How Taxes Affect Your Flexible Retirement Annuity Withdrawals

Planning for retirement can feel like a maze. Each turn brings new financial choices. A key factor is knowing how taxes affect your annuity withdrawals. This knowledge is crucial for optimizing your retirement income and ensuring your nest egg lasts as long as possible.

Read on to learn how taxes affect your flexible retirement annuity withdrawals.

Timing of Withdrawals

The timing of your withdrawals can also play a significant role in the tax consequences. By carefully planning when and how much to withdraw, you may be able to minimize the amount of taxes owed on your retirement income.

Flexible retirement annuity plans allow you to choose when and how much you want to withdraw each year. This flexibility can be beneficial for tax planning purposes as well. For example, if you have a lower income and are in a lower tax bracket for one year, it may make sense to withdraw more from your annuity during that time.

Tax-Deferred Growth

The tax on flexible retirement annuity withdrawals depends on if the funds were pre or post-tax. Pre-tax contributions, such as those made to a traditional IRA or 401(k), are taxed at the time of withdrawal. This means that all your withdrawals from these accounts will be subject to income taxes at the current tax rate.

On the other hand, post-tax contributions, also known as Roth contributions, are not taxed upon withdrawal. Be sure to go to Annuity Rates HQ to see the current rates. This can provide significant tax advantages in retirement, as you will not be subject to income taxes on these funds.

Required Minimum Distributions

Also, consider required minimum distributions (RMDs) when planning your annuity withdrawals. Partial withdrawals from your annuity may satisfy your RMD. But, consult a financial advisor to ensure you meet these obligations.

If you fail to take out the required minimum amount each year, you may face steep penalties and taxes on the amount not withdrawn. Keeping track of your RMDs is a vital part of managing your retirement income and avoiding unnecessary taxation.

Impact of State Taxes

Consider state taxes on your flexible retirement annuity withdrawals, along with federal taxes. Each state has its own tax regulations and rates concerning retirement income, which can vary significantly.

Some states, like Florida and Texas, don’t tax withdrawals. Others tax retirement income at varying rates.

Knowing your state’s tax laws can help you withdraw money more efficiently. It might be worthwhile to consult with a local tax expert to ensure your retirement strategy aligns with state-specific laws.

Social Security Benefits

Another key point in retirement planning is your withdrawal from flexible retirement annuities. They may affect your Social Security benefits. Withdrawing large sums from your annuities could raise your income.

This may increase your tax on your Social Security benefits. This is due to the formula used by the IRS to determine how much of your benefits are taxable, based on your combined income.

Balancing your annuity withdrawals with your Social Security can lower your taxes in retirement. A financial advisor can be invaluable. They should know annuity options and Social Security rules. They can help create an effective withdrawal strategy.

Learning About Flexible Retirement Annuity Withdrawals

Understanding the tax implications of flexible retirement annuity withdrawals is crucial for maximizing your retirement income. By considering factors, you can create a comprehensive plan that minimizes your tax burden and ensures your savings last throughout your retirement years.

Be sure to consult with financial experts and stay informed on current tax laws to make the most out of your flexible retirement annuity.

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The Magnetic Appeal of Labubu, Sonny Angel, & Bag Charms

Whether you’re a Gen Z trendsetter, a millennial fashionista, or simply someone who loves to accessorize, the bag charm craze has something for everyone. Bag charms have become more than just fun trinkets as they’re now essential fashion statements that let us express our unique personalities.

High-end brands like Miu Miu have caught on to the bag charm craze, infusing a touch of humor and whimsy into their designs. Miu Miu’s leather flowers, key tricks, and mini pouches may come with a hefty price tag (from S$605), but they add a dash of personality to one’s bag. And then there’s Sonny Angel and Labubu – two must-have collectible that’s quickly becoming a sensation across Southeast Asia.

Image Credits: miumiu.com/sg

During a recent trip to Bangkok, I couldn’t help but notice the buzz around Pop Mart’s shop. The long queue was a clear sign that Labubu dolls, those quirky little collectibles, have taken Asia by storm. Thailand, in particular, has emerged as a Labubu hotspot, with the largest stock in the region and the first-ever Labubu concept store outside China. The Thai government has even embraced Labubu’s popularity, using it as a tool to boost tourism. A life-sized Labubu mascot dressed in traditional Thai attire made rounds in Bangkok, visiting landmarks and immersing itself in the local culture.

Even Hollywood stars like Anne Hathaway and Dua Lipa, along with K-pop icon Lisa from Blackpink, have been spotted flaunting their bag charms, proving that the strength of this trend.

