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ACLI Supports Flexible Retirement Security for Life Act of 2005
The "Flexible Retirement Security Act of 2005",
which is House Bill # 3923, was submitted to the U.S. House of Representatives
on Sept. 27, 2005. This bill addresses America's retirement security concerns
by encouraging Americans to use private long-term care insurance to protect
their savings from the high cost of LTC services and use an annuity to manage
their savings to last throughout retirement.
This bill will greatly benefit Americans in the purchase of Combo LTC products
such as AnnuiCare and also encourage use of annuities with lifetime payout
options to guarantee an income for life!
HR 3923 will make acquiring private LTC insurance easier by allowing a long-term
care insurance rider to be added to an Annuity contract and clarifying the
tax treatment of LTC riders attached to Life Insurance policies.
The American Council of Life Insurance, which fully supports this bill, said
in a press release : "The need for innovative approaches to retirement security
is clear. An estimated 77 million baby boomers are facing new challenges to
their retirement security. Americans need to protect their savings from being
depleted by the high cost of LTC services. By the year 2030, the cost of a
one year stay in a nursing home is expected to skyrocket from $70,000 today
to $241,000. Private LTC insurance can alleviate the potential strain on personal
savings by helping pay for LTC services.
"Just as daunting of a challenge to retirement security is the danger
of outliving retirement income. Americans are living longer than ever before,
and many can expect to live 20 or even 30 years or more in retirement. The
lifetime income option in an annuity can help retirees maintain a quality
standard of living by guaranteeing an income that they won't outlive."
GILICO's agents have been presenting these undisputable facts to their clients
for years! It is great to know that our trade organizations and the U.S. Congress
are committed to providing tax incentives to help us sell more AnnuiCare and
Lifetime payout options on annuities. Please continue to assist your clients
to "Guarantee their income for life with Guaranty Income Life."
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