Senators Kent Conrad (D-N.D.) and Sen. Pat Roberts (R-Kan.) have introduced S. 1297, The Retirement Security for Life Act.

The act would provide a 50% tax break on as much as $20,000 in annual income from nonqualified lifetime annuities. The Senate bills mirrors H.R. 2748, the Retirement Security Needs Lifetime Pay Act, recently introduced into the House by Reps Early Pomeroy (D-N.D.) and Ginny Brown-Waite (R-Fla.).

“By providing a strong tax incentive for Americans to use lifetime annuities as part of their retirement portfolio, policymakers are helping people secure their retirement," Bill Waldie, chairman of Americans for Secure Retirement (ASR), a coalition representing the life insurance industry, said in a statement. "This is an important step toward addressing the anxiety many Americans feel toward their financial outlook during retirement."

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