The Orlando Sentinel from Orlando, Florida • Page 55

CMan-u 3 Real Estate Column i September, 24, 19,1 iiiiuiuiutiiiiiiiiiTiiiiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiitiiitiiiiiiiiiitiiiiiiitiiiiiiitiiiittiiifitiiiiiiiiiittiiiniitiiiiiuiniiifiiTiiTiiiftijiniiiiijji How To Make The Most Of Your Income Social Security Is Good Foundation On Which To Build Your Retirement Board Of Realtors Sponsors Tax Study JVS H4P OF Ot)f each year for each $1,000 you hope to have then. The figures are based on the assumption that you will place your savings in a savings institution with interest compounded annually and will let all dividends or interest Your Age Now Interest Rate 3 Pet. 4 Pet. 50 $54.00 $50.00 45 37.00 33.50 40 27.50 24.00 35 21.00 18.00 30 16.50 13.50 By JOHN L. SPRINGER PART XII -FINAL A 33-year-old man recently asked his banker when he should begin to plan for his retirement.

He said that he had been employed steadily since he took his first job at the age of 19. "Then you began planning 14 years ago," the banker said. "And you have the best foundation to build on." The banker was referring, of course, to Social Security the federal system of insurance which came into being in 1936 and which provides for monthly payments for most men reaching 65, women reaching 62, and others such as widows with dependent children regardless of their age. The amount you will receive in retirement is figured from your average earnings in covered employment and self-employment up to the year you become entitled to benefits at retirement age or later. The more regularly you work under Social Security and the higher your earnings, the higher your benefit will be.

THE MEANING OF "RETIRED." You need not stop working entirely to be "retired" under the law. If you earn up to $1,200 a year, you can get all your Social Security payments for that year. Family Benefits When You Retire. When you receive old-age benefits, payments can also be made to certain dependents. Among them: Your unmarried children under 18; a disabled child 18 or older (if the disability began before age 18); your wife, if she is caring for a child receiving payments; your wife, 62 or older; or your dependent husband 65 or over.

WHAT YOU SHOULD know about Social Security now. Presumably it will be many years before you apply for retirment benefits. Quite likely, the laws covering the payments you will get will have changed considerably by that time. You probably need not concern yourself now with the exact figures involved. It is important, however, that you Tim.

annuity contracts often complement each other, because proceeds of policies may provide an annuity income while some types of annuities include insurance protection. AN INDIVIDUAL ANNUITY will provide an income for yourself, generally (but not necessarily) in your old age. You pay premiums directly to the company in one payment or in regular installments. You can get annuity contracts that will pay you so many units of $10 monthly income or $100 annual income starting at a specific age. They are also issued in terms of income purchased at say age 65 by $100 of annual premiums or $1,000 of single premium.

A GROUP ANNUITY (OR PENSION) is generally taken out by an employer for his employes under a master contract. The employer generally pays part of the cost and employes' share are deducted from their wages. SAVINGS FOR RETIREMENT How much would you like to have when you retire at age 65? This table shows how much you must save Three Questions Before You Buy an Annuity Insurance experts say that you should exercise the same cautions in buying annuities as you would in buying a policy on your life. You should also have these points clarified: HOW WILL YOU pay for the annuity? You can buy one with a single premium, or with premiums spread out over a long period. If you buy one on an installment basis, make sure that you will be able to keep up the payments without difficulty.

HOW WILL ANNUITY payments be made? As described above, there are many variations in the way you can be paid off and in what will happen to unused monies after you die. If a survivor must be protected for example, your spouse -make sure that the annuity will carry on after your death as in the Joint and Survivor Annuity, or has a guaranteed period of income that would provide for her adequately. IS THE INSURANCE company reliable? It is important to investigate it thoroughly. You want to make sure that it will be in business and able to make the annuity payments when you retire. You whole future depends upon it.

(Condensed from the Prentice-Hall best-selling book, "Make the Most of Your Income." Distributed by Times-Mirror Syndicate, Los Angeles.) END OF SERIES Jiving! understand how to make sure that you will be eligible for benefits when retirement time comes. If your work is covered by the Social Security Act, you must have a Social Security account number. This number is used to keep a record of your earnings. You should use the same number all your life to avoid getting your account confused with one or more of the 179 million names in the Social Security records, some of which may be exactly like yours. YOU CAN "BUY a Steady Income" for Your Declining Years.

Most people nourish the great hope they will have a steady monthly income they can live on from the time they retire until they die. This hope can be realized in part through Social Security, part through savings accounts, and part through a pension or annuity. A LIFE ANNUITY will pay an income for the remaining lifetime of the contract owner (the annuitant). People buy life annuities because they want a steady income in old age if they outlive their earning period. Life insurance policies and By BEN "The Income Tax Aspects of Real Estate" will be the subject of study by members of the Orlando Board of Realtors in a five-session series of meetings, starting tomorrow, scheduled by the Education Committee of the Board, according to announcement by Eugene H.

Burns, committee chairman. Stephen T. Dean Stephen T. Dean, chairman of the Legal Institutes Committee of the Orange County Bar will direct the course which will meet for the first of the two-hour sessions at 7:30 p.m. tomorrow (Monday, Sept.

25) in the Skyroom of the An-gebilt Hotel. Subsequent meetings will be held on Oct. 9, Oct. 23, Nov. 6 and Nov.

20. Tax Attys. Maxwell W. Wells J. Thomas Gurney and Julian K.

Dominick will participate with Mr. Dean in covering the following topics in the discussion: 1- Federal tax problems on the sale of real estate, in general. 2- How to achieve a capital gain result on a sale. 3- Deductions from real estate income. 4- Tax-f exchanges involving real estate.

5- Tax aspects of multiple corporations, long-term leases, subdivisions and shopping centers, and related matters. Because of the widespread interest in income taxation as it applies to real estate transactions, Chmn. Burns stated that registrations for the course are not confined to the Board membership. Others who would like to attend may call the Orlando Board office for information. Training its members to better serve the public is the prime ob- MARTIN I SHr rjjj, ii id Ijjl i TO FIELD jective of this program of the Orlando Board of Realtors.

CofC AIDING BUSINESS Credit for many Greater Orlando real estate transactions and much hotel and motel business is due the Greater Orlando Chamber of Commerce and its weekly Real Estate Bulletin inaugurated a number of years ago by CofC. Manager H. Stuart Johnston. Real estate brokers and the managements of the area's hotels and motels are loud in their praise of a nationwide response to correspondence made possible by Information in the Bulletin. From facts gleaned from letters from individuals in all parts of the nation requesting information about the real estate opportunities in the purchase of properties and accommodations available for visitors, Johnston issues a weekly bulletin outlining the wishes of individuals and includes names and home addresses of the writers.

In addition, Johnston sends personal replies to all inquirers. The Real Estate Bulletin is made available to all local business interests. Brokers and motel and hotel operators who follow up on the CofC information report encouraging success from their follow-up. In only the past two weekly bulletins there were 53 separate inquiries for information about purchase of various types of property, and for rental accommodations. Greater Orlando businessmen report that their results in terms of good business have been most impressive.

INFO ABOUT NOVA In the light of fast-developing plans for Central Florida by the Govt's activity in the Nova project, and the assurance of new industry for the future, the Orlando Board of Realtors has scheduled a special meeting for the dissemination of factual information next Thursday noon at the Cherry Plaza Hotel. The speaker will be Richard Oberdahn, manager of the Orlando Industrial Board. The meeting should be well worth attending. n- 11 TAKE INTERSTATE 4 EXPRESSWAY 33RD. ST.

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