Are Longevity Annuities in Your Future?

I’ve been pretty critical of many annuities in the past, but there is one out there that might be worth a serious look. It’s called a Qualified Longevity Annuity Contract (QLAC) — yes, that’s a mouthful. Recent technical changes to this annuity OK’d by the U.S. Treasury offer a partial solution to the not-outliving-your-money challenge. Unlike many other annuities, this one is fairly straightforward and easy to understand. It also has some tax advantages. In fact, in five years, says Stan Haithcock, aka …

More New Retirement Account Proposals

Americans are way short in their retirement savings, and President Obama’s MyRA plan, which he unveiled last week, isn’t the only new proposal that aims to help with that problem. Sens. Susan Collins, R-Maine, and Bill Nelson, D-Fla., also offered a savings plan. Sen. Tom Harkin, D-Iowa, has one of his own, which follows a report he released last summer. Of these three proposals, Harkin’s is the most ambitious. His Universal, Secure and Adaptable (USA) Retirement Funds would create a …