Developing effective retirement income solutions is a complex challenge. Many of today’s retirees want the assurance of a guaranteed stream of income without giving up control of the underlying assets. Others are concerned about the risks of inflation, expensive medical bills or outliving their money. “No one has found the magic bullet for retirement income,” says Todd Perala, director, Strategic Initiatives at Retirement and Trust Services, BMO Global Asset Management. “It’s hard to help people understand the issues and make informed decisions when they reach retirement age.
With an estimated 10,000 Baby Boomers retiring every day, according to a 2012 Social Security Administration report, demand is growing for retirement income solutions. “About one-third of investors have a strong desire for a predictable cash flow,” says Jim Sandidge, product director, retirement products for PNC Asset Management Group.
That demand is spurring sponsors of defined contribution (DC) plans such as 401(k)s, individual investors with IRAs and SEP-IRAs, and financial service providers to find products and strategies to turn a retiree’s accumulated assets into guaranteed income with the flexibility to address changing needs later in life.
作为格里卡茨，机构市场的高级副总裁，Transamerica退休解决方案说，“联邦监管机构，媒体和许多投资者正在更加关注退休收入，许多提供商都专注于教育投资者的问题。”
在过去的几年里，金融提供者已经创造了更多功能的年金产品，以帮助退休人员实现可预测的收入流的目标。一般由人寿保险公司提供，国内楼有各种各样的功能，对不同类型的投资者吸引。今天，选项包括：
•单一高级高级常规年性，通常由退休人员购买，他们希望将累积退休资产转化为终身收入流。
• Single premium deferred income annuities that can provide income beginning later in life, such as age 80 or 85. “Because this product has 20 years to build up the account balance, it can manage the risk of outliving your money for a relatively modest amount of money,” says Perala.
• Variable annuities where income is derived from funds invested in various asset categories. “Variable annuities appeal to dividend stock buyers,” says Sandidge. “They want to buy growth in a comfortable way while receiving a guaranteed stream of income.”
•固定收入年度，这可以是传统固定收入投资的替代，而无需利率风险。
• Accumulation-oriented annuities that provide guaranteed lifetime income but do not offer other potential benefits.
Many providers now offer no-load and low-load annuities with drawdown provisions that provide retirees with more options in the future. These investor-friendly features – along with the Baby Boomer retirement wave – are helping to drive the growth of annuities in the U.S.
根据LIMRA安全退休学院的8月份报告，第二季度年金销售额达到614亿美元。2014年前六个月，美国年金销售总额增加了10％，而2013年相比增长了10％。
“尽管在今年的前六个月内的利率下降，但固定的年金销售继续推动整体年金销售增长，”Limra Secure Retirement Institute年金研究所高级分析师Todd Giesing表示。
DC计划的新选项
作为华盛顿签发了在直流计划中撤销采用的一些监管障碍，年金销售可能会继续上升。“信托责任仍然是直流计划赞助商的主要关注，”Sandidge说。“我们需要劳动部门，为赞助者提供清晰度，以保证收入产品为参与者提供默认选项。”
Katz adds that DOL recently issued new regulations that allow DC plans to add Qualified Long Annuity Contracts (QLACs) to their investment menus. “This would allow participants to allocate a portion of their portfolio to a deeply deferred annuity that might not provide payments until age 80 or 85,” he says. “Life expectancy is one of the more difficult challenges with guaranteed income, and QLACs provide a solution to dealing with longevity risk.”
即使没有联邦监管机构的明确指导，DC计划赞助商也可以仔细研究保证收入选择，并评估不同提供商的产品，说Katz。“赞助商可以评估各种保险公司的信誉，这些评级可以提供坚实的见解。”
除了年金结算选项外，金融服务业还开发了规划计划的年金产品，具有全面可访问性，Katz增加。这允许参与者兑现年金的市场价值，而不会罚款，或将其余额转移到此选项，增加终身保障收入的水平。
“The annuity products are getting better and are becoming more transparent,” Perala says. “Just as we have seen a shift to auto enrollment, auto escalation and target date funds (TDFs) in DC plans, it’s likely that a retirement income product will be built into the plan as well. However, it’s not clear how soon that will happen without a regulatory guarantee.”
改变投资行为
从更广泛的角度来看,许多DC计划赞助商are striving to educate participants about how their accumulated asset balances translate into income. For example, a participant might feel that $250,000 in assets is enough for a comfortable retirement ¬– until she sees that total will only produce $10,000 a year in income assuming a 4 percent return.
Because every individual has different goals and risk tolerances, a financial advisor can play a pivotal role in educating plan participants and other investors about retirement income.
“顾问必须为每个客户带来个性化的方法，”Sandidge说。“从让他们阐明了他们想要退休的内容的清晰愿景。虽然这应该是新开始的时间，但退休人员留下了熟悉的工作场所，这会导致不确定性和压力。如果您是顾问，您必须了解投资者的心理以及创收产品。“
顾问还可以帮助退休人员分析其社会保障金的适合整体收入张贴。“有很多因素进入社会保障收入战略，”佩雷拉说。例如，如果两个配偶都曾经工作过，则可能对一个配偶推迟申请福利几年来可能有意义。
虽然保证收入产品解决了市场波动的风险，但它们通常不会提供防止通胀风险的保护。因此，佩雷拉说，退休人员投资组合的一部分应包括股票，房地产或其他导向的资产，倾向于在通胀时期的价值上升。
That might mean constructing a retirement portfolio divided into three segments: an immediate annuity for lifetime income, a single premium deferred annuity for income after age 85, and assets that can continue to grow in value throughout the retirement period.
当Sandidge说：“投资者了解其在退休收入方面非常重要。退休人员而不是采取自动驾驶仪方法，而不是通过各种各样的产品组合，并定期审查它，以确保它符合其不断变化的需求。“