Money questions. Plain answers.

Richelle Dickerson is the founder and CEO of Rhema Financial Solutions Inc. She has worked in financial services since 1992. She is a member of the Million Dollar Round Table, which is a group for top advisors. She is a single mom and a caregiver for her mother.

It is the name Rhema uses for a plan built around a life insurance policy with cash value. You put money in on purpose. Over time it can build value. You may be able to borrow against that value. It does not mean you open a real bank.

We help people who are near retirement or already retired. Many have six figures or more in savings. Most want to protect that money and turn it into steady income.

Yes. The first call with Richelle is free. There is no cost and no pressure. She listens and answers your questions.

We are in Virginia Beach, Virginia. We also meet with people online, so you can talk with us from home.

Our home base is Virginia Beach and Hampton Roads. We can share education widely. Where we can set up specific products depends on state licensing. Ask us about your state on your call.

You tell us your goals and worries. We explain options in plain words. You decide if you want a next step. Nothing is signed on the first call.

It is a contract with an insurance company. It is built to protect the money you put in from market losses while giving you a chance to earn interest based on a market index.

Your principal is protected from market losses under the terms of the contract. You could still lose money if you take out more than the contract allows in the early years and pay a surrender charge. Fees on some contracts also reduce growth.

The interest is linked to an index, such as the S&P 500. When the index rises, you may earn interest up to a limit. When it falls, you earn zero for that period. Your principal does not drop.

They are rules that limit how much index gain you receive. A cap is the most you can earn. A participation rate is the share of the gain you get. A spread is an amount taken off the gain. They are the trade for the protection.

It is the set number of years you agree to leave most of your money in the annuity. If you take out too much too soon, you pay a surrender charge. The charge is higher early and drops over time. Ask how many years it lasts.

An annuity is an insurance contract, not a bank deposit. It is not FDIC insured. The guarantees depend on the financial strength of the insurance company. Ask which company issues the contract and how it is rated.

Yes. You do not pay income tax on the growth until you take money out. Taxes then depend on the type of money and your situation. Talk with a tax advisor.

Most annuities are built for retirement. You can usually start income at age 59 and a half or later. Taking money out before that can bring a 10 percent federal tax penalty on the taxable part.

Most annuities have a death benefit for the person you name. The amount depends on the type of annuity and the options you chose.

Most annuities have a free look period, often 10 to 30 days. During that time you can cancel and get your money back. After that, surrender charges may apply.

Some annuities add an extra amount to your value when you fund the contract. The bonus often vests over several years and may come with a longer surrender period. Read those terms closely.

Ask about the surrender period, all fees, how interest is credited, the caps and rates, the income options, the death benefit, what happens if you need money early, and which company issues the contract.

It is permanent life insurance that also builds cash value. The cash value can earn interest based on a market index, with a floor that limits index losses. It also pays a death benefit.

It is life insurance first. The cash value can grow based on an index, but you do not own the stocks in the index.

The index part has a floor, so a bad index year does not directly reduce value from the index. But policy charges continue every year. Low returns, loans, or not paying enough premium can lower value or end the policy.

Often yes. You can request a policy loan against the cash value. Interest can build up. An unpaid loan lowers the death benefit and can cause the policy to lapse if it is not funded well.

Life insurance death benefits paid because the insured person died are generally not counted as income for the person who receives them. Some cases are different, so confirm with a tax advisor.

Not always. It depends on the policy, the amount, your cost basis, and whether the policy is a modified endowment contract. Review this with a tax advisor before you take money out.

A 401(k) is invested in the market and can lose value. It often has an employer match. An IUL is life insurance with a market linked cash value, a floor on index losses, and a death benefit. Many people use both.

The policy can lapse. If it lapses you can lose the coverage and the cash value. Some policies allow flexible premiums, but you still must pay enough to keep it in force.

It uses a life insurance policy with cash value as a pool of money you can borrow against. The goal is to keep more control of your own cash instead of always borrowing from a bank.

No. It is a plan and a name, not a bank or a bank account. Your money does not have FDIC protection.

You ask the insurance company for a loan using your cash value as backing. There is usually no credit check. Loan interest goes to the insurer. You set your own pace to pay it back.

