Why should a Financial Professional consider the QLAC in a retirement income plan?
In 2014 the US Treasury named a “new” product class: QLAC – “Qualified Longevity Annuity Contracts” exempt from the age 70 ½ IRA RMD rules.
QLAC’s provide for:
- Secure retirement income
- Longevity Insurance for late in life income needs
- Mandatory refund feature
- Greater overall liquidity to portfolios with constrained resources
Provides a summary of the rules that apply to qualified longevity annuity contract (QLAC)s. FINRA reviewed