24 Aug Study by Greenwald & Assoc & CANNEX
The Sixth Annual Study by Greenwald & Assoc & CANNEX survey of advisors and consumers on guaranteed lifetime income has been released. Not surprisingly, guaranteed lifetime income products become more attractive during market downturns; in 2020, 71% of individuals said annuities serve as a highly available addition to Social Security. In addition, over half of individuals surveyed found that monthly income estimates are more helpful than a lump sum savings goal in retirement planning. However, lack of understanding and fears about annuities persist, with well over 60% noting their confusion around product variations, tax benefits and fees. The SECURE Act requires lifetime income disclosures and solves the confusion for workers purchasing an annuity through their retirement plan. Employers & plan sponsors take responsibility for selecting an annuity option or options under the annuity safe harbor provision, and plan participants can invest in an annuity over time, rather than wishing they had done so after an unexpected sharp market decline. #guaranteedlifetimeincome #annuities #retirementplans #SECUREAct #lifetimeincomedisclosure #annuitysafeharbor #annuityportability
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