It can work with either. What matters is that the policy is built to grow cash value early. A professional should structure it for high cash value and the right death benefit.

No. The tools are real life insurance contracts. It is not magic. It only works if the policy is set up correctly and funded steadily, and if you understand the costs.

It varies. You need enough to fund the policy well for years, often several thousand dollars a year. A professional can size it for your budget.

No. It fits some people and not others. Your age, health, cash flow, time frame, and goals all matter.

There is no single number for everyone. It depends on your spending, your other income, taxes, health costs, and how long your money must last. A plan looks at your whole picture, not one number.

The sooner the better, and it is never too late. If retirement is within 5 to 10 years, it is a good time to review income, taxes, risk, and health costs.

Maybe. It depends on your monthly needs, your Social Security, your other income, taxes, and how your savings are set up. This is a good question for a free review.

That is a common worry. The fix is a plan. You need to know what you have, what you will spend, and where income will come from each month.

For many people it is not just a market drop. It is the mix of living longer than expected, rising costs, taxes, health bills, and taking out too much too soon.

It depends. Some people feel better with no house payment. Others want to keep cash working. Look at the full picture with a professional.

You split money into three parts. One is cash for the near term. One is safer money for the middle years. One is growth money for the long term.

Income can come from Social Security, a pension, withdrawals from savings, annuities, and other sources. The goal is a plan that matches your needs and your comfort with risk.

Start with the income you truly need. Add up what is guaranteed. Then build a steady withdrawal plan for the rest and review it each year.

Some annuities let you trade a sum of money for a set monthly payment for as long as you live. You cannot outlive that payment.

No plan removes all risk. Some insurance products offer contract protections against certain market losses. Other money stays exposed to the market. The right mix depends on your plan.

There is no best age for everyone. You can start as early as 62, but starting before full retirement age lowers your monthly amount for life. Waiting up to age 70 raises it.

Waiting gives a larger monthly check, but the right choice depends on your health, your other income, your spouse, and your needs.

Yes. Before full retirement age, your earnings can reduce your benefit for a time under the earnings rules. After full retirement age those rules no longer apply.

It can be. Depending on your income, part of your benefit may be subject to federal income tax. Check current rules with the IRS or a tax advisor.

You can apply up to four months before you want your benefit to start.

Money from a traditional 401(k) is generally counted as income when you take it out. Taking it out early can add an extra tax unless an exception applies.

RMD stands for required minimum distribution. It is the least you must take out of certain retirement accounts once you reach the set age.

Under current rules, RMDs from traditional IRAs and many plans generally begin at age 73. Roth IRAs have different rules for the original owner. Confirm with a tax advisor.

It depends on the account. Roth IRAs generally have no lifetime RMD for the original owner. Traditional accounts generally do. Beneficiary rules are different.

There can be an extra tax for not taking the full amount, though relief is possible in some cases. Fix it quickly with a tax professional.

There are many ways, such as named beneficiaries, life insurance, retirement accounts, and trusts. Estate planning should be done with a lawyer and a tax advisor.

It can be. It can give your family a death benefit that helps them. Whether it fits depends on your needs, the policy terms, and your tax situation.

Review income replacement, debt, final costs, current insurance, savings, and named beneficiaries. Make sure your spouse knows where everything is.

What accounts exist, who owns them, who the beneficiaries are, what insurance is in place, where documents are, and who to call.

Women often live longer, may have breaks in work history, and are more often caregivers. A plan should fit your life, not an average.

Your income can change a lot. You may need to review Social Security, any pension, insurance, taxes, beneficiaries, and monthly spending.

Know the accounts, the owners, the beneficiaries, the insurance, the documents, the income that would remain, and the debts.

It is a savings account that pays more interest than a typical bank savings account. Many are at online banks. The rate can change at any time. Source: FDIC, fdic.gov. Reviewed November 2026. General education, not advice for you.

If the bank is FDIC insured, or the credit union is NCUA insured, deposits are protected up to the legal limit per person, per bank, per ownership type. Check the bank is insured before you open the account. Source: FDIC, fdic.gov/resources/deposit-insurance; NCUA, mycreditunion.gov. Reviewed November 2026. General education, not advice for you.

