IncomeSource® Select, also known as a “longevity annuity”, is a deferred income annuity designed to help younger investors pre-fund a personal pension or older investors mitigate longevity risk in their later years.
Why DPL Likes IncomeSource® Select
IncomeSource Select, also known as a “longevity annuity”, is a deferred income annuity designed to help younger investors pre-fund a personal pension or older investors mitigate longevity risk in their later years. It offers flexible premiums (initial $10,000 and $1,000 thereafter), a one-time emergency withdrawal, flexible income start dates, and QLAC eligibility for qualified accounts.
How to Think About Commission-Free DIAs
When your client needs:
GUARANTEED LIFETIME INCOME: DIAs are explicitly designed to manage longevity risk by generating an income stream that clients cannot outlive.
FIXED INCOME: With interest rates at historic lows, DIAs can provide a higher rate of consistent income payments than a fixed income strategy.
TAX MANAGEMENT: QLACs can help control RMDs for tax sensitive clients.
For more information visit: https://www.westernsouthern.com/distributors/products/annuities/income-annuities/incomesource-select-deferred-income-annuity
The purchase of an annuity within a retirement plan that already provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefits. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. All annuity features, risks, limitations, and costs should be considered prior to recommending the purchase of an annuity within a tax-qualified retirement plan. In addition to surrender charges, withdrawals are subject to income tax.
Withdrawals prior to age 59 1/2 may also be subject to a 10% federal tax penalty.