Of course he likes annuities. Guaranteed income means guaranteed taxation upon receipt of income stream and guaranteed taxation upon death to the beneficiary. And his take on life insurance? He wants to indirectly tax inside build-up of permanent policy cash values, because he knows that income-tax-free loans and income-tax-free death benefits result in no federal tax revenue. Obama’s all about maximizing taxation and federal revenues in his insatiable quest to expand government largesse.
- Thomas R. Schwebach, CLU, CHFC, CASL
Two bills that would help retirees are pending in Congress. The Retirement Security Needs Lifetime Pay Act and the Retirement Security for Life Act would provide a 50 percent tax exclusion on the annual income from a nonqualified annuity, which would encourage people to convert some of their savings or assets to annuities for a lifetime paycheck.
- Jack C., NYC
I don’t get warm and fuzzy feelings at all, as the state of the insurance industry as a whole has never been more over-regulated. I believe it will all end with no agent standing.
- Dave Cain
It’s OK with me as long as they’re fixed annuities. Remember that variables got slammed in the freefall.
- Dean Whitehead