A certificate of deposit holds your money for a set time, like 6 months or 2 years, at a set rate. Taking money out early usually costs a penalty. Source: FDIC, fdic.gov. Reviewed November 2026. General education, not advice for you.

You split money across CDs that end at different times. That way some money comes free every few months, and you are not locked into one rate. Source: FINRA, finra.org. Reviewed November 2026. General education, not advice for you.

Many planners suggest a few months of living costs. Retirees often keep more, so they do not have to sell investments in a bad year. The right amount depends on your income and health. Source: Consumer Financial Protection Bureau, consumerfinance.gov. Reviewed November 2026. General education, not advice for you.

An annuity is a contract with an insurance company. You pay money in, and the contract can pay you income later, sometimes for the rest of your life. Source: FINRA, finra.org; NAIC, content.naic.org. Reviewed November 2026. General education, not advice for you.

Fixed annuities pay a set rate. Fixed indexed annuities credit interest based on a market index, with a floor so you do not lose money to market drops. Variable annuities are invested in the market and can lose value. Immediate annuities start paying income right away. Source: FINRA, finra.org; SEC Investor.gov. Reviewed November 2026. General education, not advice for you.

A single premium immediate annuity turns one payment into income that starts within about a year. It can last for life. Once it starts, you usually cannot get the lump sum back. Source: NAIC, content.naic.org. Reviewed November 2026. General education, not advice for you.

It is a fee for taking out more than the contract allows during the first years. Most contracts let you take out a small amount each year without it. Read the surrender schedule before you sign. Source: FINRA, finra.org; SEC Investor.gov. Reviewed November 2026. General education, not advice for you.

After you buy an annuity, state law gives you a set number of days to cancel. The number of days depends on your state and the contract. Source: NAIC, content.naic.org; your state insurance department. Reviewed November 2026. General education, not advice for you.

Guarantees depend on the financial strength and claims paying ability of the insurance company. Annuities are not FDIC insured. State guaranty associations give some protection, with limits. Source: NOLHGA, nolhga.com; NAIC, content.naic.org. Reviewed November 2026. General education, not advice for you.

Some annuities add a bonus when you put money in. It often comes with a longer surrender period or lower growth limits. A bonus is not the same as growth, and it may vest over time. Source: FINRA Investor Insights, finra.org. Reviewed November 2026. General education, not advice for you.

Yes, through a direct transfer or rollover. Done correctly it is not a taxable event. Weigh the fees, the surrender period and what you give up first. Source: IRS, irs.gov/retirement-plans. Reviewed November 2026. General education, not advice for you.

Traditional IRA money usually goes in before tax and is taxed when you take it out. Roth IRA money goes in after tax, and qualified withdrawals are tax free. Source: IRS, irs.gov/retirement-plans. Reviewed November 2026. General education, not advice for you.

Moving retirement money from one plan to another, such as a 401(k) to an IRA. A direct rollover, plan to plan, avoids tax withholding. Source: IRS, irs.gov/retirement-plans/plan-participant-employee/rollovers-of-retirement-plan-and-ira-distributions. Reviewed November 2026. General education, not advice for you.

If a check is paid to you, you generally have 60 days to put it into another retirement account or it may be taxed. Some 60-day rollovers are limited to one per year. Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

Sometimes. It depends on the plan's fees, choices and rules. Compare them with an IRA before you move anything. Source: FINRA, finra.org; Department of Labor, dol.gov/ebsa. Reviewed November 2026. General education, not advice for you.

The Thrift Savings Plan is the retirement savings plan for federal workers and the military. It works much like a 401(k). Source: TSP, tsp.gov. Reviewed November 2026. General education, not advice for you.

A retirement plan for workers at schools, hospitals and some nonprofits. It works much like a 401(k). Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

A required minimum distribution is the amount you must take out of most retirement accounts each year once you reach the required age. Roth IRAs have no RMDs for the original owner. Source: IRS, irs.gov/retirement-plans/required-minimum-distributions. Reviewed November 2026. General education, not advice for you.

The starting age was raised by the SECURE 2.0 Act and depends on the year you were born. Check the current age for your birth year on IRS.gov. Source: IRS, irs.gov; SECURE 2.0 Act of 2022. Reviewed November 2026. General education, not advice for you.

