Quick, look into QLAC       

On Aug. 9, I competed in a Spartan Sprint challenge. On a double-dog dare, I voluntarily signed up for this tortuous event. It was a grueling 4.8-mile uphill race through mud and over slippery walls. I had to conquer obstacles nicknamed the "Fire-Jump" and "Herculean Hoist." The back breaker for me was a football-field-long crawl through the mud, under barbed wire. I'm still licking my wounds. As a crawled on my belly in the hot sun, I thought to myself, "Who thinks this stuff up?"

Ironically, it's the same thought I had when I read about the IRS's final regulations for Qualifying Longevity Annuity Contracts, a new retirement income annuity nicknamed the QLAC. Similar products like had existed before, but conflicts arose when used in an IRA. When you're done reading about it, I think you'll agree, "Who thinks this stuff up!" But pay attention. This concept may fit into your retirement plan.

A QLAC is a longevity annuity or advanced life delayed annuity. A longevity annuity provides protection against outliving your money late in life. These types of annuities require you to wait until you reach a certain age, no later than 85, to begin receiving a payout. Once the payout begins, the annuity provides a guaranteed, regular amount of income for the rest of your life. As with any deferred annuity, your money in a longevity annuity grows until you start receiving payouts. The later you choose to begin your payments, the larger your payments will be.