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Longevity Insurance Joins the Menu of Retirement Plan Options
The New York Times; subscription may be required Link to more items from this source
July 1, 2014
"Longevity insurance is actually a deferred-income annuity, in which a person pays a lump sum premium to an insurer in exchange for a guaranteed lifetime income stream that begins several years later -- perhaps well into the person's 70s or 80s. Until now, these annuities could not be widely used in 401(k) retirement plans and individual retirement accounts because those plans require account holders to begin withdrawals ... at age 70-1/2. But on Tuesday the Treasury Department announced that workers can now satisfy those rules if they use a portion of their retirement money to buy the annuities and begin collecting the income by age 85. The move is part of the Obama administration's broader effort to develop ways to provide Americans with more security in retirement."

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