SONNY ANGEL

Sonny Angel, the pocket-sized dolls that first debuted in 2004, have experienced a resurgence in recent years. These tiny figures, priced between S$12.50 and S$16.50 at local retailers such as Hands and Kinokuniya Book Stores, have become highly sought after. In fact, demand is so high that some rare Sonny Angel are being sold for up to 50 times their original price on platforms like Carousell. Collectors even go the extra mile, purchasing tiny outfits and furniture from Daiso to deck out their Angels in style.

Image Credits: facebook.com/mnimehubcebu

For those looking to show off their collection, DIY keychains or clear PVC display bags are a popular choice and they’re easy on the wallet, too, with prices starting at just S$1.90 on Lazada.

LABUBU

If you’re not yet familiar with Pop Mart, now’s the time to get acquainted. Based in Beijing, Pop Mart specializes in adorable vinyl toys and blind boxes, with a growing fanbase worldwide. Among their standout characters is Labubu, the mischievous creation of artist Kasing Lung. With its pointy ears, cheeky grin, and sharp teeth, Labubu quickly captured hearts and became a must-have collectible.

Originally introduced as part of a group called “The Monsters”, inspired by Nordic fairy tales, Labubu was brought to life through an exclusive licensing deal with Pop Mart in 2019. Since then, Labubu has been released in various formats including keychains, plush toys, vinyl figures, and more.

For those looking to start or expand their Labubu collection, figurines from the Monsters Carnival series range from S$23.53 to S$52.52. Special figurines, like the Labubu Climber Figurine, can fetch up to S$129.90. But with the rise in popularity, it’s crucial to buy from reputable sellers to ensure you’re getting the real deal. The figurines can also be placed in clear PVC display bags and be attached to your bag’s chain.

What’s more? Collectible shows like the Pop Toy Show, often feature limited-edition Labubu dolls such as the Singapore-exclusive Merlion Labubu pendant, which adds an exciting element of surprise to your collection. These shows are a must-visit for anyone looking to snag exclusive pieces before they sell out.

Image Credits: facebook.com/popmartglobal

As someone who’s also excited to jump on the bag charm bandwagon, I totally get the thrill of finding that perfect charm to match one’s style. No matter if you’re drawn to the playfulness of Miu Miu’s designs, the nostalgia of Sonny Angel, or the whimsical world of Labubu, there’s no shortage of options to explore.

Happy decorating!

Sources: 1,2, & 3

 

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You’ll Love These 5 Affordable Cafes with Free WiFi

Finding the ideal spot to work or study can make all the difference in your productivity. Whether you’re someone who thrives in a busy atmosphere or prefers a quiet nook, there’s something special about working in a cozy cafe. And let’s be honest, free WiFi is non-negotiable.

The good news? You don’t have to settle for the usual suspects like McD’s or Starbs. There are plenty of cafes where you can get your work done, sip on a delicious beverage, and soak up the ambiance. Consider these affordable cafes where you can enjoy free WiFi and a cup of coffee while you work or study.

#1: AN ACAI AFFAIR

Looking for a quiet, work-friendly space? Head to Bukit Timah’s An Acai Affair. This cafe not only offers free WiFi but also provides a serene atmosphere perfect for getting work done without distractions. Plus, the aesthetically pleasing decor makes it a joy to sit down with an acai bowl and dive into your tasks. Prices for these delicious, healthy bowls start at just S$6.90. BTW, my mom is a big fan!

Image Credits: anacaiaffair.com

Location: 617 Bukit Timah Road, Singapore 269718
Website: anacaiaffair.com

#2: I2 THE WOODS CAFE

With its charming decor and wooden furnishings, i2 The Woods Cafe offers a homely, peaceful ambiance that’s perfect for working or studying. Besides free WiFi and power outlets, you’ll sometimes find events like chess or arts workshops taking place. Enjoy a Piccolo Latte for S$6.50, or try their specialty drinks such as the Floating Iceberg for S$8.45.

Image Credits: facebook.com/p/i2-The-Woods-Cafe-100023430863884

Location: 26 Jalan Kelulut, Singapore 809043
Website: facebook.com/p/i2-The-Woods-Cafe

#3: TWENTY GRAMMES

If you love a minimalistic, industrial vibe, Twenty Grammes in Kampong Glam is your go-to spot. Known for its gelato swirls, waffles, and cakes, this cafe is also a haven for those looking to work in a relaxed environment with free WiFi. Sip on a single espresso shot for S$3.50, or indulge in a Matcha Latte for S$6.00. Pair it with a Salted Caramel Brownie (S$4.50) or a Peanut Butter Walnut Banana Toast (S$8.00) for a complete treat during a work session.

