Are you worried that your retirement might outlast your savings?
This week, Craig Siminski, of CMS Retirement Income Planning, shares information on how a qualified longevity annuity contract could provide an income stream later in life.
Most people can only guess how long their retirement savings might need to last. Those who withdraw too much or live longer than expected could eventually run out of money.
Others may withdraw too little and live more frugally than might be necessary.
A qualified longevity annuity contract (QLAC) is a special type of longevity annuity purchased in an IRA or a qualified retirement account such as a 401(k). Lifelong income payments are delayed until the contract owner reaches an advanced age (up to age 85). Because the annuity income is deferred, the payouts are typically higher than they would be if the annuity income was received immediately.
Funds used to buy a QLAC are also exempt from required minimum distribution rules that normally apply to tax-deferred plans starting at age …
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 21 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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