IRI Unveils Ideas for Curing COVID-19 Nest Egg Blight

April 15, 2020 by Allison Bell

Annuity issuers and other life insurers are normally the people trying to remind everyone else in Washington that putting money away for the future matters, and that having a little cash for food and medicine at age 85 may be a lot more valuable than having a bigger house or a nicer vacation today.

Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus that causes COVID-19 pneumonia and heart inflammation, has wrenched annuity issuers away from that commitment to long-term savings. Life insurers and annuity producer groups gave enthusiastic support to the CARES Act — a COVID-19 emergency response package that includes a generous retirement account withdrawal provision.

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Originally Posted at ThinkAdvisor on April 14, 2020 by Allison Bell.