The New Way to Get IRA Income

Time - For years, financial planners have touted the benefits of longevity annuities for retirees. Now a new IRS rule has made these income generators an even better deal.

Assess your cash situation. As useful as the annuity can be, you have to balance that future income stream with your need for money that you can tap for emergencies, either now or later. So commit only a small portion of your portfolio— no more than 20%—to a deferred annuity, suggests Michael Finke, financial planning professor at Texas Tech.

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