BlackRock’s new CoRI helps older DC plan participants find out how large an income annuity they can afford to buy at retirement—but it stops short of helping them buy one.
At the LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore last week, Scott Stolz from Raymond James, Greg Jaeck from Edward Jones and Jarrod Fisher from Simplicity Financial Distributors delivered frank opinions about annuities and annuity issuers.
Many factors are driving the increase in indexed annuity sales: More manufacturers, better products, more distributors, competitive commissions, aging boomers, and relaxed regulation. But does the bubble contain the seeds of its own deflation?
Israel has found that even a mandatory defined contribution system can’t resolve all of the behavioral, economic, or administrative issues that prevent low-income and minority workers from saving for retirement. (Photo: Mahane Yehuda market in Jerusalem.)
Prudential's variable annuity sales fell by 42% and MetLife's by 21% in the second quarter of 2013, compared to the first quarter, but other market leaders appeared to make up for the lost capacity, according to Morningstar's quarterly VA report.
RIJ is sponsoring an award to be given by the Retirement Income Industry Association this fall. Send us your nominees for the "most innovative income product" by September 6.
YTD, sales of deferred income annuities grew 151% to nearly $1 billion, versus the first half of 2012. DIA sales are on pace to reach $2 billion by the end of this year — doubling the prior year's results.
Company sites that were evaluated included Ameriprise, E*Trade, Fidelity, Merrill Edge, Schwab, T.D. Ameritrade, T. Rowe Price and Vanguard.
“The exodus from bonds suggests that if the Fed actually starts tapering—as opposed to just talking about doing something in the future—it might be more disruptive than Wall Street thinks,” said David Santschi, CEO of TrimTabs.
Wink’s portal for life insurance and annuity information is LooktoWink.com. Visitors can find the AnnuitySpecs and LifeSpecs tools, which provide product details and comparisons.