News | 11.18.19
Companies Have Done Well Getting Workers Into 401(k)s. Now They're Trying to Help People Spend Them.
While employers have gotten better at convincing employees to save for retirement, they're only starting to help workers to create a strategy on how to draw down those savings after retirement. “A big piece of that that's been missing is that guaranteed income in retirement,” says Angela Antonelli, executive director of the Center for Retirement Initiatives at Georgetown University. “We're seeing a real paradigm shift from a focus on just accumulating wealth to offering participants strategies to creating that retirement income.” In a recent Willis Towers Watson survey of large and midsize U.S. employers, 30 percent of respondents said they offer one or more lifetime income solutions, up from 23 percent in 2016, and 60 percent said they are—or plan to look at—adding such features.
Read the full article on Barron's