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Economists are supportive of retirement annuities in the US

Economists tend to favor retirement annuities because they are the only way to deal with the uncertainty upon retirement. Consumers are less enthusiastic about this product, MarketWatch writes.
Economists are supportive of retirement annuities in the US

The new law, known in the United States as the SECURE Act, is designed to make it easier for employers to choose an insurance company to buy annuities for employees. The document provides a guarantee for fair employers that conduct a thorough search for LIC.

The project followers hope that eventually more people will be able to get access to secured golden years.

According to economists, an increasing life expectancy makes retirement planning an almost impossible task. Annuities and regular payments they provide can help solve the problem of longevity.

American consumers, however, prefer to invest in pension funds. Over the past decade, balances on pension savings accounts have increased twice as much, from $8.7 to $18.3 trillion.

According to the experts, this product may be misunderstood by consumers. Sociological data confirm this opinion; the annuities are more popular as an investment product and home mortgage.

Amendments to the SECURE law popularize this product through employers offering their employees additional social security.

Source: https://www.marketwatch.com/story/economists-like-annuities-consumers-dont-heres-the-disconnect-2019-12-23

Photos are from open sources.

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