East Windsor, CT – February 2, 2023. Today, the Retirement Advisor Council has published another in the VIEWPOINT series exploring timely and relevant issues confronting plan fiduciaries.
The publication, VIEWPOINT: It’s Time to Act on Retirement Income Solutions, explores much needed Retirement Income solutions (RIS), makes the case for providing employees with Retirement Income Solutions, and explores how best to assist employees to transition from saving and accumulation to the drawing down or decumulation period.
The challenge has been that even among participants who have accumulated a large nest egg, many have no idea how to convert those assets safely and responsibly into lifelong retirement income. Studies repeatedly indicate a need and interest in Retirement Income Solutions among employees. In spite of the demand, implementation of RIS has been slow for several reasons. Authors raise the question of including lifetime income in a Qualified Default Investment Alternative and list five practical next steps for plan sponsors to consider.
Robert A. (Rob) Massa ChFC®, CEBS®, AIF®, CBC®, Managing Director of Qualified Plan Advisors opines, “Not having enough money saved for retirement is at the top of the minds of most US households. According to a recent McKinsey study, 47% of U.S. households nearing retirement have not achieved financial sufficiency. For those employed in the more nontraditional gig economy that we have today, 54.5% are worried about having enough saved for retirement according to a Pew Charitable Trust survey. These concerns are bringing to light the need for employers to consider offering employees a tool to provide some form of income protection or guarantee for their post-employment lifetime to complete Social Security”.
Click HERE to access VIEWPOINT: It’s Time to Act on Retirement Income Solutions
About The Retirement Advisor Council
Formed in 2009, the Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers and defined contribution plan service providers. To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions, and practice management. The Council accomplishes this mission by:
- Identifying duties, responsibilities, and attributes of the Professional Retirement Plan Advisor.
- Sharing professional standards with plan sponsors who are responsible for the success of their plans.
- Providing collective thought capital to decision makers, product providers, legislators, and the public.
- Giving voice to the retirement plan advisor community
- Offering tools to evaluate advisors to ensure the quality of services provided.
Find out more about the Retirement Advisor Council at www.retirementadavisor.us
The Retirement Advisor Council is a d.b.a. of EACH Enterprise, LLC.
EACH Enterprise, LLC is a single-member LLC owned by Eric A. C. Henon. Learn more at www.retirementadvisor.us
