When Qualified Longevity Annuity Contracts (QLACs) were first introduced in 2014 by the IRS and Department of Treasury, I predicted that they would be the #1 selling annuity type every year after that. QLACs are simple, pro-customer, transparent, have no moving parts, no annual fees, legally lower the taxes owed on RMDs, and you can use IRA assets for single or joint lifetime income with your spouse. There was only one problem with my prediction: the built-in commissions to the agent were very low. To me, that is a non-event because commissions never play a part in my recommendations. However, the agent army doesn’t play the same pro-consumer game as I do.

I’m still a huge fan and proponent of QLACs for future contractually guaranteed lifetime income using qualified assets. It’s a great transfer of risk strategy. So Happy 9th Birthday QLACs! Your day will come. My recent Fun With Annuities podcast broke it all down, and I even sang Happy Birthday at the end of the podcast. That’s worth a listen right there! I have a velvety smooth voice, in my opinion.

Check out a recent Forbes article where their editors went to the #1 QLAC expert in the country (i.e., Stan The Annuity Man) for insights and facts. By the way, I was the first person to write a book on Qualified Longevity Annuity Contracts (QLACs). You can get it for free here.

This week’s Shootin’ It Straight With Stan video topic dove-tailed nicely with QLACs 9th Birthday when I factually went into “How To Create Your Own Pension.” Annuities, which include your Social Security payments, are the only financial product that qualifies as a contractual pension. In other words, it will pay as long as you are breathing. In a world where pensions from most companies don’t exist anymore, you might need to consider creating your own. You can run those quotes using my fantastic Annuity Man calculators.

September is officially QLAC season, so run your personalized QLAC quotes and start the QLAC application process ASAP to get the policy in place by the end-of-year rules. Feel free to book a call so we can answer all your QLAC questions. You might get me, so don’t be shocked if I’m the one who calls you at the scheduled time.

Limping (bad knees) into Chapter 2,

Stan