Qualified longevity annuity contracts have, in theory, existed for nearly three years, but it's only in recent months that insurance carriers have begun to offer these products — finally making the QLAC a realistic planning option.
While the purpose behind the QLAC is relatively simple — providing income guarantees late in a client's life — in reality, this new planning vehicle can reshape the client's entire retirement income planning strategy.
QLACs won't replace Social Security as the primary source of retirement income for many clients but, for the higher income client, the introduction of QLACs into the planning mix can drastically alter even the most basic Social Security strategies, including the typical plan for maximizing retirement income by delaying benefits.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
