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Thursday, September 23, 2010
Well, if you're 65 years old and have $100,000, that's what you can get with a single premium immediate pay annuity as discussed in this previous post. Experts now are debating whether this should be a standard option for individuals leaving a company.
In my view, it is an option that should be understood by every retiree. The number 1 fear of seniors, as shown in poll after poll, is running out of money; and, of course, a single premium immediate pay annuity is a way to eliminate this fear.
As it stands now, retirees can buy them on their own. They just need an education in the pros and cons of the product. This is what companies should provide. This is low cost and doesn't put the company in a fiduciary straight jacket. In fact, retired benefit specialists would probably do pro bono work to produce a national fact sheet that tells retirees exactly what they need to know and update a list of low cost, fiscally sound companies such as TIAA/CREF/Metropolitan Life etc. that retirees can go to.
Do you think this is a viable approach?