SECURE Act Enables More Lifetime Income Options for Savers

The SECURE Act is a huge win for millions of retirement savers. Signed into law by President Trump in December, the SECURE Act removed an obstacle that many employers said discouraged them from offering annuity options to their retirement plan participants. Offered by life insurers, annuities are the only financial product that delivers guaranteed income for … Continue reading "SECURE Act Enables More Lifetime Income Options for Savers"

SECURE Act Will Give Retirement Savers a Better Way to Gauge Their 401(k) Accounts

What is your savings worth? Saving for retirement may seem simple: put money aside for later. Yet, how do you know you are on track? 401(k) benefit statements provide plan participants with their current account balance. According to Fidelity Investments, the average 401(k) balance at the end of 2019 was $112,300. For many, that may … Continue reading "SECURE Act Will Give Retirement Savers a Better Way to Gauge Their 401(k) Accounts"

Don’t Criticize Good Ideas to Ensure Retirement Security!

InvestmentNews labeled Sen. Pat Toomey’s proposal to allow American consumers limited access to retirement savings to cover long-term care as one (among other) “ideas to raid retirement savings.”  I don’t see it that way. Long-term care insurance covers caregiving costs due to an inability to perform activities of daily living or cognitive loss. Most Americans … Continue reading "Don’t Criticize Good Ideas to Ensure Retirement Security!"

Why Are Annuities Different from Other Investments? Guarantees.

I’ve read a number of stories recently critical of 403(b) retirement plans with annuities—which guarantee lifetime income. These stories typically note how fees in these arrangements “tend to be higher than in 401(k) plans.” With annuity guarantees, there’s a reason for that. Predating 401(k)s by two decades, 403(b) plans are named after a Tax Code … Continue reading "Why Are Annuities Different from Other Investments? Guarantees."

Brookings Reports Contain Essential Lifetime Income Information For All Seasons

Did you catch the recent New York Times article featuring the summer’s best “beach reads?” Not surprisingly, there were no books about annuities on the list. That’s a shame, because Americans need to learn more about annuities, the only financial product in the marketplace that guarantees lifetime income. Fortunately, the Brookings Institution released three reports … Continue reading "Brookings Reports Contain Essential Lifetime Income Information For All Seasons"