Image Credits: facebook.com/twentygrammes

Location: #01-01, 753 North Bridge Road, Singapore 198721
Website: facebook.com/twentygrammes

#4: CLAP CAFE

Gather your coworkers or friends for a productive day at Clap Cafe. This quaint spot offers a designated section where you can work and discuss without interruptions. After a brainstorming session, recharge with a signature drink starting at S$8, a slice of in-house made cake, or a cup of loose leaf tea starting at S$6. Coffee here starts at a reasonable S$5.

Image Credits: instagram.com/clapcafe.sg

Location: #01-28, Waterloo Centre, 261 Waterloo Street, Singapore 180261
Website: instagram.com/clapcafe.sg

#5: TWENTY EIGHT CAFE

Tucked away along the quiet stretch of Wilkie Road, Twenty Eight Cafe has been a crowd favorite since 2018. This bright and airy cafe offers plenty of natural light, making it an ideal workspace. It’s spacious enough for group projects, yet still cozy for solo digital nomads.

Affordable coffee options start at S$4.90 for a shot of espresso. You’ll also find fresh juices, cold-brewed tea, smoothies, and milkshakes on the menu. To fuel your work session, dig into a hearty brunch or snack on finger foods like fries and churros, starting from S$8.

Location: #01-06, 28 Wilkie Rd, Singapore 228051
Website: facebook.com/TwentyEightCafe

Image Credits: unsplash.com

These cafes offer the perfect blend of ambiance, affordability, and that all-important free WiFi, ensuring you can work or study in comfort without being broke.

Sources: 1 & 2

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Most Beautiful & Delicious Mooncakes for Under S$100

The Mid-Autumn Festival, celebrated on the 15th day of the eighth lunar month, marks the end of the autumn harvest and is a time of reunion under the glowing full moon. In 2024, this festival falls on September 17th.

In Singapore, the festival is a time for families to enjoy vibrant Chinese lantern displays and other light shows at night. Children especially love the Mid-Autumn Festival for the mooncakes and the chance to parade around town holding lanterns with their parents.

MOONCAKE TRADITION

Mooncakes are the quintessential treat of the Mid-Autumn Festival. Traditionally filled with sweet bean paste or lotus seeds, these round pastries have deep cultural significance. The shape of the mooncake symbolizes the full moon, reflecting the festival’s origins in moon worship and harvest celebrations. While the religious aspects have faded, the mooncake remains a delicious and meaningful part of the festivities.

In earlier times, lanterns were crafted from colorful Chinese paper and lit with wax candles. Today, you’ll see lanterns made from cellophane bags and hangar wires, or store-bought versions powered by batteries and shaped like popular cartoon characters.

WHERE TO BUY THEM

#1: INTERCONTINENTAL SINGAPORE

For a luxurious mooncake experience, Man Fu Yuan at InterContinental Singapore offers a collection that’s as gorgeous as it is tasty. The Blossom and Botany snowskin mooncake collection features four new citrusy flavors, each molded into the restaurant’s iconic rose silhouette and paired with a delightful chocolate truffle center. Additionally, health-conscious individuals will appreciate their low-sugar baked mooncakes. Prices start from S$96 for four baked mooncakes.

Image Credits: singapore.intercontinental.com

What’s more? You can use the code “MCK20” for 20% savings on all mooncakes until September 17, 2024. Selected credit cards enjoy 25% savings too. Order here: singapore.intercontinental.com

#2: CAPITOL KEMPINSKI HOTEL

Capitol Kempinski Hotel offers mooncakes in striking gold-embossed turquoise boxes, featuring new baked flavors like Red Bean Osmanthus with Mixed Nuts and Black Sesame Paste with Egg Yolk. Their new snowskin options consist Mocha Bailey’s and Yuzu Osmanthus. Prices start from S$72 for a set of eight mini baked mooncakes.

Image Credits: shop-capitolkempinski.myshopify.com

Enjoy up to 30% off on orders placed before August 31, 2024, with exclusive privileges for UOB, OCBC, DBS, and Citibank cardmembers. Get it here: shop-capitolkempinski.myshopify.com.

