Deferred Income Annuity contracts are irrevocable, have no cash surrender value and no withdrawals are permitted prior to the income start date.
* Annuity guarantees are subject to the claims-paying ability of the issuing insurance company.
Fixed annuities available at Fidelity are issued by third-party insurance companies, which are not affiliated with any Fidelity Investments company. These products are distributed by Fidelity Insurance Agency, Inc., and, for certain products, by Fidelity Brokerage Services, Member NYSE, . A contract’s financial guarantees are solely the responsibility of and are subject to the claims-paying ability of the issuing insurance company.
2. Restrictions may apply depending on payment option and/or contract type selected. The new income amount will be determined by the issuing insurance company. Please refer to the product materials for additional details.
Minimum subsequent premium amounts and limitations to when additional payments are allowed prior to income start date may apply. Please refer to the product fact sheet.
4. Required Minimum Distributions begin at age 72 for individuals who turn 70½ on or after January 1, 2020.
5. Traditional IRA includes SEP and SIMPLE IRA. QLACs cannot be purchased with Roth or Inherited IRA dollars.
6. QLACs cannot be purchased with Roth or Inherited IRA dollars; the value of such IRAs cannot be included in determining the 25% premium limit. The total sum of QLAC premiums cannot exceed $135,000, regardless of the funding source. If the funding source is a traditional IRA, the 25% limit is calculated by combining the total value of all traditional IRAs as of December 31 of the previous year. If the funding source is an employer-sponsored qualified plan [401(k), 403(b), or governmental 457(b)], the 25% limit is calculated based on the individual plan's account value on the previous day's market close. If you previously purchased a QLAC, the calculation of your 25% limit is more complicated. Please contact an attorney or tax professional for additional details.
Fidelity does not provide legal or tax advice. The information herein is general and educational in nature and should not be considered legal or tax advice. Tax laws and regulations are complex and subject to change, which can materially impact investment results. Fidelity cannot guarantee that the information herein is accurate, complete, or timely. Fidelity makes no warranties with regard to such information or results obtained by its use, and disclaims any liability arising out of your use of, or any tax position taken in reliance on, such information. Consult an attorney or tax professional regarding your specific situation.