Annuities Receive Attention in a Proposed Bill
The Retirement Security Needs Lifetime Pay Act, or H.R. 2748, was introduced this week by Rep. Earl Pomeroy (D-N.D.) and Rep. Ginny Brown-Waite (R-FL). This news comes from “Bill would let seniors take retirement funds through annuity” by Darla Mercado of InvestmentNews. Basically, retirees could use part of their retirement savings to invest in an annuity with a significant tax benefit. The Internal Revenue Code would be changed so that 50% of a non-qualified lifetime annuity would not be subject to taxes. This benefit is good for up to $10,000 yearly income.
Since lifetime annuities are the only financial product that provide guaranteed lifetime income, they are crucial to retirement planning. The proposed bill will now go to the House Ways and Means Committee and hopefully be passed into law.
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Important Notice: This information is not intended to be a recommendation to purchase an annuity. You should consult with a financial planner to determine if an annuity is a suitable product in your situation. Also, be advised that tax information published at this site is written to support the promotion of annuities. It is based on limited facts and should not be relied upon. You should consult with your own tax and legal advisors for an opinion about what could or should be done in your particular situation.
This is a table illustrating today's top interest rates for deferred annuities. The table lists the name of the insurance company, annual effective yield, and the number of years for which the yields are guaranteed. To learn more about deferred annuities click any line in the chart or call 800-872-6684 for quick answers.
Deferred Annuity table
|Company / Product||Rate||Yrs.|
|Delaware LifePinnacle MYGA 10||3.65%||10|
|Guggenheim LifePreserve MYGA 9 Annuity||3.30%||9|
|Guggenheim LifePreserve MYGA 8 Annuity||3.25%||8|
|Delaware LifePinnacle MYGA 7||3.35%||7|
|Guggenheim LifePreserve MYGA 6 Annuity||3.10%||6|
|SentinelPersonal Choice Annuity 5||3.30%||5|
|Delaware LifePinnacle MYGA 3||2.00%||3|