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THREE SHORT STEPS TO DECIDE, DESIGN AND FIND YOUR BEST QLAC ELECTION.

 

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Go2Income Annuity Shopping
Service and General Agent

There is a competitive market with over 200 life insurance companies offering annuities to the public. The Go2Income Annuity Shopping Service gives you access to multiple insurance companies offering Retirement Income Annuities, including the new QLACs and Deferred Income Annuities. We have selected over 25 companies rated A or better by A.M. Best to bid on your business. We work with highly rated companies because the guarantee of lifetime income payments is dependent on the claims-paying ability of the issuing insurance company.

Since the difference in rates among companies can be significant, it makes sense for us to do the shopping for you. Each life insurance company has its own practices and design features. We will make our best effort to match Your Annuity request with the annuity contract offered by the company.

Annuity business is placed through an arrangement we have with the Financial Independence Group, which is one of the largest Insurance Marketing Organizations. Here are some of the companies available in the Annuity Shopping Service.

It's not only about the difference in rates among companies that makes sense for us to do the shopping for you. Each life insurance company has its own practices and design features, and we will make a best effort to match Your Annuity request with the annuity contract offered by the recommended company.

For Information on an annuity quote: Call 1-877-263-5576



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g2itutorial

Single Female Age 62 Wants Security


Situation:

Denise, age 62, accumulated nearly $300,000 in 401(k) savings over her working career. Denise has no pension and has a small amount in personal savings for emergencies. Her parents are both alive, and in their early 90s. Denise decides to invest in a Qualifying Longevity Annuity Contract (QLAC). Without any beneficiaries to depend on her, and to maximize her future income, Denise chooses not to elect the Return of Premium protection.


Solution:

Denise rolls over $225,000 of her $300,000 401(k) balance into a self-directed Rollover IRA account, and the remaining 25% ($75,000) to a QLAC, electing to defer income from the QLAC until age 80. Starting at age 80, Denise can expect $16,800 a year in guaranteed income from the QLAC, which translates to $224 for each $1,000 of allocation. The balance in the Rollover IRA account is invested in a diversified portfolio of mutual funds from which she can make periodic drawdowns, and/or purchase non-QLAC guaranteed annuities.

Married Couple 70:67 Wants Predictability


Situation:

Ron, age 70, and Karen, age 67, have been married 30 years; they want predictability of income that lasts as long as both or either are still living. Ron has $500,000 in Rollover IRA savings, and Karen has $100,000 in a Tax Sheltered Annuity. They want to avoid the fluctuations in each year's Required Minimum Distributions. Ron does not elect the Return of Premium protection, Karen does.


Solution:

Ron allocated $125,000 into a structured Qualifying Longevity Annuity Contract (QLAC) which will guarantee $5,976 starting at age 75, increase to $9,566 at age 80, and then to $12,883 at 85. This income will be paid as long as either Ron or Karen is alive. Karen also allocates $25,000 (the 25% maximum allowable) into a QLAC with a deferred income payout starting at $5,420 at age 85. With these guaranteed "pensions for life" in place, Ron and Karen can invest the balance of their accounts more aggressively should they wish to do so.

Husband 73 and Wife 70 Want to Reduce Current Taxes


Situation:

Jack, age 73, and Ginny, age 70, are looking to reduce the taxes on their Required Minimum Distributions since they have income from other sources. Jack has $350,000 in a Rollover IRA, and Ginny $450,000 in her Rollover IRA account. They decide to each purchase a Qualifying Longevity Annuity Contract (QLAC) for the tax benefits as well as the peace of mind it provides. Because they have provided for their beneficiaries in other ways, neither Jack nor Ginny elect the Return of Premium protection.


Solution:

Jack decides upon a structured QLAC, allocating the allowable 25% maximum amount of $87,500. At age 75, Jack begins to receive $4,862 of guaranteed income starting at age 75, increasing to $9,352 at age 80, and to $13,153 at age 85. Ginny elects the 25% QLAC maximum deferral option on her $450,000 Rollover IRA account which will pay out $31,590 starting at her age 85.

QLAC Plan Options


Depending on whether your objective is to "Reduce Current Taxes", "Predictability of Income Distributions", or "Income Security", you can select a QLAC Plan to help meet that objective.

  • By selecting Max Deferral you are deferring payments (and taxes thereon) until the Income Start Age you select.

  • If you select Income Plan you are phasing in your guaranteed income at ages 75, 80 and 85.

  • If you choose Balanced Plan you are combining both deferral of certain payments until age 85, and start of income at ages 75, 80 and 85.