“The new paper on longevity annuities adds to the growing chorus of praise being given to these lifetime income products that can help Americans protect against outliving their assets in retirement,” said Cathy Weatherford, President and CEO of IRI. Weatherford added that more attention is being given to longevity risk and to retirement income products that can address and manage this risk.
Other highlights from the Brookings paper:
* The identification of barriers that are impeding their use of annuities, particularly including lifetime income options in workplace retirement plans.
* The recommendation for revising safe harbor guidelines for plan sponsors as they relate to annuities.