An important new tool has been proposed for planners and advisors seeking to help their clients manage the pace of distributions from their retirement accounts and to ease their fears about outliving their life expectancy.

In February, the Internal Revenue Service released proposed regulations about the establishment of "qualified longevity annuity contracts." The new rules will allow retirement account owners to purchase certain annuity contracts with a portion of their retirement assets that can then be excluded from their required minimum distribution calculations.

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