Conrad-Roberts Bill Means Secure Retirement for Americans
In an effort to provide more Americans a secure retirement, Senators Kent Conrad and Pat Roberts unveiled legislation today that would give workers greater control over their retirement money.
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The bipartisan Conrad-Roberts Retirement Security for Life Act of 2009 encourages retired workers to invest in life annuities — called "paychecks for life" by some — by making a portion of certain annuity payments free from taxation.
Specifically, the bill provides a 50 percent tax exclusion on the annual income from a non-qualified lifetime annuity, up to $20,000.
"Under this legislation, working Americans will have the tools to make saving for retirement easier, and make those savings last," Senator Conrad said. "Workers nearing retirement today face many uncertainties, with serious questions about the future. Here we have an opportunity to provide working families some ways to make their retirement secure."
"This legislation can help ensure that small business owners, farmers and ranchers and other workers who have saved on their own for retirement, have the tools they need to ensure a steady income that will last throughout their retirement."
Conrad, D-N.D., and Roberts, R-Kan., both serve on the Senate tax-writing Finance Committee.
Source: conrad.senate.gov - 6-18-2009
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