Bill Provides Tax Break for Annuities
Senators Kent Conrad (D-N.D.) and Sen. Pat Roberts (R-Kan.) have introduced S. 1297, The Retirement Security for Life Act.
Get quick answers to your annuity questions: Call 800-872-6684 (9-5 EST)
The act would provide a 50% tax break on as much as $20,000 in annual income from nonqualified lifetime annuities. The Senate bills mirrors H.R. 2748, the Retirement Security Needs Lifetime Pay Act, recently introduced into the House by Reps Early Pomeroy (D-N.D.) and Ginny Brown-Waite (R-Fla.).
"By providing a strong tax incentive for Americans to use lifetime annuities as part of their retirement portfolio, policymakers are helping people secure their retirement," Bill Waldie, chairman of Americans for Secure Retirement (ASR), a coalition representing the life insurance industry, said in a statement. "This is an important step toward addressing the anxiety many Americans feel toward their financial outlook during retirement."
We had heard about annuities and were investigating them for our IRAs. We also heard bad things about pushy brokers over the years. So when we went to the ImmediateAnnuities.com site we were skeptical about calling them. But whenever we called their staff was really friendly. They answered all our questions and one of their reps even told us that at our ages there was no advantage to buying the annuity with our IRAs. These guys are really honest!