005: What is a Qualified Longevity Annuity Contract (QLAC)?

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welcome to

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fun with annuities with your host me

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stan

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the annuity man america's annuity agent

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can annuities be fun

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can contractual guarantees be fun

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absolutely they can find out the brutal

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facts about annuities

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with no sales pitches or high pressure

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nonsense

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just the brutal and factual annuity

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truth which is all you need to hear

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let's have some fun with annuities and

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let's have that fun start

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right now

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hey this is stan the annuity man and

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welcome to fun

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with annuities today we're going to talk

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about

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culax what is a culac a culec is a

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qualified

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longevity annuity contract now

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i've written books on all of these

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products and i'm actually holding in my

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hand you'll hear pages flip because it's

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a great outline for this podcast

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i've written a cue lack owner's manual

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i've written owner's manuals on all

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product types and i encourage you to go

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to my site at the annuityman.com

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and get for free no obligation i'll ship

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it to you

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in the mail a qlik owner's manual or you

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can go to amazon and download the kindle

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whatever you want to do

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but you need to read it because that's

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where this is all coming from because

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i've synopsized it into like a 55 60

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page

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easy to read owners menu that covers

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everything

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so with all products i start with

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limitations

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i'm the only one that's not starting

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with the sizzle i start with the steak

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and let's start with the limitations of

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culac and a culac

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is in essence a deferred income annuity

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that's another product type but a

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deferred income annuity dia

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is a longevity annuity and a qlik

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qualified longevity annuity contract

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is a deferred income annuity it's the

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same exact structure there's just

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different

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you can only use it in one place and

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with the qlik you can only use it

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in a traditional ira i think

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government's trying to help you

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do that within 401ks etc but for now

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it's in traditional iras which is

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great because you can use your ira for a

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future

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pension income string but let's talk

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about limitations because we always

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start there because that's in the back

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of your mind anyway so let's start with

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the limitations

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lack of liquidity just like a deferred

2:18
income annuity which is that's what it

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is

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you can't change your mind pivot and say

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oh by the way stand five years down the

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road i've decided not to do that in my

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ira send me the money you can't

2:29
it's irrevocable meaning you're going to

2:31
get your money back through payments but

2:32
you can't get it lump sum i think the

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irs did that

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by the way and we'll go through where

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this all started the irs and the

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treasury developed it but we'll talk

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about that in a second

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but they didn't want people to pivot

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like that they wanted people to

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create lifetime income streams other

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than depending solely upon social

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security

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there's no growth inside of a culac in

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other words if you defer for five years

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there's no trackable interest rate just

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like a deferred income annuity same

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thing

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that might drive you crazy because

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you're an investor and you like to see

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growth and

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you're the best investor in the world

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and you see growth all the time that's a

3:04
joke

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q-lax or transfer risk income products

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the longer you allow an annuity company

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to hold on to the money the more they're

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going to pay

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when you start the income stream but

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there's no trackable interest rate so if

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you die before

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the income starts let's say hey defer my

3:19
q lakh

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i'm 72 defer and let's start it when i'm

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80. let's say you die at

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age 77 100 of that initial premium goes

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to your beneficiaries

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but there's no interest rate growth and

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that might drive you crazy but you need

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to know that limitation

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it's a rigid contract so there's no cash

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or render value

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and there's a limitation on how much

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money you can put at the time of

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put in at the time of this recording you

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can take

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25 of your total ira assets all of it

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or 130 000 whichever is less let me

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repeat that 25

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of your total ira assets or 130 000

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whichever is less if you have a million

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dollars

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hundred thirty thousand right if you

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have seven or fifty thousand dollars in

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ira hundred thirty thousand

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if you have four hundred thousand

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dollars in your ira a hundred thousand

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twenty five percent of four hundred

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right so twenty five percent of your

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total ira assets

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and that could be everything from you

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know 401ks 403bs

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traditional iras rollover arrays all of

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it combined

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25 or 130 000 and that's for each person

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so you and your spouse could do

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a culac if if you both have iras or

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qualified type accounts but i think

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that's going to go up in the future

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it should but for now those are the

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rules and right now they're optional for

