Annuity 401 (k) Guaranteed Income Products: Innovation at Work - 2023 Focus Series
This focus report explores what is required to realize the in-plan guaranteed income opportunity and highlights examples of firms already moving forward with their innovations.
This second installment identifies and analyzes:
- non-guaranteed retirement income products and trends
- guaranteed retirement income products and trends
THE NEED FOR GUARANTEED INCOME SOLUTIONS
- Plan Sponsors Recognizing Retirement Income Responsibility
- Market Volatility Impacting Income
SHIFTING BEHAVIORS FOR IN-PLAN INCOME SOLUTIONS
- Financial Wellness Setting the Stage for In-Plan Income
NON-ANNUITY RETIREMENT INCOME SOLUTIONS… CLOSE BUT NO GUARANTEES
- Managed Payout Funds…a Fund Approach to Retirement Income
- Managed Accounts…Retirement Advice Not Income
ANNUITY IN-PLAN RETIREMENT INCOME SOLUTIONS… FOCUS ON GUARANTEES
- The Current In-Plan Annuity Landscape
MULTI-GENERATIONAL WORK FORCE REQUIRES MULTIGENERATIONAL SOLUTIONS
- Case Study: AlexIncome A New Type of Unbundled TDF Annuity Advisors
Over the past four decades, retirement savings have been one of Americans’ most popular and rapidly growing wealth-building avenues. Much of those retirement savings have been held by 401(k) plans. Those 401(k) plans have largely focused on asset accumulation, which accounted for $7.2 trillion of assets at the end of the second quarter of 20231.
As more plan members retire, the broader retirement landscape is beginning to shift its attention to providing retirement income. To that end, the passage of the SECURE Acts (Setting Every Community Up for Retirement) widened the door for annuity insurers to develop guaranteed income solutions for 401(k) plans and their members.
Our multi-part series on 401(k) takes a deep dive into how key players within the 401(k) landscape are responding to this shift. Our first part, released in March 2023, provided an overview of the tremendous growth opportunity for annuity insurers over the next few years.