Barry Norman Breaks Down the Qualified Longevity Annuity Contract: How it Benefits Your Retirement Savings from IRA or 401k
People are living longer these days. The longer time horizon means more time spent in retirement and more concerns about funding all those extra years. No one wants to run out of money deep in retirement, so it is understandable many fear outliving their resources and not having adequate income for long-term care and other retirement expenses. For retirees with Individual Retirement Accounts (IRAs) and 401(k) savings funded with pretax money, the annuity industry has a product for you: Qualified Longevity Annuity Contracts (QLACs). They are a type of longevity annuity that allows payments to be deferred until sometime in the future. A QLAC lets you swap some money in your qualified retirement plan to guarantee monthly payments for the rest of your life after a specified date. To learn more about how to prepare for your retirement today please watch our other videos and subscribe @everythingfinancial... ( read more )
LEARN MORE ABOUT: Qualified Retirement Plans