#3. MANDARIN ORIENTAL SINGAPORE

For a touch of Peranakan charm, Mandarin Oriental Singapore offers mooncakes packaged in elegant boxes inspired by the hotel’s wall murals. The Cherry Garden Four Treasures box, priced at S$92, includes flavors like Chestnut with Exceptionally Singapore Tea and Almond, and Low Sugar White Lotus Paste with Tropical Oasis Tea and Coconut. Sounds delish, right?

Image Credits: singapore.mandarinorientalshop.com.

Purchase it here: singapore.mandarinorientalshop.com.

#4: ORCHARD HOTEL

Hua Ting Restaurant at Orchard Hotel presents an exquisite selection of mooncakes in sustainable craft boxes. Their offerings include the Black Sesame with Melon Seeds (S$80 per box of 4) and White Lotus Paste with Double Yolk and Macadamia Nuts (S$86 per box of 4) .

Image Credits: millenniumhotels.com

Indulge in up to 25% off with their Early Bird Mooncake Promotion until September 2, 2024. Available here: millenniumhotels.com.

#5: ST. REGIS SINGAPORE

For those who prefer a smaller indulgence, St Regis Singapore’s Petite Gift Set offers two baked mooncakes or four mini snowskin mooncakes for S$65.80. The elegant pale blue-sleeved box includes flavors like Pu’er Tea with Melon Seeds or Red Dates and Walnut Paste with Lychee Martini Truffle.

Surely, these delicately delicious mooncakes are best paired with refreshing tea! Grab a set at giftwithstregis.oddle.me.

Image Credits: giftwithstregis.oddle.me

These mooncakes not only make the perfect gift but also serve as a delightful way to celebrate the Mid-Autumn Festival with loved ones. Happy Mid-Autumn Festival to all!

Sources: 1, 2, 3, 4, & 5

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Latest WFH internships posted from 26 to 29 August 2024

a person using laptop while researching

It’s the last Friday of August before we step into the last month of Q3 2024.

If you’ve yet to secure yourself a WFH internship opportunity, scroll on.

#1: TanTan Tribe – Customer Success Intern

tantantribe.com

Website: tantantribe.com

Allowance / Remuneration: $450 – 1,200 monthly

Job Qualifications
  • Currently pursuing or recently completed a Certificate, Diploma, or Degree in Business, Communications, Marketing, or a related field.
  • Strong communication and interpersonal skills.
  • Passionate about customer success and user experience.
  • Ability to work in a fast-paced environment and adapt quickly to changes.
  • Analytical mindset with attention to detail.
  • Proficiency in MS Office, Google Suite, and basic data analysis tools.
  • Prior internship or work experience in customer support or success is a plus.
  • Multilingual abilities, especially in English and any SEA language, are a bonus.
Key Responsibilities
  • User Support: Assist with handling user inquiries and issues through email, chat, and social media channels.
  • Onboarding Assistance: Help new users navigate the app, understand key features, and provide onboarding support to enhance their experience.
  • Feedback Collection: Gather feedback from users to identify common challenges, opportunities for improvement, and areas of success.
  • Cross-functional Collaboration: Collaborate with product, marketing, and support teams to ensure consistent communication and alignment on user needs.
  • User Retention: Assist in developing and implementing strategies to increase user retention and satisfaction.
  • Data Analysis: Monitor user success metrics, track performance, and create reports to highlight key trends and insights.
  • Content Creation: Contribute to user guides, FAQs, and other customer support content to help users make the most of TanTan Tribe.
  • Event Support: Provide support for community events, webinars, and other user engagement activities.
How to apply?

View the job post in full here and send your resume and a brief cover letter explaining why you’re interested in this position to [email protected]

#2: Commun1ty – Growth Hacking and Growth Marketing Intern

commun1ty.sg

Website: commun1ty.sg

Allowance / Remuneration: $800 monthly

Job Qualifications
  • Passionate about community building and the mission of connecting neighborhoods
  • Creative thinker with a deep interest in solving problems
  • Pragmatic and implementation-oriented mindset
  • Deep understanding and knowledge of local communities
  • Experience with conducting local programs or partnerships
Key Responsibilities
  • Discover and define target segments and use cases for experimentation
  • Develop content, including in-app content, relevant for experimentation
  • Conduct user testing to validate the experiment
  • Develop insights based on user feedback
  • Develop and launch go-to-market plans, including strategies for collaborations and partnerships
How to apply?

View the job post in full here and write to Ervin via this link.

