Research Roundup

We feature two deep-dive research papers on private credit. One is from Victoria Ivashina of Harvard Business School and the other from a team that includes Amir Sufi, co-author of "House of Debt" (U. of Chicago, 2014.) Plus two papers on combining income annuities with private savings and a paper on the domino effect that TDF reallocations can inflict on the bond market.

The Private Credit Instability Hypothesis

By Kerry Pechter

Private credit might be healthy in moderation. But 'moderation' isn't Wall Street's modus operandi. We shouldn't expect that to change.

Athene tops 3Q2025 Annuity Sales, with 9.1% Share

Gross sales (excluding exchanges and surrenders) of annuities reached $117 billion in the third-quarter of 2025, according to fresh survey data from Winkintel. Prominent sellers included Athene, Equitable, Jackson National, New York Life, Nationwide and Corebridge.

Investment Advice Alone Isn’t Enough

By Michelle Richter Gordon

Financial regulators long ago neglected to recognize that insurance is also a financial product, and that investments and insurance are complementary financial tools—especially for retirees, writes our guest columnist.

New research papers from the Journal of Retirement

In the Fall issue of this quarterly publication, you'll find a story that recommends capping benefits at about $2,000, one that shows why a combination of income annuities and withdrawals from savings can enhance retirement income, and even a discussion about energizing retirement income with solar panels.

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