However, retirees spend 32% less than non-retirees.
MassMutual will take on approximately $50 million of the company’s pension plan obligations.
Nearly half of workers feel confident about their retirement prospects, an AllianceBernstein survey found.
One option is through a profit sharing plan that invests the money in an annuity once a participant retires.
The objective is to educate Americans about the importance of protected lifetime income solutions.
Variable annuities continue to face challenges in the wake of transaction processing disruptions caused by the now-vacated DOL fiduciary rule; however, experts anticipate sales to recover as business processes normalize and newer product types come to market.
With many Boomers retiring, the research firm says the industry is at “an inflection point.”
Approximately 41,000 FedEx retirees and beneficiaries in defined benefit pension plans will receive annuity benefits.
While 80% of investors say their adviser discusses risk tolerance, only 50% say they bring up the subject of guaranteed lifetime income.
Forty percent of single retirees overall do not think their savings will be enough if they reach age 90.
The study also found that 56% of retirees who work with an adviser own an annuity, compared to 28% of retirees who do not work with an adviser.