#3: AGrader Learning Centre – Teaching & Curriculum Writing Intern (Pri / Sec)

agrader.sg

Website: agrader.sg

Allowance / Remuneration: $1,800 monthly

Job Qualifications
  • Excellent coordination, communication, and time management skills
  • Passionate about developing a career in the Education Industry
  • Meticulous, with an eye for details
  • Equally motivated by working independently as well as collaborating in a team
  • Create and maintain a safe and conducive learning environment for students
  • Any tutoring experience would be an advantage
  • 5-day work week (Tuesday to Saturday)
Key Responsibilities
  • Work with the curriculum team at AGrader to design and develop a curriculum in alignment with the latest MOE syllabus
  • Assist in developing new content/initiatives to enhance the existing curriculum
  • Review and vet curriculum to increase support to teachers, constantly innovating to create better content.
  • Plan, prepare and deliver lessons
  • Perform additional duties as assigned
How to apply?

View the job post in full here and apply for this position via their career page at agrader.sg/career

#4: Pawkit Pte Ltd – Customer Service and Marketing Intern (Animals / Pets)

pawkit.sg

Website: pawkit.sg

Allowance / Remuneration: $700 – 1,100 monthly

Job Qualifications
  • Currently enrolled in or recently graduated from a degree program in Marketing, Communications, Business, or a related field.
  • Passion for pets and the pet care industry.
  • Strong written and verbal communication skills.
  • Detail-oriented with the ability to manage multiple tasks effectively.
  • A basic understanding of SEO and digital marketing principles is a plus.
  • Proficiency with Microsoft Office Suite, and Google Workspace, and familiarity with website management platforms (e.g., WordPress) are preferred.
  • Ability to work independently and as part of a team in a fast-paced environment.
Key Responsibilities

Customer Service:

  • Handle customer inquiries via email, phone, and chat, providing timely and accurate information about services.
  • Assist customers with booking services and navigating the Pawkit platform.
  • Process bookings and ensure all customer details are accurately recorded in the system.
  • Resolve customer issues and escalate complex cases to the appropriate team members.

Product Listings:

  • Upload and manage product and service listings on the Pawkit website.
  • Ensure all listings are accurate, up-to-date, and well-presented.
  • Assist in creating and updating product descriptions, images, and pricing.

Website Copywriting:

  • Update and edit the website content to ensure it reflects the latest offerings and company messaging.
  • Assist in creating engaging and informative copy for service pages, blog posts, and promotional materials.
  • Collaborate with the marketing team to optimize content for SEO.

Offline Marketing:

  • Support the distribution of marketing materials, such as flyers and brochures, in targeted locations.
  • Assist in organizing and attending local events, fairs, or meetups to promote Pawkit’s services.
  • Help with other marketing activities as needed to raise brand awareness.
How to apply?

View the job post in full here and submit your resume, a brief cover letter explaining your interest in the role, and any relevant work samples (e.g., writing samples, project work) to [email protected]

#5: Weh Media Pte Ltd – Digital Marketing Intern

wehmedia.com

Website: wehmedia.com

Allowance / Remuneration: $800 – 1,100 monthly

Job Qualifications
  • Strong interest in digital marketing and a desire to learn and grow in the field.
  • Excellent written and verbal communication skills.
  • Familiarity with social media platforms (e.g., Facebook, Instagram, TikTok, LinkedIn).
  • Basic understanding of digital marketing concepts such as Meta Ads, Google Ads, and content marketing.
  • Proficiency in Google Workspace (Docs, Sheets, Drive).
  • Experience with graphic design tools (e.g., Canva, Adobe Creative Suite) is a plus.
  • Ability to work independently and as part of a team.
  • Strong attention to detail and organizational skills.
Key Responsibilities
  • Assist in the creation and execution of digital marketing campaigns across various platforms (e.g., social media, email marketing, SEM, etc).
  • Conduct market research to identify trends and insights that can be used to optimize campaigns.
  • Help manage and update social media accounts, including creating and scheduling posts.
  • Support the development of content for blogs, websites, and social media channels.
  • Monitor and analyze the performance of digital marketing campaigns, providing insights and recommendations for improvement.
  • Collaborate with the design team to create visuals and graphics for digital marketing campaigns.
  • Participate in brainstorming sessions and contribute creative ideas for marketing initiatives.
  • Curating content through on-site filming & production.
  • Create basic social media assets (Static Images, GIFs, Videos).
How to apply?

View the job post in full here and apply for this position by submitting your resume or cover letter to [email protected] with the title: Application of Digital Marketing Internship.

Editor’s note: These positions are selected based on the “remote” tag, but some are hybrid ones and you may need to report physically to the office. For more deets, do contact the employer directly.

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