Get the retirement you want by securing the income you need
Let’s start the New Year with breaking news: Just-enacted legislation called SECURE 2.0 Act of 2022 contains provisions that make it much easier to purchase pension-like income in your Plan for Retirement Income (Plan). The new legislation allows you to defer more taxes and buy more retirement income from your 401(k), Rollover IRA, or similar tax-qualified accounts.
Combine this with the higher annuity payouts due to higher interest rates from these vehicles, and we’re talking about 100% to 250% more income from this source when compared to December 2021. The vehicle is a Qualifying Longevity Annuity Contract — or QLAC for short. Importantly it’s only offered by some of the highest-rated insurance companies in the U.S.
Spoiler Alert: The maximum QLAC per individual is now $200,000 with no percentage limit.More