More retirement plans to offer annuity optionsThe passage of the Secure Act also made it easier for employers to offer annuities as one retirement savings plan option.
Starting in the fall, Fidelity will let plan participants convert some of their retirement savings into an immediate income annuity to provide pension-like payments throughout retirement.
BlackRock and State Street Global Advisors, two of the largest asset managers, also announced target-date funds with retirement income annuity options.
Having an annuity option when you retire is a good thing.
Annuity sales hit a record in 2023Annuity sales hit an all-time high in the first quarter of 2023, up roughly 50% from a year ago, according to Limra, an insurance industry trade group.
Persons:
Susan Neely, Mark McCombe, Carolyn McClanahan, Todd Giesing
Organizations:
Fidelity, Fidelity Investments, BlackRock, Street Global Advisors, Planning Partners
Locations:
Jacksonville , Florida