New Annuity Promises Protection Against Social Security Shortfall
September 16, 2020 by Jacqueline Sergeant
The Social Security Administration continues to warn that its retirement program’s trust fund reserves will be depleted by 2035, resulting in an annual benefit reduction of about 24%. That is without factoring in the pandemic and a proposed payroll tax cut that could move the date even closer.
The possibility of broken promises with Social Security is troubling for the millions of Americans who are depending on Social Security benefits as a primary source of retirement income. But David Duley says that worry can be eased with his new breed of insurance products.
Duley, founder and CEO of Atlanta-based PlanGap, has introduced the PlanGap Annuity, a new class of financial solutions called retirement insurance. The company describes the newfangled vehicles as a suite of “trigger-based” annuity and life insurance products designed to protect Americans from potential retirement shortfalls due to possible systemic failures of guaranteed income sources like Social Security and pensions.
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