Lifetime annuitization has gotten another boost, this time as bipartisan members of both the Senate and House have reintroduced the Retirement Security for Life Act. The bill, originally proposed last year, originally called for making $20,000 of annual annuity payments tax-free.

In the new bill, the exclusion would apply only to payments from lifetime annuization from non-qualified assets. Also, life-contingent annuities that are later converted to fixed-term payouts would be subject to a recapture tax.

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