Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Deferred Income Annuity contracts are irrevocable, have no cash surrender value and no withdrawals are permitted prior to the income start date.
Additional information regarding qualified longevity annuity contract (QLAC) funding guidelines: Pre-tax assets include Traditional, SEP, and SIMPLE IRAs. QLACs cannot be purchased with Roth or Inherited IRA dollars; value of such IRAs cannot be included in determining 25% premium limit. If the QLAC Funding Source is a Traditional IRA, the 25% limit is calculated by combining the total value of all Traditional IRAs as of December 31st of the previous year. If the QLAC Funding source is an Employer sponsored qualified plan (401k, 403b and governmental 457b), the 25% limit is calculated on an individual plan basis based on the 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.
Guidance provided is educational in nature.
The tax and retirement planning information contained herein is general in nature and should not be considered legal or tax advice. Fidelity does not provide legal or tax advice. This information is provided for general educational purposes only and you should bear in mind that laws of a particular state and your particular situation may affect this information. You should consult your attorney or tax advisor regarding your specific legal or tax situation.
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.
If you transfer, recharacterize, or convert any assets into or out of your retirement accounts, you’ll also need to contact Fidelity to have us recalculate your MRD based on that information.
This information is for educational purposes only.
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