At a time when low interest rates are pinching off the annuity industry’s oxygen supply—not to mention starving bond investors and crippling pensions—a Columbia University economist's rationale for raising rates might sound like salvation in certain quarters.
Here's an income plan for a hypothetical 65-year-old couple with $1.6 million in savings, a real income goal of $8,000/mo. in retirement, and a legacy goal of $1.5 million.
CUNA Mutual Group invades Allianz Life airspace by launching 'Zone Income Annuity.' It's the only structured index annuity besides Allianz Life's Index Advantage Income to offer a lifetime income option. The two contracts differ in small but significant ways.
The president of Prudential Annuities since 2017, actuary Kent Sluyter spoke with RIJ recently about financial wellness and about his firm's pivot to a new generation of individual annuities.
Lincoln Financial, Allianz Life, and now Merrill Lynch have dabbled with artificial face-aging to worry people into saving more. It's based on behavioral finance research, but just thinking about this blend of science and commerce gives me grey hair.
Low rates continue to weigh on fixed annuity sales, the latest Beacon Research Fixed Annuity Premium Study shows. But Beacon CEO Jeremy Alexander said he's encouraged that “a number of carriers are developing new indexed and income annuity products."
InFRE, a non-profit education foundation devoted to “enhancing the retirement preparedness of the American worker,” will train advisors in the use of Achaean's Retirement Outcome software.
The board is seeking “further review of previously proposed changes before making any modifications,” the organization said in a release.
The Financial Stability Oversight Council is also said to be worried that the accelerating automation and speed of the financial markets, according to a news item in the New York Times.
By 2020, Canada, Japan and Russia will each see a 4% decline in their working (ages 15 to 64) populations, while the UK, US and China could see a 2% decline, said a new Mercer report, based on International Labor Organization data.
Brief or late-breaking items from T. Rowe Price and Invesco.