"The risk of inadequate lifetime income is a real concern," explains
The risk of running out of funds too early in retirement is rooted in many factors, but especially increased lifespans — which are, on average, six years longer than when
The paper examines many options to help retirees meet lifetime income needs, including:
- Public policy options, such as modifying rules for required minimum distributions of retirement plans, increasing
Social Security'smaximum age for delayed retirement credit, and encouraging the use of lifetime income solutions through well-targeted tax incentives.
- Education initiatives, such as providing lifetime income information through the workplace — including providing employees with periodic retirement plan statements with their estimated monthly benefit levels.
- Communication programs that objectively emphasize the value of lifetime income planning and management, including initiatives of the
U.S. Department of Labor.
Learn more about lifetime income options and download "Risky Business: Living Longer Without Income for Life" online at http://www.actuary.org/content/lifetime-income-initiative.
For more information about the Academy, visit www.actuary.org.
|Source:||PR Newswire Association LLC|