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some of the 401k plans

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not all which it should be all but when

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they were developed and we'll talk about

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when they're developed they're developed

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for you know the the 401k type plans

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what's happened is the traditional ira

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holders are the ones that are taking

4:48
advantage of q lakhs

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my opinion qlik should be the number one

4:52
sold annuity type

4:53
in the country what's limiting that is

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low low commissions which who cares

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i mean it's about you not the agent even

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though commissions are

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built in and you never see them because

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this is a simplistic product is low

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but they should be the number one

5:07
product sold because everyone there's

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trillions and trillions

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of dollars in iras and people all need

5:12
additional income most people

5:14
and this is a great place to go you

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cannot use

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a queue like inside of a roth that's a

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limitation so

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just understand that there's some

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there's some limitations on where you

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can use it and how you can use it and

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how much money you can use those are the

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limitations

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let's talk about benefits it's principal

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protected obviously 100 of your money we

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can structure so that you know

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if you die before the income starts if

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you die after the income starts and you

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haven't

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drawn down all that money even though

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it's a lifetime income guarantee

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100 of that money can go to the

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beneficiaries

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if we structure it correctly once again

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it's a transfer risk you know it's a

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longevity

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solution it's a transfer risk to the

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annuity company to pay you

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or you and your spouse for the rest of

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your life in my opinion one of the

5:56
greatest benefits about culax is that

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you can

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add your spouse or significant other

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partner

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to the payment stream and it's your ira

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that's neat that's good that is a way to

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take care of that person

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and i really think a lot of people are

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utilizing culax to take care of their

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spouse

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it's very simple and easy to understand

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i always tell people don't buy an

6:19
annuity unless

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you can explain it to a nine-year-old no

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offense to nine-year-olds

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but you know it's the warren buffett

6:24
rule if you don't understand it don't

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buy it q laks are very simple and easy

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to understand

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the payments are primarily based on your

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life expectancy at the time you take the

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payments

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not interest rates so don't be an

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interest rate fool

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and try to time it because in essence

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you're timing your life expectancy good

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luck with that so if you say

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hey i'm going to wait another year okay

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great you're going to be older so the

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payments will be higher but you're also

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going to miss out on that deferral time

6:50
period where they enhance the payout

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the longer that they hold on to it you

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can you don't have to

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put the full 130 or whatever the 25

6:58
into a queue light you can ladder it you

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can buy x amount this year and x amount

7:02
the next year and x amount the following

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year just

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as long as you stay within that

7:06
limitation under the rules

7:08
you can add a cost of living adjustment

7:10
rider with hulax

7:12
a cola which sounds great by the way you

7:14
already own the best queue like

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on the planet it's called social

7:17
security and that increases that

7:18
increases at the whim of our

7:20
beloved and smart politicians but when

7:23
annuity companies tell you they're going

7:25
to increase the income

7:27
every year they're going to lower the

7:29
initial payout in other words if you

7:31
compare

7:32
a qlik quote with and without the same

7:34
one with and without a

7:35
cost of leaving adjustment increase the

7:37
one without is going to be higher and

7:39
you're going to have to factor out

7:41
and hopefully we'll have this discussion

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you have to factor

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into that decision does it make sense to

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have the static payment

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or does it make sense to have a cost of

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living adjustment increase

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and wait those years to make up the

7:54
difference or do i ladder it and buy one

7:57
with and one without there's no good in

7:59
remember there's no perfect answers

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with annuities just bad sales pitches we

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don't pitch i'm going to give it to you

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straight brutal you're going to

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understand it

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going in so there's going to be no no

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fluffing things up

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so those are the those are the benefits

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so we always start with

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limitations then we talk about benefits

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so let's go back into the product

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and talk about the history of culax 2014

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our friends at the irs and the treasury

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department and they are our friends

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right

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they developed the culak and the sole

8:29
reason

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and i think it's a shot across the bow

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and a wake-up call is

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they want people to start planning for

8:35
income

8:36
period the money you put into a queue

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line

8:39
it lessens your rmds so in other words

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if you put 130 000 in qlik and you have

8:44
a 500 000 ira then you're going to take

8:48
rmds off 370. does that make sense

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so 130 minus minus the 500 so the qlik

