According to the Pension Rights Center, 2009 is on track to have substantially more companies freezing the pensions of their employees than 2008. Soon to be retirees really need to look over their options with a fine toothed comb. The economy is likely to recover. Unfortunately for those needing to retire soon, it may not recover in time to regain the losses from where their money currently sits.
Lifetime income annuities may be the answer for those retirees. The Wharton Financial Institutions Center states that these annuities “are the most cost-effective and least risky asset class for generating guaranteed retirement income for life,” says Lily Fu of Myfox Boston. After balancing your risk, your money, your time, and your desired retirement lifestyle, an annuity can work for you.