Wednesday, January 7, 2015
How qualified longevity annuity contracts will affect retirement plans - End-of-the-Year Annuity Update
Qualified longevity annuity contracts (QLACs) use deferred income annuities. The IRS has granted a particularly favorable status to QLACs for the purpose of deferring required minimum distributions.
The QLAC rules of engagement permit a qualified plan participant to use 25% of their qualified plan, not to exceed $125,000 ($250,000 for married couples) and defer distributions until age 85. The vast majority of qualified plans and retirement models will need to be reconfigured to accommodate the impact of adding QLACs to their overall planning strategies. The potential ramifications of deferring QLAC monies could have a profound effect, the result of which could be the reduction of taxes. Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series.
Syndicated financial columnist and talk show host Steve Savant interviews nationally recognized annuity expert Mike McGlothlin, ChFC, CLU, CFP. This end of the year update highlights some of the industry's leading annuity product innovations and planning concepts into a five part series. http://youtu.be/qO7b8z7msMc
About Steve Savant
As the National Marketing Spokesperson for Ash Brokerage, Steve Savant looks forward to meeting financial professionals in every way possible - in person or by video through conferences and social media.
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