Governments Decision Expands Retirement FlexibilityIts not often the federal government makes a decision that nearly everyone is happy with, but thats what happened with a regulation that was recently finalized by the U.S. Treasury Department. Changes to the regulations under Internal Revenue Code section 401(a)(9) allow individuals the ability to defer the distribution of their qualified assets beyond age 70 through the purchase of a Qualifying Longevity Annuity Contract (QLAC).Generally, the new rules provide an exception to Required Minimum Distributions (RMDs) by allowing a QLAC to start making payments as late as age 85, meaning people can defer paying taxes on money that they may not need in early retirement. Letting you take RMDs when you want to.A QLAC can provide more flexibility for your retirement planning by allowing you to better match your retirement income to your needs, and the ability to control when taxes can be paid on your qualified assets. A QLAC will also ensure that you will not outlive your money, because as an annuity it provides guaranteed income for life.There are some limitations to QLACs. There is a cap on how much of your qualified money you can put into a QLAC. Contributions are limited to the lesser of $125,000 or 25% of the owners qualified account balances, less previous QLAC contributions. The 25% limit applies on a plan by plan basis and to IRAs on an aggregate basis. Also, QLACs can only be established through a deferred income annuity with no liquidity features.Other important rules you should be aware of include: Eligible accounts include 401(a), 401(k), 403(b), governmental 457(b) or IRA, Income payments must begin no later than the first day of the month following the owners attained age 85. The contract must state from inception that it is intended to be a QLAC. Once income starts, the payments must satisfy RMD rules. The contract cannot have any cash surrender value or commutation benefitA QLAC can be a powerful tool for those who want more control of how and when they start taking money out of their qualified retirement accounts. The government has taken an important step in allowing people to have more flexibility with regard to their retirement assets. This opportunity is a serious consideration for many people nearing, or even in, retirement. Contact your tax/legal advisor for implications to your specific situation.This educational third-party article is being provided as a courtesy by Gordon L. Szerlip. For additional information on the information or topic(s) discussed, please contact Gordon () at New York Life Insurance 617-820-2534 or at glszerlip@ft.newyorklife.com.

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Pondering the question of what the hearing impaired really want, it can be said that they want to be good fathers and mothers, brothers and sisters, aunts and uncles, sensitive to others needs and thoughts.They want to hear intimate speech and to hear clearly the words, I love you, I appreciate you in tones that match the message. They want to bond and feel at one.They are tired of being an invisible segment of their social circle. They want to hear small talk and contribute in kind.They want to be able to relax and enjoy, to breathe deeply and freely, not anxious and tense during a meal at a fine restaurant.They want to hear the dialogue over the music, television without dominating every cubic inch of the room, and their spouse to smile and squeeze their hand in the quiet moment, without having to repeat to the point of frustration.They want to know who youre talking to on the phone without asking, or hear you through the door when caught in bathrobe.Older hearing impaired individuals want to be able to pass the Mini Mental State Exam when the crucial questions are asked, without having checkbook, drivers license, deed to their home, and personal independence taken from them.They want to hear the small child's voice, and to be a calming influence that there is a bright future in store for the next generation.What do hearing impaired individuals want? They want all of the above, and the only way they can get it is by seeking out the services of a dedicated, caring hearing health professional.Borrowing from poet William Butler Yeats, the hearing impaired individual is like the Falcon flying in ever widening gyres,unable to hear the Falconer standing below, and simply searching for answers to their steadily advancing problem. The hearing health professional is like the Falconer , welcoming arm stretched forth, waiting for the struggling Falcon to come home.Dr. Chartrand serves as Director of Research at Digicare Hearing Solutions, Inc., with offices located in Colorado City, La Junta, and Trinidad, and as Associate Professor of Behavioral Medicine at NorthCentral University. Information: 719-676-4377.