03.04.24
Hurt by Inflation, Americans Yearn for Pensions in Retirement. One Answer May Be Annuities
by: Medora Lee
Annuities have been around for a long time, but have drawn some complaints that they're expensive, complicated and tie up your money so you can't access it in case of an emergency. However, proponents say many of those issues have been worked out since Congress included a provision in the Secure Act, passed in December 2019, to allow annuities inside defined contribution plans. “There’s nothing incredibly mystical or mythical about annuities. They simply are a way to insure your income stream. We insure our autos, we insure our health and we insure our home. We get umbrellas policies. We do all sorts of insurance. And annuities are just insuring an income stream," says Phil Maffei, head of corporate retirement solutions at insurance company TIAA.
Read the full article on USA Today