Solving the retirement income challenge is so difficult because plan participants all have different longevity expectations, different beliefs about how they would like to live in retirement, and different conclusions about how to weigh longevity risk versus the risk of under-consumption. Making matters even more difficult, survey data shows that plan sponsors are not necessarily thinking strictly about annuities when contemplating the addition of an in-plan retirement income option.
Anxiety about turning DC plan assets into a “lifetime retirement paycheck” in such a low-rate environment is keeping aging Americans in the workforce—including many who very likely have enough money saved to retire comfortably and don’t want to keep working.
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Besides failing to invest the money within the IRS’s 60-day window—the most common mistake according to the experts—another frequent error impacts those who cash out of their workplace retirement plan.
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An individual in Ohio was recently indicted by a grand jury on charges that he fraudulently claimed the assets he withdrew from his retirement account would be used to purchase a primary residence and to pay medical expenses.
T. Rowe Price announces Shen as Chief Data Officer; New York Life Appoints Tillotson as Chief Compliance Officer; O'Brien named head of portfolio management at Insight Investment; and more.
