Who Prefers Annuities?
Who Prefers Annuities?
This chapter delves into the reasons why most retirees do not choose life annuities despite the fact that they are, according to pension experts, the best way for them to ensure that they do not run out of money. Upon retirement, baby boomers have several options in receiving payouts from their defined benefit plans, defined contribution plans, and personal savings. It is the goal of this chapter to find out why life annuities are not the number one option for many retirees. In doing so, the chapter draws upon the surveys done by Watson Wyatt Worldwide, in which they asked a national panel of older workers and recent retirees about their payout and risk preferences, retirement decisions, and related issues.
Keywords: life annuities, pension experts, retirees, baby boomers, defined benefit plans, defined contribution plans, personal savings, Watson Wyatt Worldwide
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