Pros and cons of retirement income options
Despite near-constant reminders, Americans aren’t really good at saving for retirement. And they’re likely to be just as bad at stretching their savings to last the entirety of their golden years. It’s a problem that has the government weighing whether to require plans to offer an option that can generate retirement income for their workers.
The Government Accountability Office recently solicited opinions from the financial community — and the general public — about ways to enhance the retirement security of citizens. At issue: Should the government force financial companies to offer lifetime income options that give retirees a predictable stream of retirement income for the remainder of their lives?