Retirement is one of the biggest investments Americans constantly work towards throughout their adult life.
Jacksonville, Florida (PRWEB) June 24, 2015
Lanahan Insurance is now offering its clients qualifying longevity annuity contracts (QLACs), a new annuity program designed to better serve their clients retirement needs.
In this day in age, Americans are living and working longer than before. Retirement is one of the biggest investments Americans constantly work towards throughout their adult life. We all have worked hard to contribute to our IRA’s and Defined Contribution Plans and are concerned that we may outlive our retirement dollars. In 2014 The Department of the Treasury and the Internal Revenue Services (IRS) approved a new annuity program designed to better serve retirement needs called Qualifying Longevity annuity Contracts (QLAC).
A QLAC is a deferred income annuity that has no annual fees or surrender charges and can be deferred until age 85. With traditional IRA’s and defined contribution plans, you must begin taking Required Minimum Distributions (RMD) no later than age 70 ½. Premiums you pay into a QLAC are not included in your RMD’s calculations which can reduce your taxes. Assets held in a QLAC are not required to be distributed at age 70 ½ but instead can be delayed to a later date allowing you to defer paying taxes on the portion of the money you may not need in early retirement. In addition, it creates an opportunity to leave more assets for a surviving spouse or your heirs if that is one of your retirement goals.
Get in touch with us to learn more about how QLACs can help you achieve your retirement goals. Call us at (904) 739-8910 or visit our website.
About Lanahan Insurance
Located in Jacksonville, Florida, Lanahan Insurance has served the southeast with insurance solutions since the 70s. When people need protection for their family, business, life, health, and retirement, there is no better place to go than Lanahan Insurance.