Industry Experts Predict Retirement Benefit Changes

Did you realize that more than 9,000 Americans reach the “retirement age” of 65 every day? And because people in general are living longer, healthier lives, they will need more money to survive. As more and more people join this demographic, the implications for federal funding programs, like Social Security, grow too. According to a recent article from The Business Journals, there are several ways that future retirement benefits might change in order to accommodate this growing population.... Read More

Annuities and Your 401(k)

A 401(k) plan is a retirement savings plan that is sponsored by an employer.  It allows workers to save and invest a portion of their paycheck before taxes are taken out. While these plans are great for helping employees save and invest, they don’t provide lifetime income benefits, leaving most fearful of outliving their retirement savings. And there’s good reason for such concern. According to a recent Forbes article, fewer than 20% of all 401(k) plans actually help workers convert their... Read More

Senate Finance Committee Helps 401k Annuity Exposure

Experts in the annuity industry have been pushing the government to make changes to regulations that would allow for more use of annuities in 401k plans. The Retirement Enhancement and Savings Act of 2016 does just that. It was recently passed by the Senate Finance Committee with an overwhelming 26 to 0 vote. This information comes from the 401k Specialist article "Beltway Bill To Help Annuities In 401(k)s Gets Boost," by John Sullivan. Committee Chairman Senator Orrin Hatch said that the... Read More

Two Government Offices Battle Over 401k Annuity Options

Over the past few years, the government has been pushing consumers to use annuity products in their retirement planning. The Treasury Department promoted the use of longevity annuities in 401k plans through new rules back in 2014. Then they made it alright to use target date funds like deferred annuities as a 401k plan default investment later that year. The global retirement planning crisis is due in part to fewer people having company pensions that will pay lifetime income. Annuities create a... Read More

Focus on Guaranteed Lifetime Income in Retirement Planning

On paper, annuities have everything that retirement savers need to meet their income needs when they are no longer working. But most workers are not choosing annuities because they aren't aware of their value. There are other behavioral factors keeping people away from annuities as well. In the LifeHealthPro article "Why aren't retirement savers choosing annuities?", Marlene Y. Satter summarized some of the latest findings on this topic. The Center for Retirement Research at Boston College... Read More

401k Plans May Default Money into an Annuity Product

Many Americans will benefit from using a 401k annuity. By transferring some of your 401k funds to an annuity product, you can guarantee a lifetime income stream that you will not outlive. Some 401k plans are starting to default your funds into an annuity, something that Walter Updegrave questioned the ethics of in the Money article "Should Your 401(k) 'Nudge' You Into an Annuity?" The Boston College Center for Retirement Research proposed a plan where 401k sponsors would default a percentage of... Read More

More Americans Want 401k Annuity Plan Option

A recent study from Prudential Retirement found that one of the items at the top of employees' wish lists is not readily available in their 401k plans. Of those Americans who are familiar with guaranteed lifetime income options like annuities, over three-fourths of them would be likely to choose that option if it were available within their 401k plan. This information comes from the 401k Specialist article, "One Thing 401(k) Participants Want More Of In Their Plans," by John Sullivan. But... Read More

Despite Their Value, Most 401k Plans Not Offering Annuity Products

Despite the fact that the majority of 401k plan participants are interested in guaranteeing a portion of their retirement plan income, the advisors to the plan sponsors are not bringing up the topic of annuities. Nick Thornton of Benefits Pro recently wrote the article, "Advisors to 401(k) plans not recommending annuities," to figure out wherein lies the disconnect. Annuities are one of the only ways to guarantee a lifetime stream of income from 401k plan retirement savings. Unfortunately,... Read More

Annuities are Tools for Planning Your Retirement

In a recent article for Physician's Money Digest, retirement expert David Alemian asked the question "Are Annuities Good or Bad?" We often hear financial experts and regular consumers alike talking about how good or bad annuities are. But the thing is, annuities just can't be generalized as good or bad. You really have to do the research and see if these products are good for your personal financial plan or not. The author said that after careful consideration, he and his wife determined that... Read More

Low Cost Annuity Options Beat 401k Plans, According to TIAA-CREF’s CEO

TIAA-CREF's CEO, Roger Ferguson, says that low cost annuities are better in many ways than 401k's. The company provides retirement services to more than 5 million people at different types of nonprofit organizations. He believes that annuities are the solution to America's retirement crisis because employees need a guaranteed income source when they stop working. In "Tips for Retirement Saving from TIAA-CREF'S Roger Ferguson," an article for Bloomberg Businessweek, Carol Hymowitz interviewed... Read More - Prefooter


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