Guide on a pathA plan to produce retirement income “in virtually any IRA or 401(k) plan” is the subject of a new study from the Stanford Center on Longevity and the Society of Actuaries, “Viability of the Spend Safely in Retirement Strategy.”

The strategy, a plan design innovation that defined-contribution plan sponsors can adopt to help older workers decide such things as when to retire, how to get access to their retirement savings once they have and how much it’s safe to spend once they’ve left the day job behind, is a retirement income menu that complements the investment menu they should already be familiar with.

Related: 8 mistakes retirees are making that could harm their retirement

“DC plan sponsors are in a perfect position to help their older workers who are intimidated by these retirement planning decisions,” says Steve Vernon, FSA, research scholar at the Stanford Center on Longevity and one of the study’s coauthors. “We’ve demonstrated that plan sponsors can move ahead with implementing retirement income options in their plan, which will help them manage an aging workforce. There are effective solutions that are feasible to implement today; there’s no need to wait for the ‘perfect’ solution to be invented, which doesn’t exist.”

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

More from this author

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.