A Qualified Longevity Annuity Contract (QLAC) can be represented in MaxiFi in this way: 

Let's say you want to invest $100K of your regular IRA in a QLAC that will pay you an annual stream of  $5K starting when you are 85. 

Here's what to do: 

1) Reduce your IRA asset balance that you enter under retirement accounts by $100K. 

2) Enter the $5000  QLAC payments as an annuity that is 100 percent taxable. 

3) Set the percentage payable to a surviving spouse to 100 percent.

If you want to set up the QLAC up as an Alternative Plan so that you can compare it to the Base Plan, you could do it this way:

  1. Take the amount that you want to annuitize, say the $100,000, and enter that as an IRA in the Base Plan. In other words, if you start with an IRA of $400,000 and you want to annuitize $100,000 of that amount, step one is to split that $400K account into two accounts in the Base Plan: one with $300,000 and one with $100,000. 
  2. Next create an Alternative Plan and "exclude" this new account with 100K in it (which will represent the purchase of the annuity) and then also set up the annuity in the Alt Plan with its stream of annuity payments to you. 

When you compare this Alternative Plan to the Base Plan you will be evaluating the impact of annuitizing $100,000 of your $400,000 IRA.