401(k) Annuities Still A Hard Sell Despite SECURE Act, Advisors Say
July 3, 2024 by Ben Mattlin
In 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act made it easier for defined-contribution retirement plans such as 401(k)s to offer annuities. Nearly five years later, though, the results are mixed, according to advisors.
“We are still not seeing much adoption,” said Wei Hu at Edelman Financial Engines in Santa Clara, Calif. “While the promise of a guaranteed income stream is appealing, purchasing an annuity is often seen as a complicated, expensive, and sometimes irrevocable decision.”
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Wink’s Moore on the Market: Consistently setting record annuity sales will definitely help get people “to” and “through” retirement. I’ve seen the average case sizes rising; not just sales. Do you think this is indicative of people becoming more comfortable/familiar with annuities? -sjm
