401k Plans May Default Money into an Annuity Product

Many Americans will benefit from using a 401k annuity. By transferring some of your 401k funds to an annuity product, you can guarantee a lifetime income stream that you will not outlive. Some 401k plans are starting to default your funds into an annuity, something that Walter Updegrave questioned the ethics of in the Money article "Should Your 401(k) 'Nudge' You Into an Annuity?" The Boston College Center for Retirement Research proposed a plan where 401k sponsors would default a percentage of... Read More

Longevity Annuity Eliminates Unknowns in Retirement Planning

Michael Kitces published an article for Bank Investment Consultant explaining how "This tool can take the mystery out of retirement planning." The took he is referring to is an annuity product, in particular a longevity annuity. The uncertainty of our life span is one of the hardest parts of retirement planning. We simply do not know how long we are going to live, but we have to plan financially for a long life just in case we have one. No one wants to run out of money during retirement and on... Read More

QLAC Rule Clarification Requested By 8 Industry Groups

Over the past couple of years, regulations have made it easier to use QLACs in qualified retirement plans. The IRS offers greater tax breaks and consumers can guarantee lifetime income from part of their retirement savings. But Qualified Longevity Annuity Contract use in retirement plans has not taken off like some experts forecasted that it would. In a recent article for Plan Sponsor, Rebecca Moore discussed how "Groups Ask for More Guidance About QLACs." A number of groups worked together to... Read More

Longevity Annuities Help Solve for Longevity and Market Risks

Market volatility has been brutal to many Americans' savings and retirement planning. Interest rates have been low for a long time and the market hasn't exactly been stable so far this year. These things are making many people question the stability of their retirement. According to Anna Robaton's CNBC article "Volatility driving retirees to think longevity annuity," many retirees are solving this retirement planning crisis by purchasing an annuity. Annuities are contracts with insurance... Read More

QLACs: Life Only or Life with Cash Refund?

Over the past couple of years, Qualified Longevity Annuity Contracts (QLACs) have grown in importance because of changing government regulations. QLACs have two important benefits that have added to their increasing popularity. They pay a future stream of guaranteed lifetime income and help you lower the taxes for Required Minimum Distributions when you have a traditional IRA. In Stan Haithcock's Marketwatch article "The two best ways to structure a QLAC," he gave the benefits and drawbacks of... Read More

How to Use Longevity Annuities as QLACs

Longevity annuities are one of the newest financial planning tools for retirees who have a good chance to live a very long life. While they have been around longer, they've had a steep uptick in attention over the past year. A lot of this attention has come from the government's support of these longevity annuities, also referred to as deferred income annuities. The U.S. Treasury Department recently classified them as Qualified Longevity Annuity Contracts and specified their rules for how these... Read More

No-Return Deferred Income Annuities Greatly Increase Payouts

Deferred income annuities have skyrocketed in popularity over the past couple of years because of their affordable guarantees and their increasing use as QLACs in defined contribution plans. There is a new trend with deferred income annuity products that could drastically increase those already valuable payouts. Cyril Tuohy said that this "Hot Deferred Annuity Trend Can Nearly Double (your) Payout" in an article for Insurance News Net. You cannot outlive the income payments you receive from... Read More

Retirement Plan Trends Include Increased Involvement, Annuity Use & QLACs

The American Society of Pension Professionals & Actuaries (ASPPA) recently summarized the trends that they saw in their industry last year. In "Growth in Engagement, Annuities, QLACs," their staff wrote about the increasing importance of multiple annuity types to their industry. They used information from two different retirement plan studies and found that one of the biggest trends is more employee involvement and interest in their financial well being. There is also an increasing use of... Read More

QLACs Likely to Increase Retirement Readiness

The Employee Benefit Research Institute is a non-profit research group dealing with retirement readiness in America. Recently, they looked into whether QLACs will actually increase the retirement readiness of 401k participants and found that they most likely will. This information comes from Nick Thornton's Benefits Pro article, "EBRI modeling shows QLACs boost retirement readiness."(1) The U.S Treasury Department changed regulations last year, allowing those with qualified retirement plans to... Read More

Create Retirement Income with Immediate or Deferred Income Annuity

U.S. workers are concerned that they will run out of money in retirement, and for good reason. The Insured Retirement Institute asked Baby Boomers if they were confident that they would have enough money to carry them through retirement and only 27% answered that they were very confident. This information comes from Money Magazine’s “3 Ways to Boost the Odds Your Savings Will Last a Lifetime,” by Walter Updegrave(1). People are living longer, saving less and dealing with potentially low... Read More

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