In an effort to de-risk its book of GMIB business, Transamerica Life is offering to buy back the benefit. And one firm, Achaean Financial, wants to help insurers convert some of their living benefits to immediate variable annuities. Is this the start of a trend?
Here's how the wealthy buy lifetime income while giving zip to insurance companies, a pittance to the IRS and--unless they live a very long time--a sizable gift to charity.
ARIA Retirement Solutions and AEGON/Transamerica have created a stand-alone living benefit (SALB) for the $1.3 trillion managed account market.
Jackson National Life's newest variable annuity contract, Elite Access, offers a variety of high-turnover alternative investment options inside a tax-deferred wrapper--and no living benefits.
"America’s full recovery is not yet guaranteed. A mix of steadfastness, caution, and good luck is needed for that to happen," writes the CEO and co-CIO of PIMCO.
“Over the long term, management's decision to exit more volatile businesses such as variable annuities and individual life should help de-risk the company," said Fitch in a release.
Retirement Illustrator is intended to help advisors present retirement spending requirements and distribution alternatives, accounting for risk events such as withdrawal, longevity, survivor needs and healthcare risks.
“We envision a world where old school financial advisers are obsolete, except for the very wealthy,” said Bo Lu, co-founder of FutureAdvisor.
Only 14% of small employers--for-profit firms that employ 100 or fewer people--sponsor some type of retirement plan, according to a new GAO report.
Brief or late-breaking items from DST Brokerage Solutions, Broadridge, BNY Mellon, SIGNiX, VERTEX, Allianz Life, the U.S. Treasury Department, Nataxis Global Investment Management, EBRI, Financial Executives International and Allianz Global Investors.
The leitmotif of the Retirement/Pension track of the Society of Actuaries Investment Symposium in New York on Monday was that risky assets and pensions mix like, say, metallic sodium and water. Explosively, that is.