1、原文NEEDEDTHERIGHTOFARETIREETOCONVERTA401KACCOUNTINTOAFEDERALLYGUARANTEEDANNUITYBYLAWRENCEAFROLIKAMERICASRETIREESAREFACEDWITHAPOTENTIALFINANCIALDISASTERECONOMICSECURITYINRETIREMENTHASLONGDEPENDEDONSOCIALSECURITY,PRIVATESAVINGS,ANDEMPLOYERPROVIDEDRETIREMENTPLANSTHENATIONALMOVEMENTFROMDEFINEDBENEFITPLAN
2、STODEFINEDCONTRIBUTIONPLANSHASBEENEXTENSIVELYWRITTENABOUT,BUTLITTLEATTENTIONHASBEENPAIDTOTHEINABILITYOFMANYRETIREESTOSUCCESSFULLYMANAGETHERETIREMENTFUNDSTHEYVEACCUMULATEDINTHEIR401KANDSIMILARACCOUNTSDURINGTHELONGYEARSOFTHEIRRETIREMENTASKINGINDIVIDUALSTOHUSBANDALUMPSUMPAYOUTFROMA401KRETIREMENTACCOUNT
3、FORTHE20TO30YEARSOFRETIREMENTYEARSDURINGWHICHTHEYPHYSICALLYANDMENTALLYDECLINEISARECIPEFORDISASTERTHESOLUTIONISTOCREATEFEDERALLYGUARANTEEDLIFETIMEANNUITIESTHATRETIREESCANPURCHASEWITHTHEFUNDSACCUMULATEDINTHEIR401KRETIREMENTACCOUNTSTHEDECLINEOFTHEDEFINEDBENEFITPLANTHELASTDECADEHASSEENASEACHANGEINTHENAT
4、UREOFEMPLOYEERETIREMENTPLANSINTHEPAST,THEDEFINEDBENEFITPLANPREDOMINATED,TYPICALLYPAYINGAPENSIONFORTHELIFEOFTHERETIREEHENRYHDRUMMONDS,“THEAGINGOFTHEBOOMERSANDTHECOMINGCRISISINAMERICASCHANGINGRETIREMENTANDELDERCARESYSTEM,”11LEWISCONGRESSIONALRESEARCHSERVICESEPT11,2009IN1982,62OFEMPLOYEESWITHARETIREMEN
5、TPLANPARTICIPATEDINADEFINEDBENEFITPLANBY2007,ONLY17PARTICIPATEDINADEFINEDBENEFITPLANALICIAHMUNNELL,FRANCESCAGOLUBSASSATLEAST,THEANNUALMINIMUMREQUIREDDISTRIBUTIONAFTERAGE70IRC401A9TREASREG1401A99,A2,UNIFORMLIFETIMETABLETHEREQUIREDMINIMUMDISTRIBUTIONRULESCREATEANUMBEROFDECISIONSFORTHEIRAOWNEREVERYYEAR
6、,THEOWNERMUSTCHOOSEWHICHASSETSSHOULDBELIQUIDATEDANDDISTRIBUTEDTOMEETTHEREQUIREDDISTRIBUTIONTHEREARESEVERALOPTIONS,INCLUDINGDISTRIBUTINGTHEMOSTRISKYASSETSFIRST,PROPORTIONALDISTRIBUTIONOFASSETSBYASSETCLASS,ORTAKINGANINKINDDISTRIBUTION,ANDWHETHERTOFIRSTLIQUIDATEEQUITIESORFIXEDINCOMEINVESTMENTSTHENUMBER
7、ANDCOMPLEXITYOFTHECHOICESRAISEDBYTHENEEDTOMAKEANNUALDISTRIBUTIONSSTRONGLYSUGGESTSTHATMANYOLDERRETIREESWILLNOTBEUPTOTHETASKARETIREEWHOOWNSANIRAFACESOTHERCHOICESTHATAREDIFFICULT,BECAUSETHE“RIGHT”ANSWERISDEPENDENTONSEVERALVARIABLES,INCLUDINGFUTUREINTERESTRATES,FUTURESTOCKPRICES,THERATEOFINFLATION,FUTUR