8:55
premium amount is not used to calculate

8:58
the r ds from the non-annuity amount so

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that is also

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a really good deal not huge you're going

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to find the savings aren't great they're

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not paying the table hey i'm

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i'm beating the irs but it's legal so

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it's another benefit but in essence

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the treasury department and and our

9:14
friends at the irs

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said hey you can lower your rmds if you

9:17
plan for future income so here's our

9:19
carrot

9:20
you know if you take the income stick

9:22
right you know if you if you

9:24
decide to put a qlik in place for future

9:26
income

9:27
and they're hoping people do that with

9:28
the trillions and trillions and

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trillions of dollars in ira

9:31
assets to lessen the blow and lessen you

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know

9:34
the dependency on social security

9:36
because social security as we all know

9:38
was not put on the planet as the sole

9:41
source

9:42
of retirement income it was supposed to

9:43
enhance or be a help but that certainly

9:46
isn't the case for a lot of people

9:47
unfortunately

9:48
and if you're fortunate enough to have a

9:50
large enough ira

9:52
you know i would consider taking

9:53
advantage of the

9:55
the r d savings right because it doesn't

9:57
count as a part of the calculation

9:59
and also for a future income stream to

10:02
combat against inflation there's no

10:04
annuities out there that

10:05
perfectly combat against inflation the

10:06
way to combat against inflation

10:08
is to have more income coming in when

10:10
inflation hits right so culax

10:12
can be part of that so that's where it

10:15
started in 2014

10:18
interesting enough when it came out i

10:20
thought it was such a good product and

10:21
such a great idea and i thought it'd be

10:22
the number one product

10:24
in the country immediately of course i

10:27
didn't factor in

10:28
the fact that there was low commission

10:29
and asians wouldn't care or advisors

10:32
didn't want to

10:33
to sell it to their fee based accounts

10:35
because they couldn't charge a fee on it

10:37
i didn't factor that in i just

10:38
was thinking like a consumer okay from a

10:40
consumer

10:41
this makes total sense i still think it

10:43
should be the number one sold product

10:45
out there because everyone with an ira

10:47
traditional ira or qualified money

10:49
should quote it

10:50
every single person everyone because

10:53
we're all going to need

10:54
income in the future we're all going to

10:56
need more income and we're all probably

10:58
wanting to take care of our spouse or

11:00
significant other partner

11:02
in a way that we can with an ira most of

11:04
people's assets

11:05
are in ira money so i just think it's a

11:09
no-brainer and it forced me to write

11:11
my first owners my first owner's manual

11:13
i wrote and i've written written six

11:15
was on culac and i i heard about it

11:18
great story i heard about it

11:19
read about it i was in chicago speaking

11:22
i

11:22
literally locked myself in a room and

11:24
wrote the owner's mane based upon the

11:26
information i had and then i enhanced it

11:27
and i published it and i kept writing

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owner's manuals after that on all

11:31
product types but

11:32
that's what forced me to write these

11:34
owner's manuals and you should get one

11:35
i'm looking i'm holding the q lock

11:37
owner's manual in my hand right now so

11:38
you should

11:39
go get yours as well so it started in

11:41
2014

11:43
you know as i said the limitations are

11:45
currently 25

11:47
of your total ira assets or 130 000

11:50
whichever is less

11:51
that's per ira so you you could have one

11:53
your spouse or significant other slash

11:55
partner could have one

11:57
so the payments are calculated primarily

12:00
based on your life expectancy at the

12:02
time you take the payment not

12:03
interest rates so i know that everyone's

12:06
watching the 10 year treasury

12:07
and everyone says well rates can't get

12:09
any lower which is

12:11
that's not true okay we've all seen that

12:14
we don't know

12:15
nobody knows if people knew where

12:17
interest rates were going to go

12:19
it'd be it'd be a much much more happy

12:22
world out there and there's nobody that

12:23
actually knows so you buy it for

12:25
the contractual guarantee based on your

12:27
life expectancy and again

12:28
there's no return on investment there's

12:31
no roi till you die

12:32
as i say because it's a transfer risk if

12:34
you live forever they the annuity

12:36
company are on the hook

12:38
to pay regardless of how long you live

12:41
so going back to the deferred income

12:44
annuity versus the qlik they're the same

12:46
product

12:46
the rules for the deferred income

12:47
annuities you can defer it up to 870 and

12:49
a half

12:50
before income starts you can say hey

12:52
stan i want the income to start at 870.

