In this episode, Eric, Ralph Ferraro, and Matthew Condos discuss:
- Shifting from accumulation to guaranteed income
- How lifetime income solutions address retirement stressors
- The spectrum of retirement income solutions
- The trend in lifetime income solutions
Key Takeaways:
- Defined contribution retirement plans need a greater focus on income solutions. It’s important to focus on offering a broad array of options. Consider the scalability and institutional pricing of defined contribution plan solutions and how that makes them ideal for guaranteed income.
- According to research, contributions and participation rates increase when guaranteed income is offered. The transfer of risk-benefit of lifetime income solutions addresses financial stressors related to retirement.
- There is a spectrum of retirement income solutions. It ranges from systematic withdrawals to immediate annuities, with middle-ground products that offer flexibility and certainty. Evaluate different products and their trade-offs using checklists and resources.
- There is a trend in the adoption and success of lifetime income solutions of success with government clients due to their understanding of traditional pension plans and the benefits of guaranteed income. Auto-enrollment and auto-increase features have the potential to drive the adoption of guaranteed income solutions.
“We think that there's a lot of value in ensuring that you offer a broad array of solutions to your employees. So within the retirement plan, we need to move beyond just accumulation now to and savings to the income side” - Ralph Ferraro
Connect with Ralph Ferraro:
LinkedIn: https://www.linkedin.com/in/ralph-ferraro-6355932/
Connect with Matthew Condos:
LinkedIn: https://www.linkedin.com/in/matthew-condos-8630027a/
Connect with Eric Dyson:
Website: https://90northllc.com/
Phone: 940-248-4800
Email: contact@90northllc.com
LinkedIn: https://www.linkedin.com/in/401kguy/
Lincoln Financial is not affiliated with 90 North Consulting.
The information contained herein is general in nature and is provided solely for educational and informational purposes.
It is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, financial advice, or legal advice.
The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.
