“We have a crisis of confidence regarding retirement,” said assistant Secretary of Labor Phyllis C. Borzi at the NIRS conference in Washington, D.C. Tuesday.
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.)
This week, RIJ received a press copy of “What Advisors Want from Annuity and Insurer Providers-2019,” a study by Practical Perspectives, a Boxford, MA-based financial services market research firm.
Designed for the Polaris series of variable annuities, the two new guaranteed minimum withdrawal benefits are called Income Plus 6% and Income Builder 8%.
Ruark Consulting's study showed that one in five owners of contracts with a guaranteed lifetime withdrawal benefit (GLWB) or guaranteed minimum income benefit (GMIB) took withdrawals between 2005 and 2009.
The value-added program includes calculators that participants can use to estimate their retirement "number," compare their progress with that of their peers and identify potential gaps in retirement funding.
Goldman Sachs decided to shut down Longmore Capital, its life settlements provider, about a month after unplugging its QxX mortality index.
The Lifetime Income Analysis Tool allows participants to see a monthly retirement income statement based on their current savings plan and account balances.
Two government agencies want your advice on how to include lifetime annuities or other income arrangements as distribution options in employer-sponsored retirement plans.