02.01.22

Annuity Providers See Growth Opportunity in U.S. Retirement Plan Changes

by: Terrence Dopp

When people review their 401(k) or 403(b) retirement plans this year, they might have a new investment option: using some of their money to purchase income annuities. And that may prove to be a growth opportunity for the industry, which is already posting strong results in the past year. “As these products evolve, I think there's an opportunity to meld them both,” said Martin Powell, head of annuity distribution, CUNA Mutual Group. “Most annuities are sold through financial advisors who are rolling over 401(k) plans, or getting peoples' buyouts. Now here's an opportunity before they get to the stage of rolling over, they are going to have an opportunity to make buy-in decisions on ensuring longevity of their retirement plans.”

Read the full article on Best's Review