August 14, 1935, the U.S. government created the Social Security Administration to manage America’s first

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Annuities in Retirement - On the Money News

August 14, 1935, the U.S. government created the Social Security Administration to manage America’s first national retirement plan. Social Security benefits ...

August 14, 1935, the U.S. government created the Social Security Administration to manage America’s first national retirement plan. Social Security benefits are often compared to lifetime annuity income, which is income you can’t outlive. In July 2014, the U.S. government created Qualified Longevity Annuity Contracts (QLACs) to mitigate required minimum distributions (RMDs) at age 70½ by deferring a portion of qualified-plan income to age 85. Now, guaranteed income annuities are part of many retirement plans.

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Annuities: The Oldest Retirement Plan
August 14, 1935, the U.S. government created the Social Security Administration to manage America’s first national retirement plan. Social Security benefits are often compared to lifetime annuity income, which is income you can’t outlive.