June 22, 2009
ASR Applauds Senate Re-Introduction of Retirement Security for Life Act
The Americans for Secure Retirement (ASR) coalition today welcomed the re-introduction in the U.S. Senate of critically important retirement legislation. The Retirement Security for Life Act, S. 1297, introduced by Sen. Kent Conrad (D-ND) and Sen. Pat Roberts (R-KS), provides incentives that will increase the accessibility of retirement vehicles that enable a guaranteed paycheck for life, helping Americans have a more financially secure retirement. The Retirement Security for Life Act would provide a 50 percent tax exclusion on the annual income from a non-qualified lifetime annuity, up to $20,000. A lifetime annuity is the only financial vehicle that delivers a steady stream of income for life- a paycheck for life. Under the legislation, a typical American in the 25 percent tax bracket would save up to $5,000 in taxes annually. Read More