12:54
once we go past into the 70s then it

12:56
really becomes a q lakh

12:58
from the standpoint of of income later

13:01
an income later type calculation so it's

13:04
remember it's it's

13:05
exactly the same structure as a deferred

13:07
income annuity which is exactly the same

13:10
structure

13:11
as a immediate annuity there's no moving

13:13
parts there's no annual fees there's no

13:15
market attachments

13:18
it is what it is it's a future pension

13:20
guarantee transfer of risk

13:22
and to me it's part of the overall

13:24
income floor

13:26
meaning okay i have a pension i'm

13:27
getting from my company if you're so

13:28
fortunate

13:30
i have income stream coming in from

13:32
other sources

13:33
i have my social security that i can

13:35
hopefully depend on i think we can

13:37
hopefully and then i'm going to have you

13:40
know

13:40
either an immediate annuity a deferred

13:42
income annuity or or a culac

13:44
that's also going to provide income

13:46
because at the end of the day when we

13:47
all

13:48
retire it's all about lifestyle it's all

13:50
about taking care of our family it's all

13:52
about an income stream that's showing up

13:54
every single month regardless what

13:56
happens in the political world

13:57
the financial world etc you want that

14:00
guaranteed money

14:02
hitting your bank account every single

14:04
month

14:05
so i think that the queue lack is a game

14:07
changer for people that are iras if you

14:09
have an ira

14:10
and you still say i really don't need

14:13
income you still need to quote it you

14:14
need to quote it for your spouse the

14:16
other rule that i

14:16
that i want to point out is the farthest

14:19
right now that they will allow they the

14:22
annuity companies and the irs and the

14:23
treasury will allow you to defer is up

14:25
to aj 85.

