More people are turning 65 this year than ever before. That has sparked a gold rush for the retirement industry
May 20, 2024 by Samantha Delouya
More Americans are turning 65 this year than ever before, and that number is set to creep even higher over the next few years. It’s fueling a huge rollout of new retirement products — but they’re not all golden tickets.
An average of 11,200 Americans will reach that traditional retirement age each day in 2024, according to a recent report by the Alliance for Lifetime Income.
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Wink’s Moore on the Market: “Teresa Ghilarducci cautioned that these products [annuities in 401(k)s] won’t be free. And she advised that, when possible, retirees should opt to manage their savings on their own. ‘Then you’re not subject to any fees and you’re not paying somebody else’s profits,’ she said.”
SN: but, if you “manage your savings on your own,” you won’t be guaranteed a paycheck for life, like you would with the annuity. -sjm
