Retirement Security for Life Act, S381 and HR819

NAWBO's coalition partner Women Impacting Public Policy (WIPP) is encouraging women business owners to write to Congressman Eric Cantor to thank him for introducing the Retirement Security for Life Act (S. 381/H.R. 819).

If this bill were to become law, many individuals would be eligible for an average $5,000 exclusion on their tax returns and they would be encouraged to invest in a steady paycheck for life. The bill would provide a 50 percent tax exclusion on the income from a non-qualified lifetime annuity, a strong tax incentive for people to secure a steady stream of income for retirement, particularly if you sold your business and put that money into an annuity to save for retirement.

WIPP is a member of Americans for Secure Retirement, an organization that supports this bill and other measures to assure that annuities receive more favorable tax treatment resulting in more people choosing this route to securing their retirement. There is an action page on the ASR website through which you can send comments on this issue to your congressional representatives.