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Longevity annuity

QLACs Hedge Against Longevity Risk

For those nearing or in early retirement, the fear of running out of money is a very real concern. Enter the qualified longevity annuity contract, or QLAC. With this relatively new option, you can invest up to 25% of the total balance of your IRAs and 401(k)s, not to exceed $125,000 with an insurance company. In exchange, the company will pay you an annual income for life starting anytime between when you turn 70 ½ and 85. According to a recent Forbes article, the longer you wait for your... Read More

Wells Fargo and MetLife Partner for New QLAC

In an effort to help their clients eliminate the risk of outliving their retirement income, Wells Fargo Institutional Retirement and Trust has partnered with MetLife to offer a new annuity option. According to a recent article from PLANSPONSOR, MetLife Retirement Income Insurance is qualifying longevity annuity contract (QLAC) that will provide participants with payments on or before their 85th birthday. As participants move closer to retirement, they can designate a part of their plan... Read More

Ideas to Increase Retirement Income

Having enough money to support a full retirement is a concern of most pre- and current retirees. The financial experts over at The Motley Fool, an international multimedia financial services company, have offered up the following four methods to help boost income in retirement. 1.  Delay taking Social Security benefits. Once you reach the full retirement age for Social Security purposes, you are eligible to claim your benefits in full. That retirement age is determined based on the year... Read More

Low Returns and Longer Life Means More Savings, Longevity Products for Retirement

A recent publication from Wealth Management states that employees need to increase the amount that they are saving for retirement by at least 40% in order to support their lifestyle once they’ve stopped working. According to an article from Barron's, a combination of longer life expectancy and low bond returns is being blamed for apparent shortcomings. The specific numbers were taken from a research paper written by the financial experts at Morningstar and The American College of... Read More

Qualified Longevity Annuity Contracts (QLAC) Explained

One of the most attractive aspects of adding an annuity to any retirement portfolio is the peace of mind that comes with guaranteed income in retirement. Two of the more popular annuity products include deferred and longevity annuities, and while they share several similar characteristics, they are very different options, as described in a recent article  from ThinkAdvisor. A deferred annuity includes an initial waiting period before the contract can be annuitized, typically between one and... Read More

Annuities and Your 401(k)

A 401(k) plan is a retirement savings plan that is sponsored by an employer.  It allows workers to save and invest a portion of their paycheck before taxes are taken out. While these plans are great for helping employees save and invest, they don’t provide lifetime income benefits, leaving most fearful of outliving their retirement savings. And there’s good reason for such concern. According to a recent Forbes article, fewer than 20% of all 401(k) plans actually help workers convert their... Read More

Understanding Annuity Income

There are a lot of choices when purchasing an annuity, but in general, the guaranteed  lifetime income stream is always the same, according to a recent article from The Street. Author, Stan “the Annuity Man” Haithcock, argues that whether you purchase an SPIA (Single Premium Immediate Annuity), DIA (Deferred Income Annuity), QLAC (Qualified Longevity Annuity Contract), or attach an Income Rider to a Variable or Indexed annuity, all income from an annuity is a mixture of return of principal... Read More

Income Riders, DIAs, QLACs Create Future Annuity Income Stream

In a recent article for The Street, "4 Paths to Future Annuity Income Guarantees," Stan Haithcock explained your options for delaying annuity income until a later date. Many people incorrectly assume that all annuities are immediate, when a large number of them actually defer your income payments. The article says that there are four different ways you can create guaranteed income from an annuity product that will start at some predetermined point in the future. Annuities are the only products... Read More

Those Who Most Need Longevity Annuities Not Buying Them

Newsroom America just published an article about a new study performed by The University of Missouri's assistant professor of personal financial planning, Michael Guillemette. In "Seniors Less Likely to Buy Longevity Insurance Despite Value, Study Says," we learn that the people who most need longevity insurance aren't necessarily the ones protecting their future with this insurance. As the risk of running out of money in retirement because of increasing longevity increases, Americans must take... Read More

Two Government Offices Battle Over 401k Annuity Options

Over the past few years, the government has been pushing consumers to use annuity products in their retirement planning. The Treasury Department promoted the use of longevity annuities in 401k plans through new rules back in 2014. Then they made it alright to use target date funds like deferred annuities as a 401k plan default investment later that year. The global retirement planning crisis is due in part to fewer people having company pensions that will pay lifetime income. Annuities create a... Read More

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