Secure your retirement with guaranteed lifetime income

  • 401(k)s have replaced pensions as the primary retirement savings plans
  • Asset managers are trying to make 401(k)s act more like pensions
  • Guaranteed lifetime income options are being included in defined-contribution plans
  • The 2019 Secure Act made it easier for plans to offer guaranteed income options
  • Companies like State Street, Fidelity, BlackRock, and TIAA are offering annuity options in 401(k) plans
  • Higher interest rates have boosted annuity payouts
  • The annuities being offered through retirement plans are simpler and have lower fees

Public Companies: State Street Global Advisors (Unknown), Fidelity (Unknown), BlackRock (Unknown), TIAA (Unknown), Nuveen (Unknown), AllianceBernstein (Unknown)
Private Companies:
Key People: Jason Fichtner (Head of the Retirement Income Institute), Brendan Curran (Head of Defined Contribution for the Americas at State Street Global Advisors), Chris Nikolich (Head of Glide Path Strategies in US Multi-Asset Solutions at AllianceBernstein), Brendan McCarthy (Head of Retirement Investing at Nuveen)

Factuality Level: 7
Justification: The article provides information about the decline of pensions and the efforts to make 401(k) plans act more like pensions. It includes quotes from experts and mentions specific products and strategies being implemented by asset managers and retirement plan sponsors. The information provided is generally accurate and objective, although there is some bias towards promoting the idea of guaranteed lifetime income in retirement plans.

Noise Level: 7
Justification: The article provides information on the shift from pensions to 401(k)s and the challenges retirees face with these plans. It discusses the efforts of asset managers to offer guaranteed lifetime income options in defined-contribution plans. The article also mentions specific products and strategies being implemented by companies. However, there is some repetitive information and the article could provide more evidence and data to support its claims.

Financial Relevance: Yes
Financial Markets Impacted: Asset managers and retirement plan sponsors

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the efforts of asset managers and retirement plan sponsors to make 401(k) plans act more like pensions, providing guaranteed lifetime income. While there is no mention of an extreme event, the topic is relevant to financial markets and companies in the retirement savings industry.

Reported publicly: www.marketwatch.com