A special type of deferred annuity that allows retirees to use a portion of their retirement savings (up to $200,000 as of 2024) to purchase guaranteed income that begins at an advanced age (up to 85). QLACs are excluded from RMD calculations, helping reduce required withdrawals and taxes while providing longevity insurance for later years.
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QLAC (Qualified Longevity Annuity Contract)
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