance solve different financial problems. Annuities focus on lifetime income and longevity risk, while life insurance focuses on protection and legacy planning. Annuities address income and longevity risk Life insurance addresses protection and legacy risk The difference between life insurance and annuity products comes down to timing and purpose Annuities are […]

Qualified vs. non-qualified annuity concept with stacked wooden blocks labeled qualified, longevity, annuity, and contract

Qualified vs. Non-Qualified Annuities: What You Need to Know

TL;DR: The difference between a qualified vs. non-qualified annuity comes down to where the money came from (pre-tax retirement account vs. after-tax savings), which drives how contributions and withdrawals get taxed. A qualified annuity is funded with pre-tax retirement dollars (like a traditional IRA or 401(k)), so distributions are generally taxed as ordinary income. A […]

A person attempts to navigate their personal financial planning on their own.

Personal Financial Planning Tips for Long-Term Security

TL;DR: Personal financial planning helps you organize your money, reduce risk, and build long-term security. A clear plan connects daily decisions to future goals so you can adapt as life changes. Personal financial planning is a structured process, not a one-time event. Simple frameworks like the 70/20/10 rule and the 5 C’s make decisions easier. […]

Older self-employed professional in work clothes reviewing self-employment retirement funds on a laptop.

Self-Employed Retirement Plans: Options to Save for the Future

TL;DR: Self-employed retirement plans work differently from employer plans, but they often offer more flexibility and higher contribution potential. The right structure depends on income stability, tax goals, risk tolerance, and how much control you want. Self-employed individuals can choose from multiple retirement options, not just IRAs The popular “$1,000 a month rule” still offers […]

Annuity vs. pension comparison showing annuities as growing retirement income through steady savings and long-term planning

Annuity vs. Pension: Comparing Retirement Income Options

TL;DR: If you’re weighing annuity vs pension for retirement income, the right choice depends on how much control, flexibility, and certainty you want over your future cash flow. A pension provides employer-backed lifetime income with limited flexibility. An annuity converts personal savings into guaranteed income with customizable features. The difference between annuity and pension often […]

An older woman works from home in a sunny office.

Retirement Planning for Self-Employed Professionals 101

TL;DR: Self-employed professionals have powerful opportunities to save for the future, but without employer-sponsored benefits, retirement planning for self-employed individuals requires intentional strategy and the right mix of tax-advantaged accounts. This guide outlines how to plan effectively, choose the right savings vehicle, and create a long-term income strategy for retirement. Define your retirement vision and […]

A man of retirement age holds a small Maryland state flag.

How Maryland Taxes Affect Your Retirement Income

TL;DR: Understanding how Maryland retirement taxes impact your income is crucial to protecting your savings and maintaining your lifestyle in retirement. This blog explains which income sources are taxable, which are exempt, and how retirees can take advantage of Maryland’s available tax breaks to reduce their overall burden. Social Security benefits are fully exempt from […]

Sheets of colorful paper reading Roth IRA, 401(k), and IRA on a desktop.

Retirement Plan vs IRA: Pros, Cons, and Tax Implications

TL;DR: Understanding the differences between a Roth IRA vs 401(k) is essential for shaping your long-term savings and minimizing taxes in retirement. This blog breaks down how these accounts work, how they’re taxed, and which may better fit your goals depending on income, flexibility, and employer benefits. 401(k)s offer higher contribution limits and potential employer […]

An open notebook reading "Qualified vs. Non-Qualified Retirement Plans?" with a large question mark.

Qualified vs Non-Qualified Retirement Plans: Key Differences Explained

TL;DR: Understanding the difference between qualified vs non-qualified retirement plans is essential for building a well-rounded, tax-efficient retirement strategy. This blog explains how each plan type works, its tax and regulatory implications, and how to decide which best supports your long-term income goals. Qualified retirement plans (like 401(k)s and 403(b)s) meet IRS and ERISA requirements, […]

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