As Inflation Eats Savings, Workers Yearn for Annuities to Replace Vanishing Pensions
• Inflation is eroding Americans' retirement savings, making them nostalgic for pensions which provide guaranteed income.
• Pensions became too expensive and risky for companies, so 401(k)s shifted retirement funding responsibility to employees.
• 401(k)s expose Americans to market risk and don't provide lifetime income. Many worry about outliving savings.
• Annuities can create personal pensions by converting 401(k) savings into guaranteed income streams. New rules make them more accessible.
• Workers want income options to provide stability amid economic uncertainty. Annuities insure income like policies insure cars and health.