Htown Harry
Thinks s/he gets paid by the post
- Joined
- May 13, 2007
- Messages
- 1,525
This article on annuities for retirement caught my eye today:
Insurers Test Market as Obama Opens Door for 401(k)s (Update1) - Bloomberg.com
http://www.whitehouse.gov/sites/default/files/Fact_Sheet-Middle_Class_Task_Force.pdf
It's under this goal...
Your Money - The Unloved Annuity Gets a Hug From Obama - NYTimes.com
With this bit of information:
But maybe not. Google Mark Iwry, one of the wonks quoted in the Times article. You can find several academic papers he wrote at Brookings before becoming the senior adviser to the Treasury secretary and deputy assistant secretary for retirement and health policy.
The basic premise isn't too far off from the three-legged stool approach to retirement distributions discussed here at length (pension / annuity, savings, SS), so I'm open to the idea getting some play.
But we'll see what comes out after the insurance lobby has a chance to twist a few arms. (And the mutual fund / brokerage industry fights back to keep its share of the pie.)
Insurers Test Market as Obama Opens Door for 401(k)s (Update1) - Bloomberg.com
"Insurers and mutual-fund companies are starting to sell retirement accounts with built-in annuities in response to concerns Americans will outlive their savings..."
A Google or two and I find that the proposal is part of the "Middle Class Task Force" recommendations Biden et al are coming up with:
http://www.whitehouse.gov/sites/default/files/Fact_Sheet-Middle_Class_Task_Force.pdf
It's under this goal...
Updating 401(k) Regulations to Improve Transparency and Reliability...
Back to Google and I find this analysis:- Promoting the availability of annuities and other forms of guaranteed lifetime income, which transform savings into guaranteed future income, reducing the risks that retirees will outlive their savings or that their retirees’ living standards will be eroded by investment losses or inflation.
Your Money - The Unloved Annuity Gets a Hug From Obama - NYTimes.com
With this bit of information:
President Obama did not discuss annuities in his State of the Union address on Wednesday night, probably figuring that viewers had enough problems staying awake. But the mere mention of them by the task force was enough to send executives at the insurance companies that sell the products into paroxysms of glee.
“I never thought I’d have the president as a wholesaler for us,” said Christopher O. Blunt, executive vice president of retirement income security at the New York Life Insurance Company. “This is awesome. I’m trying to see if I can get him to do a big broker meeting for us.”
Uh-oh. Anything a life insurance exec likes is probably a bad deal for me...“I never thought I’d have the president as a wholesaler for us,” said Christopher O. Blunt, executive vice president of retirement income security at the New York Life Insurance Company. “This is awesome. I’m trying to see if I can get him to do a big broker meeting for us.”
But maybe not. Google Mark Iwry, one of the wonks quoted in the Times article. You can find several academic papers he wrote at Brookings before becoming the senior adviser to the Treasury secretary and deputy assistant secretary for retirement and health policy.
The basic premise isn't too far off from the three-legged stool approach to retirement distributions discussed here at length (pension / annuity, savings, SS), so I'm open to the idea getting some play.
But we'll see what comes out after the insurance lobby has a chance to twist a few arms. (And the mutual fund / brokerage industry fights back to keep its share of the pie.)