A qualifying longevity annuity contract, or QLAC, can help you define a better retirement for yourself by providing guaranteed lifetime income.
Please consider two new terms you should know in retirement:
- Longevity protection. The steps you can take to ensure that the money you thoughtfully saved and carefully grew during your working years doesn’t run out before you do, no matter how long you live.
- Qualifying longevity annuity contract. Commonly called a QLAC, this type of deferred income annuity funded out of your rollover IRA account provides guaranteed lifetime income starting at an age you select but no later than 85.
I’m not trying to turn you into an actuary or pension specialist, but an understanding of those terms can make a huge, positive difference in your plan for retirement income and your peace of mind.
