New Bill Would Reduce Taxes on Lifetime Annuity Income
The U.S. House of Representatives has introduced the Retirement Security Needs Lifetime Pay Act, designed to encourage Americans to invest lifetime income annuities through tax breaks.
The bill, introduced by Reps. Earl Pomeroy (D-N.D.) and Ginny Brown-Waite (R-Fla.), would exclude half the taxes on the income from a non-qualified annuity, up to $10,000 a year. It would also exclude taxes on 25% of income payments from Individual Retirement Accounts and qualified retirement plans other than defined benefit plans.
NAVA applauded the bill, with the organization’s President and CEO Cathy Weatherford saying, “This legislation is a huge step in the right direction giving Americans the ability to bolster their retirement security with guaranteed lifetime paychecks. We all know there is a growing problem with Social Security. Now more than ever, Americans need to plan long term and to have the peace of mind that only lifetime payments can deliver.”
Source: bankinvestmentconsultant.com - 06/10/2009
Further Reading About The Retirement Security Needs Lifetime Pay Act (2009 H.R. 2748):
- Annuities Receive Attention In A Proposed Bill
- Bill Boosts Income Annuities
- Bill To Offer Tax Incentives For Annuity Conversion
- Bill Would Let Seniors Take Retirement Funds Through Annuity
- Buy An Annuity And Get A Tax Break Too
- Fair Disclosure For Retirement Security Act
- Groups Applaud Proposed Retirement Security Legislation
- Legislation Provides Incentives For Annuitizing Distributions
- Lifetime Annuities - The Retirement Security Needs Lifetime Pay Act H.R. 2748
- NAVA Lauds Introduction Of Critical Retirement Security Legislation
- New Bill Would Reduce Taxes On Lifetime Annuity Income
- Quiz Question: Proposed Tax Exclusion
- Retirement Security Needs Lifetime Pay Act Would Help Solve Nations Retirement Income Crisis
- Tax Break For Buying An Annuity
