What is a QLAC (Qualified Longevity Annuity Contract)?
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- Опубликовано: 20 июл 2024
- Explanation of QLACs and when to consider one.
Links in this video:
Retirement Planning Insights - www.tenonfinancial.com/newsle...
Taxes in Retirement - / taxesinretirement
#QLAC #Annuities
DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.
Thanks for this excellent and straightforward introduction to QLACs.
Very helpful video with clear explanations. Thank you!
Could you put the RMD in a QLAC any year you didn't need it to defer taxation
Unfortunately no. When you're of RMD age, the first dollars out of your account every year need to be a normal distribution (or Qualified Charitable Distribution). Which means you need to pay tax on the amount of the RMD that year (unless you do a Qualified Charitable Distribution instead). You unfortunately can't further defer the current year RMD by using it to buy a QLAC. If you are of RMD age and want to buy a QLAC, you first need to take that year's RMD and THEN you can use some more of your IRA money to buy a QLAC.
I have a question for you if you dont mind. I am looking to get into the business of financial planing and life insurance. I was talking with a guy that works for cal choice financials and I was wondering if you know anything about them
Hi Brian. I've never heard of CalChoice, but I just looked them up. They seem to be focused on insurance and to a lesser extent asset management and even getting people into real estate investments??? I'd say if you're mainly interested in working in insurance, then go to one of the large household name insurance firms. If you're instead mainly interested in doing real financial planning (i.e. without the focus or need to sell products for commission), then try to find a "fee-only" advisor to work for.
There are two really good resources to learn more about the business and start making some connections. If you're not already on Facebook, I recommend you join. And then join two groups: XY Planning Network's VIP Community and FPA Activate. XY Planning Network has some fantastic content for people looking to career change or get into financial planning right out of school. FPA is the Financial Planning Association, and their "Activate" group is for newer and/or aspiring financial planners. You'll definitely learn a lot from both places!