NAPA Net - Polling Places 021122 |
What's Your Retirement Income Alternative(s)?
Whether your savings focus is retirement or “financial freedom”, sooner or later there comes that time when you’re going to want to draw down what you spent so long building up. But retirement income planning seems to be an afterthought for many advisors – what, if anything, are you doing about it?
It’s widely said that 10,000 Boomers are heading into retirement every day – and survey after survey indicates that they are interested in some kind of “solution” to provide a dependable stream of income.
Of course, there’s been a traditional reluctance to bring those solutions “inside” the workplace retirement plan (borne largely out of fiduciary and product complexity concerns, though the former has arguably been at least partially mitigated by provisions in the SECURE Act).
That said, there have been a series of new offerings coming to market, advisory firms are snapping up wealth management practices, and target-date fund glidepaths are increasingly found to be crafted with a “through”, rather than “to” retirement date focus – but have these alternatives taken hold, and will they be embraced by plan sponsors, much less by the participants whose balances they’ve stewarded to this point?
This week, we’d like to know if you’ve been asked – by plan sponsors (and participants) about these solutions – if you’re proactively incorporating these solutions in your practice(s) – and if so, which one(s)?