14:26
a lot of people think that i have to

14:28
defer to hi85 no

14:30
with the culac you can defer as short as

14:32
age 71

14:33
or 75 to 71 and as far out as h85

14:37
okay similar to a dia because it is a

14:40
deal you you can

14:42
typically change depending on the

14:43
structure you choose change the income

14:45
start date one time after the policy is

14:47
issued

14:48
if needed obviously the younger you are

14:50
the lower the payments

14:51
the older you are the higher the

14:52
payments but

14:55
you know you have to understand that you

14:57
have to play within the rules

14:58
and you can defer as far out as age 85

15:01
so you know during that time period

15:04
let's just say you're 75 and you defer

15:05
to aj 85

15:06
that amount that you used in the queue

15:08
from age 75 to age 85

15:11
is not going to be part of your r d

15:12
calculations the income stream

15:15
derived from the q ac when it does start

15:17
paying income

15:18
covers that q lakh dollar amount asset

15:21
in full for the rmds you can't use that

15:24
income stream

15:26
that you're getting from the qlac any

15:28
overage from that to apply to any

15:29
non-annuity assets if that makes sense

15:32
it only covers the one let's just say

15:35
you

15:35
put 130 into qlik you're getting income

15:37
stream from the qlac

15:38
that income stream covers that rmd for

15:40
the qlik but it doesn't cover anything

15:42
else any overage from there so with that

15:46
remember yeah with the two questions

15:48
what do i want the money to

15:49
contractually do when i want those

15:50
contractual guarantees to start with

15:52
qlac

15:53
what do you want the money to

15:54
contractually do i want income for

15:55
either me or my spouse you don't have to

15:57
set up jointly but most people do

15:59
if they have a spouse that's still still

16:00
alive and

16:02
and then when you want it to start it

16:04
can start as early age 71 or as late as

16:07
age 85 so

16:11
if that makes sense it's really a great

16:13
product i mean i'm telling you right now

16:15
i think it should be the number one

16:17
product out there and i think that

16:18
everybody

16:20
that has an ira should get a quote

16:24
and it's very simple you're going to get

16:25
a quote and read the book

16:27
and make your decision right and there's

16:30
no way to time it

16:31
unfortunately i wish there was there's

16:33
not you can ladder it remember you can

16:35
do that

16:36
so with that let's let's end the podcast

16:38
with some frequently asked questions and

16:40
remember that you can go

16:42
to my blog at the annuityman.blog or

16:45
theannuityman.com and you can get there

16:47
and what i've done with the frequently

16:48
asked questions is a lot of

16:50
a lot of people have asked me questions

16:52
in the past i've written them all down

16:54
and i've gone in there and i'm starting

16:55
to

16:57
build this huge inventory of frequently

17:00
asked questions of which i answer

17:01
in an audio format so you'll read it you

17:03
hit the play button you'll hear me

17:04
answer it very

17:05
succinctly and shortly and etc and you

17:08
can even

17:09
put in your own questions as well if you

17:11
have questions that

17:12
you have so let's go through a few and

17:14
this is in the back of the queue like

17:16
owner's manual

17:17
you might hear me flipping the pages of

17:18
course you need yours right

17:21
so go to my site and order and i'll ship

17:23
it to you

17:24
so some of these questions might be

17:25
repetitive i might have already covered

17:27
them but let's go through them quickly

17:28
and you want to kind of pick and choose

17:29
which ones to do how long have q likes

17:31
been around since 2014

17:33
like i said our friends at the irs and

17:35
the treasury introduced it i love it

17:38
i think it's one of the best things

17:39
that's ever happened obviously i want

17:40
the

17:41
130 000 amount to go higher but that's

17:44
the

17:44
limitation 25 percent of your ira total

17:47
assets or 130 000 whichever is

17:50
less people always call me hey stan do i

17:53
have to defer as far as

17:54
age 85 no that's the longest that will

17:57
allow you at age 85 you have to turn on

17:59
the income stream

18:00
but you can defer it as short as age you

18:02
know 71 right

18:04
so the other question i get all the time

18:06
when's the perfect gauge to buy a q lakh

18:08
there's no good answer to that there's

18:10
no age range there's no pie chart

18:12
it's when you want to lock in future

18:16
income

18:16
using your ira for you or you and your

18:18
spouse or you and your partner

18:20
it's it's that simple okay so there's no

18:22
perfect answer there's just bad sales

18:24
pitches

18:25
there's no roi on these things what's

18:27
that what's the roi stand there's none

18:29
until you die it's transfer risk if you

18:31
die before the income starts you get

18:33
your money back

18:34
we can structure it like that i'm going

18:35
to encourage you to unless you

18:37
unless you convince me otherwise to just

18:39
say hey stan i want to cue

18:40
just life only when my literature hits

18:42
the mountain i don't care that's fine

18:44
too

18:44
but 99 of people want to make sure that

18:47
that hard-earned money that's been

18:49
trickling into their ira is a lifetime

18:52
inconsistent guarantee but also will

18:53
guarantee

18:54
that if they die early the money will go

18:56
to their beneficiaries

18:58
people always say how much money am i

18:59
going to save on my rmds remember

19:02
that amount of money in a queue lag is

19:03
not used in your rmd calculations i will

19:05
tell you right now

19:07
the sole reason to buy q lakh should not

