Lawmakers want to make it easier to have guaranteed income in retirement
August 10, 2021 by Sarah O'Brien
One type of annuity may be poised to get a bit of a makeover.
Under bipartisan retirement legislation pending in both the House and Senate, the rules applying to qualified longevity annuity contracts, or QLACs, would be changed. Although the two chambers’ provisions differ somewhat, both would remove the 25% cap on how much of your retirement savings you can put in these insurance options, as well as let buyers have a 90-day free-look period.