The IRS can charge an excise tax on the amount you should have taken. The tax can be reduced if you correct it quickly. Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

A qualified charitable distribution lets IRA owners at the eligible age give directly to a charity. It can count toward the RMD and is not added to taxable income. Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

Moving money from a traditional IRA or plan into a Roth IRA. You pay income tax on the amount moved in that year. Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

To pay tax now, perhaps in a lower bracket, so the money can later come out tax free and without RMDs for the owner. It can also help heirs. Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

The tax is due now. A large conversion can push you into a higher bracket and can raise Medicare premiums two years later. A conversion cannot be undone. Source: IRS, irs.gov; Medicare, medicare.gov. Reviewed November 2026. General education, not advice for you.

Earnings come out tax free only after the account meets a five-year holding rule and you meet the age or other conditions. Converted amounts have their own five-year clock. Source: IRS Publication 590-B, irs.gov. Reviewed November 2026. General education, not advice for you.

A payment a company makes to its shareholders from its profits. Not every company pays one. Source: SEC Investor.gov. Reviewed November 2026. General education, not advice for you.

No. A company can cut or stop its dividend at any time, and the stock price can fall. You can lose money. Source: SEC Investor.gov. Reviewed November 2026. General education, not advice for you.

Investment advice about specific securities comes from a properly registered professional. You can check a person's registration on BrokerCheck or the SEC adviser search. Source: FINRA BrokerCheck, brokercheck.finra.org; SEC, adviserinfo.sec.gov. Reviewed November 2026. General education, not advice for you.

A will says who gets what and usually goes through probate court. A living trust can pass assets without probate. A lawyer drafts both. Source: American Bar Association, americanbar.org. Reviewed November 2026. General education, not advice for you.

The court process that settles an estate. It can take months and the records are usually public. Source: American Bar Association, americanbar.org. Reviewed November 2026. General education, not advice for you.

Usually, yes. Retirement accounts and life insurance generally go to the named beneficiary, whatever the will says. Review them after any big life change. Source: FINRA, finra.org. Reviewed November 2026. General education, not advice for you.

A legal document that lets someone you trust handle money or decisions for you if you cannot. Rules differ by state. Source: American Bar Association, americanbar.org. Reviewed November 2026. General education, not advice for you.

Most beneficiaries who are not a spouse must empty an inherited IRA within ten years. Spouses and some others have more choices. Source: IRS, irs.gov; SECURE Act of 2019. Reviewed November 2026. General education, not advice for you.

Term covers a set number of years and has no cash value. Permanent life insurance, such as whole life or indexed universal life, can last for life and can build cash value. Source: NAIC, content.naic.org. Reviewed November 2026. General education, not advice for you.

Money that builds inside some permanent policies. You may be able to borrow against it. Loans that are not repaid reduce the death benefit. Source: NAIC, content.naic.org. Reviewed November 2026. General education, not advice for you.

The death benefit is generally not income taxable to the beneficiary. There are exceptions, so check with a tax professional. Source: IRS, irs.gov. Reviewed November 2026. General education, not advice for you.

Your initial enrollment period is the seven months around your 65th birthday. Signing up late can mean penalties. Source: Medicare, medicare.gov. Reviewed November 2026. General education, not advice for you.

An extra amount added to Medicare Part B and Part D premiums for people with higher income. It uses your tax return from two years earlier. Source: Social Security Administration, ssa.gov; Medicare, medicare.gov. Reviewed November 2026. General education, not advice for you.

Generally no. Medicare covers some short skilled care, not most ongoing custodial care. Planning for that cost matters. Source: Medicare, medicare.gov. Reviewed November 2026. General education, not advice for you.

Look them up on FINRA BrokerCheck and the SEC adviser search, and check an insurance license with your state insurance department. Source: FINRA BrokerCheck; SEC, adviserinfo.sec.gov; NAIC, content.naic.org. Reviewed November 2026. General education, not advice for you.

Guaranteed high returns, pressure to act today, being told not to tell your family, or payment by gift card, wire or crypto. Hang up and call someone you trust. Source: FTC, consumer.ftc.gov. Reviewed November 2026. General education, not advice for you.

No. Rhema will never ask for a Social Security number, account number or password by text, email or website form. Source: Rhema Financial Solutions. Reviewed November 2026. General education, not advice for you.