19:09
be to lower your rmds because you're not

19:10
going to see a significant pound the

19:12
table amount

19:14
the main reason is i think too

19:17
first in primaries you can add a spouse

19:19
okay

19:20
or or significant other to the income

19:22
stream using just your sole

19:24
ira the second reason is to combat

19:27
inflation

19:28
having income starting at a future date

19:30
to combat inflation

19:32
those would be the two primary reasons

19:34
in my opinion

19:35
the rmd savings would be the third it's

19:38
not great but it's legal

19:39
and it's it's a way for you to lower

19:41
those rmds

19:42
using a tool that the irs and the

19:45
treasury have approved

19:47
people always want to know if the

19:48
premium limits will be raised in the

19:49
future

19:50
yes i think so but anytime they do that

19:54
you know the irs is probably going to

19:55
kick and scream a little bit because

19:56
that's going to

19:57
that's going to give them less tax

20:00
revenue because if everybody that has a

20:01
qlik

20:02
is putting more money in it that's less

20:05
revenue to the irs because that's not

20:06
used in the r d calculations

20:09
in the short term long term i think they

20:11
win short term as well you know

20:12
washington dc is one big short term

20:15
right

20:16
unless you're unless you're a politician

20:17
and then you have you're in there

20:19
forever right

20:20
but it's a short-term thinking that they

20:23
have up there

20:24
instead of long-term and always say you

20:26
know if it's if it's pro-customer or

20:28
pro-consumer

20:29
i'm not sure it's going to go through

20:30
that's sad to say

20:32
but in dc it's all about tax revenue

20:35
currently

20:35
people say how many carriers offer i'm

20:37
gonna i'm gonna say ballpark 15 to 20

20:40
ballpark and why don't all carriers

20:42
offer i don't know they should i think

20:44
it's the best product

20:45
in my opinion out there when i say that

20:47
it's a dia it's a spea

20:49
it's the same structure but so many

20:51
people

20:52
the majority of people out there most of

20:54
their assets are in their home

20:56
or in their ira so you know this this

20:58
product should be quoted

21:00
i think it should be quoted in every

21:02
single ira if i was

21:04
running a brokerage firm my previous

21:05
life i was with you know morgan stanley

21:07
and ubs and payne weber d winter

21:09
if i was the ceo of one of those

21:10
companies i would make every single

21:12
person every single advisor quote it

21:14
now they won't because they can't charge

21:16
a wrap fee on it

21:17
right so you know again it's good for

21:20
the consumer but it's probably not going

21:22
to happen

21:23
also what are the annual fees remember

21:25
there's no annual fees

21:26
commissions are paid there's no annual

21:29
fees but there's a commission paid a

21:30
one-time commission to the agent

21:32
to buy the carrier that you'll never see

21:33
and it's low because it's not it's a

21:35
simple product so

21:38
with that being said i mean that's

21:39
that's pretty much

21:41
a q lakh a qualified longevity annuity

21:44
contract

21:45
i'm going to encourage you once again

21:46
i'm going to pound the table only pound

21:48
the table i'm going to do

21:50
is is encourage you to get more

21:52
information get the book get a quote

21:54
on my site the annuityman.com you can

21:55
get both

21:57
and we will treat you like a

21:58
professional we will leave you alone we

22:00
will provide as much information as

22:02
humanly possible and if you want to

22:03
engage

22:04
us you're going to engage me okay set an

22:07
appointment with me

22:08
and i will talk to you and we will go

22:11
over it good bad the ugly

22:13
limitations benefits and you can make a

22:15
good decision knowing that

22:16
you're making a decision on your time

22:18
frame and there's never an urgency

22:19
to make a decision on an annuity because

22:22
it's a contract

22:23
right so with that being said i really

22:26
appreciate you tuning in

22:28
and i i hope you keep tuning in because

22:30
i'm going to keep going over products

22:32
and digging down into

22:33
strategies and you're going to learn a

22:35
lot and you're going to learn

22:36
whether these things fit with what your

22:38
specific situation

22:40
and i hope you dig in deep with the

22:42
information that i provide

22:44
and contact me anytime my email by the

22:46
way is stan at

22:48
the annuityman.com so you can do that as

22:50
well and with that

22:52
this is stan the annuity man thanks for

22:54
listening to fun with annuities

22:56
see you next time thanks for listening

22:59
to fun

23:00
with annuities please hit the subscribe

23:02
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23:04
at the annuityman.com where you can run

23:07
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23:07
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23:10
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23:14
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23:17
you can also

23:18
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23:20
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23:22
them for free and under no obligation i

23:25
also encourage you to schedule a

23:26
one-on-one call with me

23:28
stan the annuity man so we can have a

23:30
full discussion

23:31
of your specific situation it will be

23:34
the best

23:35
brutally factual and truthful advice you

23:38
will ever get and that's one guarantee

23:40
you should definitely take advantage of

23:42
so join me next time for the number one

23:44
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23:45
on the planet fun with annuities

23:52
[Music]