Stan The Annuity Man: Happy Birthday To QLACs
In this episode, The Annuity Man discussed:
- Why QLACs should be number one
- Three reasons to buy a QLAC
- The downsides of a QLAC
- If agent commission didn’t come into play, QLACs would be the number one best-selling annuity product. It’s simple, pro-consumer, and works; it’s a product that focuses on the “will do” and not the “might do.” It’s a guaranteed lifetime income rolled from your IRA, and can be deferred as far out as age 85.
- There are primarily three good reasons to buy a QLAC. First, you’ll get future income to combat inflation. Second, you can add your spouse as a join annuitant, which means that they too get paid as long as one of you is breathing. Third, you can have tax savings. The amount that you put into a QLAC is not included in your required minimum distribution calculations.
- The downsides of a QLAC are that it’s irrevocable, there’s no trackable interest, and there’s no market attachment. The latter “downside” isn’t much of a downside at all. Being detached from the market means it’s not affected by market fluctuations.
"With QLACs, SPIAs, and DIAs, there's no annual phase. There's no market attachment; it’s a straight transfer risk. You're saying to the issuing QLAC company, here's the money, and you are on the hook to pay me, or me and my wife, or me and my husband forever as long as one of us is breathing, but you don't get to keep a penny. " — Stan The Annuity Man.
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Fun With Annuities Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.