Despite their popularity, there's a significant problem with most 401(k) and other defined contribution plans: They simply hand employees a check when they retire, then wave good-bye and good luck. Retirees are then on their own when it comes to figuring out how to use that money to generate a retirement income that will last the rest of their lives.
This is a serious challenge, and most workers don't have the skills or training to do this properly on their own. What's concerning is that the majority of people overestimate how much they can safely withdraw each year so they don't outlive their money with the natural result being that they'll run out of money before they die.
While some people consult financial advisors to help them with this challenge, many advisors aren't adequately trained in all the possible ways people can generate retirement income.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
