Lifetime Pension Annuity for You Act of 2005

The Lifetime Pension Annuity for You Act of 2005 was designed to encourage retirees to choose steady, lifelong income streams rather than lump-sum payments from their retirement accounts. If passed, the bill would have allowed individuals to exclude 50% of their annual annuity payments from their taxable gross income, up to a limit of $5,000 per year. By reducing the tax burden on these specific retirement distributions, the legislation aimed to help seniors manage the risk of outliving their savings.