One of Americans' biggest retirement fears is running out of money. BlackRock hopes a new way to take paycheck-like withdrawals from investments may help.
, the largest asset manager, has launched a new product to help workers their retirement savings into a regular income stream that mimics the paycheck they receive during their working years.
Around 500,000 employees now have access to the strategy through 14 retirement plan sponsors, according to BlackRock. "Adding this feature to it really ... gives some of the legacy employees some of that comfort they have from the legacy pension plan," Visconti said. Annuity income helps retirees understand how much they can spend, while also letting them better absorb risks in other areas of their investment portfolio, he said.
"Will it help people to buy this product? It would likely help them to delay claiming Social Security more," Blanchett said. While many people like the idea of guaranteed fixed income, they often don't seek products on their own that will provide that income stream from their retirement plan savings once they retire, said Dan Doonan, executive director at the National Institute on Retirement Security, a non-profit research and education organization.
401(K) Plans Population Aging Aging And Disability Services Aging Personal Spending Personal Saving Inflation Government Pensions And Social Security Employee Pension Benefits Retiree Finances Retirees Retirement Planning Personal Finance Blackrock Inc Business News
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