Happy Friday, readers! Skilled retirement plan advisers already know the next frontier of DC plan optimization is the “decumulation challenge.” Experts agree the spending phase of retirement savings is far more complicated than the accumulation effort. Fortunately, advisers can play a big role in helping plan participants make sense of how to build a sustainable retirement paycheck. As Voya Financial learned in a survey published this week, nearly all of those who work with an adviser feel they have prepared themselves well for estimating their monthly income needs in retirement.
Based on the results of a new CANNEX study, advisers who are looking to provide clients with guaranteed income should seriously consider both income annuities and savings annuity contracts that offer GLWBs.
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There have already been regulations to address DC plan sponsors’ concerns about adding retirement income products to their plan, and Angela Winingham, with MetLife, said she thinks there will be a continuation of that.
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Principal’s retirement business president offers additional details about the firm’s acquisition of Wells Fargo’s retirement business, while outside analysts reflect on the broader industry implications of two major providers coming together.
The 2019 PLANSPONSOR Retirement Plan Adviser of the Year winners and finalists have demonstrated leadership and a commitment to excellence for their retirement plan sponsor clients and participants. Congratulations to all the firms on the list!