The U.S. House of Representatives has introduced the Retirement Security Needs Lifetime Pay Act, designed to encourage Americans to invest lifetime income annuities through tax breaks.

The bill, introduced by Reps. Earl Pomeroy (D-N.D.) and Ginny Brown-Waite (R-Fla.), would exclude half the taxes on the income from a non-qualified annuity, up to $10,000 a year. It would also exclude taxes on 25% of income payments from Individual Retirement Accounts and qualified retirement plans other than defined benefit plans.

NAVA applauded the bill, with the organization’s President and CEO Cathy Weatherford saying, “This legislation is a huge step in the right direction giving Americans the ability to bolster their retirement security with guaranteed lifetime paychecks. We all know there is a growing problem with Social Security. Now more than ever, Americans need to plan long term and to have the peace of mind that only lifetime payments can deliver.”