Qualified Longevity Annuity Contracts (QLACs)
Qualified Longevity Annuity Contracts (QLACs) were just approved on July 1st, 2014 by the Treasury Department and the IRS for use within 401ks and personal IRAs. QLACs can be used for future guaranteed lifetime income planning, and for reducing the taxes on your RMDs (Required Minimum Distributions). The current limitation is is 25% of your IRA total or $130,000, whichever is less. Lifetime income guarantees can be deferred to start as late as age 85.