A qualified longevity annuity contract (QLAC) could help retirees reduce the taxes on their Social Security benefits early in retirement but may increase their taxes later in retirement. These are a special type of annuity that allows you to set aside up to 25% or $135,000 of the money in...
You can also use this type of annuity to reduce your RMDs. You’re allowed to invest up to 25% of your IRA or 401(k) plan (or $125,000, whichever is less) in a QLAC without having to take required minimum distributions on that money when you turn 70½. You’ll s...
Best for playing it safe with your estate plan. Don’t overlook the most obvious charitable-giving tool — your will. You retain control of your assets while alive and designate charities to inherit specific assets after your death. Those posthumous donations can reduce estate and inheritance t...