The median annual income for people over age 65 in the United States is only $18,000, including public assistance and financial help from friends and family. The average—skewed upward by the highest incomes—is almost $29,000.
Solash, who leads AIG's Individual Retirement business, spoke with us about the company's approach to the annuity market. The NAIC recently reported AIG's overall Life and Retirement businesses as having an industry-leading $18.4 billion in sales.
In retirement, "risk" can turn from an object of pursuit to an object of avoidance. In the second installment of a two-part article, our guest columnist continues his discussion of financial and other risks that retirees and advisors should anticipate.
In the first of a two-article series, the retirement expert, author and editor enumerates and describes the many risks that retirees face. (Spoiler alert: Mortality is not one of them.)
“We expect that the SEC proposals will be adopted much as proposed," says Fred Reish, the well-known ERISA lawyer. But a TDF expert says plan fiduciaries should do more than merely comply with them.
TDFs have always been a sales strategy more than an investment strategy, and we should recognize that.
A new scholarly claims that sequence risk demands attention throughout retirement, not just during the years immediately before and after the retirement date.
Retirement Income Journal will not be published July 28. The next issue will appear August 4, 2010.
The share of all 401(k) plan participants using TDFs increased from 25% in 2007 to 31% in 2008, a new study from the Employee Benefits Research Institute shows.
Over time, the fees and expenses charged to DC plan accounts can take a substantial bite out of retirees’ retirement savings, said the CEO of the plan sponsor advisers and actuaries group.
"Planning for retirement can involve multitudes of subjects. As individuals gain knowledge on the value of annuities, they will understand the benefit of this product," Quest CE said in a release.