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Northwestern Mutual Launches New 'Longevity Annuity' Allowing Individuals to Delay Required Minimum Distributions and Set Aside Money for Later in Retirement


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Expanding its suite of industry-leading income solutions to help clients navigate longevity risk and secure guaranteed lifetime income in retirement, Northwestern Mutual has launched the first dividend-paying Qualified Longevity Annuity Contract (QLAC), which individuals can use to earmark a portion of IRA dollars for use later in retirement.

The new QLAC is available via Northwestern Mutual's Select™ Portfolio Deferred Income Annuity (Portfolio DIA), its patent-pending income product that has the upside potential to grow base income through dividends*, which can help address inflation and cost of living increases over time.