As the traditional pension plan slowly fades out of the workplace, it is being replaced by the so-called defined contribution plans, more commonly known as 401(k), 403(b) and 457 plans. The change involves a shifting of investment responsibility from employers to workers.
Not only do workers need to save for retirement, they must find ways to make their savings last for as long as 40 years. To help meet the income needs of retirees, the financial industry has been busily developing products and strategies to help them with the complexities of distributing their savings.
Bankrate’s package on retirement income products introduces and explores them in their nascent stages. Some come with guarantees, others do not. Without a doubt, the financial industry will continue to develop innovative new products going forward. Stay tuned.
Are annuities the next big retirement option?
Lifetime income options in 401(k) plans are still under development, but boomers are skeptical.
Retirement income with no guarantees
The financial industry has solutions to help retirees grapple with the income challenge.
Choosing the right immediate annuity
Immediate annuities can come with bells and whistles that provide protection but cost extra.
Generating income from a $500,000 portfolio
Three advisers offer ideas on how to balance growth and preserve capital while generating income.
Newfangled funds for retirees
Mutual fund firms have designed target date funds that pay out regular income for retirees.
Retirement income funds under a magnifier
Here’s a close look at funds that help retirees manage income by paying out distributions.
Is longevity insurance right for you?
If you think you may run out of money during later stages of retirement, consider this type of deferred annuity.
Mutual funds for retirement income
Leslie Corcoran, CFP, discusses using mutual funds for retirement income.
Catch-up on your retirement savings
If you’re over 50, now is the time to catch up on your retirement savings.
Diversify your retirement savings
Dividing your money between different investment classes will help you grow your retirement while reducing risk.