In what could be a boon to the annuity industry, a report released Friday by the Government Accountability Office said that delaying Social Security and purchasing an annuity may be the only way to ensure solvency in retirement.
"Financial experts GAO interviewed typically recommended that retirees … convert a portion of their savings into an income annuity to cover necessary expenses, or opt for the annuity provided by an employer-sponsored DB pension instead of a lump sum withdrawal," the report states.
Entitled Retirement Income: Ensuring Income throughout Retirement Requires Difficult Choices, it notes that experts also recommend that individuals delay receipt of Social Security benefits until reaching at least full retirement age and, in some cases, continue to work and save.
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