Although they don't go quite as far as initially mentioning the ever-controversial word "annuity," retirement trade organizations say they believe the future of the defined contribution plan will have to include more options for guaranteed lifetime income.
A new report from the Insured Retirement Institute echoes the sentiment that using guaranteed lifetime income options as part of the in-plan offerings will indeed be a major push in the future – one even endorsed by the Obama administration in 2012.
Annuity sales grew tremendously in recent years, outpacing many other traditional insurance products, and their role in the retirement planning business is slowly expanding, though product innovation is definitely needed to help overcome the stigma surrounding the product and encourage more to be included as options in retirement plans.
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