{"id":7319,"date":"2011-06-18T16:16:05","date_gmt":"2011-06-18T21:16:05","guid":{"rendered":"http:\/\/www.annuityfyi.com\/blog\/?p=480"},"modified":"2023-02-15T02:13:18","modified_gmt":"2023-02-15T02:13:18","slug":"401k-annuity-is-the-next-big-thing","status":"publish","type":"post","link":"https:\/\/www.annuityfyi.com\/blog\/2011\/06\/401k-annuity-is-the-next-big-thing\/","title":{"rendered":"401k Annuity is the Next Big Thing"},"content":{"rendered":"

The 401k annuity<\/a> looks like the best bet for retirees to replace the pension income that generations before them counted on in retirement.  Fox Business<\/em> published an article about this by Jennie Phipps entitled “Annuities the Next Big Retirement Option?”  After a government inquiry about the interest of using annuities in 401k plans last year, it seems like a consensus that this is going to be the way to help finance the retirement of many Americans.  Of course insurance companies are an advocate for using a 401k annuity to cover living expenses in retirement.  But the government and employers are also standing behind the investments.  While there are a lot of people on board with annuities<\/a>, employees are often the ones most wary of the products.  They worry that they have to trust their money to someone else and give up all control.<\/p>\n

There are around 6,000 different 401k plans using Prudential’s Income Flex plan.  Variable annuity reviews<\/a> of the Income Flex say that the popularity comes from the minimum withdrawal benefit in combination with the potential for market upside gains.  All of the new annuity products out there are working to make improvements to give investors what they want.  There are more options, including more annuities where you can continue putting money in after the initial payment.  One of the largest issues that many people have with annuities is the concern over their security.  It is always important to purchase an annuity from a reputable insurer, but there are calls within the industry for some kind of government backed insurance, like the FDIC coverage for banks.  States do cover annuities, up to $300,000 depending on the state.  Some government insurance on annuities might help increase the popularity of the 401k annuity.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 401k annuity looks like the best bet for retirees to replace the pension income that generations before them counted on in retirement.  Fox Business published an article about this by Jennie Phipps entitled “Annuities the Next Big Retirement Option?”  After a government inquiry about … <\/p>\n

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