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Qualified Longevity Annuity Contracts (QLACs) are future pension strategies that can be used in your Traditional IRA and some select employer sponsored plans. QLACs were first introduced in 2014 by the IRS and the Treasury Department as a way for people to used their qualified (i.e. IRA) assets to plan for future lifetime income guarantees. Social Security payments were never put in place to be the sole source of income in retirement. Our government (i.e. IRS & Treasury Department) want QLACs to be that additional source as part of your overall income floor guarantees.

QLAC funding rules for 2020 is the lesser of 25% of your total IRA assets or $135,000. If you and your spouse/partner have an Traditional IRA, each of you can own a QLAC and add the other spouse/partner for "Joint Life" income.

QLAC income has to be turned on by age 85. You don't have to defer that long for income to start. It can begin as soon as age 72, and the lifetime income stream can be contractually structured so that 100% of any unused money goes to your listed beneficiaries on the policy when you die. The annuity company is on the hook to pay regardless of how long you live.

Contact Stan The Annuity Man for the best and highest QLAC quotes with all carriers using Stan's proprietary annuity calculators. You can also receive Stan's QLAC Owner's Manual for free and under no obligation, and see a live feed of the best fixed rates for your specific state of residence.

Link:
Qualified Longevity Annuity Contract Pros and Cons - TheStreet

This entry was posted on April 13, 2020 at 3:57 pm and is filed under Longevity. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed. |