1) Security with Flexibility and Control
An optimal income solution recognizes that participants place value on both income security and retaining flexibility for situations when they need to access their money if circumstances change. A recent study commissioned by AARP on consumer attitudes toward annuities supports this concept. When working Americans were asked why they would not select a traditional life annuity as a retirement plan payout option, 73% cited not wanting to lose control over the money. In the same study, 83% of respondents cited "wanting to keep the money around in case of emergency." This is why an in-plan guaranteed income solution should consider the element of flexibility so that investors can withdraw assets or transfer to other in-plan investment options at their convenience-giving them full control.
All On Wall Street articles are archived after 7 days. REGISTER NOW for unlimited access to all recently archived articles, as well as thousands of searchable stories. Registered Members also gain access to exclusive industry white paper downloads, web seminars, blog discussions, the iPad App, CE Exams, and conference discounts. Qualified members may also choose to receive our free monthly magazine and any of our daily or weekly e-newsletters covering the latest breaking news, opinions from industry leaders, developing trends and growth strategies.