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Annuities May Be Coming to Your 401(k). Here's What You Need to Know.
Annuities May Be Coming to Your 401(k). Here's What You Need to Know.
Larry Bird and the 401(k) came to life with the Revenue Act. Despite the fame that followed for Bird, the 401(k) has arguably outshined him by amassing $4.7 trillion in retirement savings for Americans.
Before the 401(k), Americans looked to pensions, along with Social Security, to keep them afloat in retirement. Properly funded pensions guarantee a lifetime stream of payments, which is a nice security blanket for any retiree. But pensions have drawbacks, one being that pension beneficiaries have no control over how the money is managed over time.
