Allianz Life Insurance Company of North America is entering the retirement plan business with a new annuity product intended for employer-sponsored retirement plans. According to a recent FA Magazine article, Allianz Lifetime Income+ Annuity offers guaranteed income meant to supplement Social Security and pension income.
“Participants face many risks in retirement, including longevity, inflation, market volatility and the need for growth and flexibility to adapt to changing circumstances,” head of employer markets for Allianz Life, Matt Gray said. “Having this ongoing source of guaranteed income will help plan participants fund a retirement that could last 20 or 30-years or even longer.”
Recent research conducted by Allianz found that almost three-quarters of workplace retirement plan participants would consider products offering guaranteed lifetime income. Interest in such products has grown as market volatility has investors worried. The same research also found that when lifetime guaranteed income options are available within employer retirement plans, participants feel cared for which fuels employee loyalty.
When the SECURE Act was passed in Congress in 2019, including annuities in workplace retirement plans, like 401(k)s, became more feasible. The legislation, which changed many of the rules around income distribution and retirement savings, takes effect just as thousands of baby boomers face retirement. With traditional pensions all but extinct, these retirees now need to convert their lifetime of savings in workplace plans, like 401(k)s and individual accounts like IRAs, into income. This requires navigation of tax policy, retirement plan rules and buying and selling of investments. Annuity options may just eliminate some of this challenging decision making.
For more information about Lifetime Income+ Annuity, visit Allianz’s product information page. You can also contact an AnnuityFYI Registered Agent with any annuity questions by calling 1-866-223-2121 or send an email to email@example.com.
Written by Rachel Summit