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IRS Regulations Create New Type of Retirement Income Annuity
The Slott Report Link to more items from this source
[Guidance Overview]
July 2, 2014
"You will be able to exclude the value of a [qualifying longevity annuity contract (QLAC)] from your RMD calculations, allowing you to keep a greater portion of your IRA (or other retirement account) intact longer. Payments from QLACs will have to begin no later than the first day of the month after you turn 85. You will be limited as to how much of your retirement savings you can invest in a QLAC.... The limits will apply separately to each spouse when each spouse has their own retirement accounts. QLACs cannot be variable or equity-indexed annuity contracts, though insurance may offer contracts with cost-of-living adjustments. QLACs cannot offer any cash surrender value."

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