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Released: June 28, 2011
401(k) plans with lifelong income options
Source: Christine Dugas, USA Today
The financial and emotional scars of the bear market still have many Baby Boomers in limbo, unsure if their savings will last their lifetime. Keying on those worries, the 401(k) industry has started providing products designed to help transform savings into steady paychecks that will be a safety net throughout retirement. Called retirement income or guaranteed income solutions, they are add-on or companion pieces to traditional 401(k) plans that shift the focus from building savings to making the savings last throughout retirement. It's up to employers to offer the plans, then it's up to older workers to decide whether to shift all or a portion of their 401(k) savings into this type of service.Read Full Article: 401(k) plans with lifelong income options
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