8、EINCOMENEEDS,ANDTHELIFEEXPECTANCYOFTHERETIREEANDTHERETIREESSPOUSEOFCOURSE,INVESTORSOFANYAGECANGUESSWRONGASTOTHEDIRECTIONOFTHESTOCKMARKETORFUTUREINTERESTRATES,BUTAWRONGCHOICEBYARETIREEMAYRESULTINALOSSOFCAPITALANONREVERSIBLECHOICEWITHLONGTERMFINANCIALCONSEQUENCESGIVENTHENUMBEROFVARIABLESTHATIMPACTRETI
9、REESCHOICESASTOHOWTOMANAGETHEIRROLLOVERIRAS,ITISUNLIKELYTHATMOSTAREMAKINGOPTIMUMCHOICESEVENIFTHEYMAKEAWISEDECISION,ITISNOTAFINALDECISIONEACHYEARRETIREESCANCORRECTTHEMISTAKESOFTHEPAST,MAKEFRESHMISTAKES,REVERSEAWISEDECISIONPREVIOUSLYMADE,ORMAKEABETTERCHOICEANDIMPROVETHEIRFINANCIALPOSITIONANDTHISREPEAT
10、EDNEEDTOCHOOSECONTINUESTHROUGHOUTTHERETIREESLIFETHOSE20OR30YEARSSTRETCHINGFROMRETIREMENTATAGE65TOAGE85,95,OREVEN100DIMINISHEDPHYSICALANDMENTALCAPACITYINTHECOMINGYEARS,MILLIONSOFIRAOWNERSOR401KACCOUNTHOLDERSWILLBEAGE85OROLDERUNFORTUNATELY,LIFEFORTHOSEAGE85ANDOLDERISNOTALWAYSAGOLDENAGEMANYSUFFERFROMTH
11、EDECLINEORLOSSOFPHYSICALANDMENTALCAPACITYEVENIFARETIREEISANASTUTEINVESTORWHENHEORSHESTOPSWORKINGWHICHMAYNOTNECESSARILYBEANACCURATESTATEMENTWITHREGARDTOMANYPARTICIPANTSINRETIREMENTPLANS,AGEDORNOT,THEAGINGPROCESSMAYTAKEITSTOLLONTHATACUMENTHEDEGREEOFDECLINEVARIESGREATLYSOMEWILLEXPERIENCEONLYPHYSICALDEC
12、LINES,SUCHASDIMINISHEDEYESIGHTORALOSSOFPHYSICALSTRENGTHMANY,HOWEVER,WILLSUFFERSERIOUSREDUCTIONSINSHORTTERMMEMORY,VISION,ORHEARINGIMAGINEANIRAOWNER,AGE90,WHOCANNOTSEEWELLENOUGHTOREAD,WHOHASAHARDTIMEHEARINGEVENWITHAHEARINGAID,ANDCANNOTSEEMTOREMEMBERTHINGSSOTHATSHEFORGETSBYTHEENDOFANHOURLONGMEETINGWHAT
13、SHEWASTOLDATTHEBEGINNINGNOW,IMAGINEHERENGAGINGINSTRATEGICDECISIONSABOUTHERINVESTMENTSTHEREALITYISTHATSUCHANINDIVIDUALISSIMPLYNOTUPTOTHETASKOFEFFECTIVELYMANAGINGHERIRACHRONICILLNESSISTHEFATEOFMANYELDERLYTHEYSUFFERFROMCONDITIONSSUCHASDIABETES,RHEUMATOIDARTHRITIS,ANDCONGESTIVEHEARTFAILURETHATROBTHEMOFT
14、HEENERGYANDCONCENTRATIONNEEDEDTOBEASOPHISTICATEDINVESTORCONSIDERAN84YEAROLDWOMANONDIALYSISSHEDEVOTESTHREEDAYSAWEEKTOTRAVELINGTOTHEDIALYSISCENTER,ENDURINGTHEDIALYSIS,ANDRECOVERINGFROMTHEEFFECTSONTHEOTHERDAYSOFTHEWEEK,ISSHEREALLYGOINGTODEVOTEHERLIMITEDTIMEANDENERGYTOHERFINANCIALAFFAIRSWILLSHEHAVETHECO
15、NCENTRATIONANDENERGYTODOSOOTHERELDERLYWILLEXPERIENCEACUTEILLNESS,SUCHASCANCERTHATWILLLEAVETHEMINPAIN,DISORIENTEDBYDRUGSOROTHERTHERAPIES,ANDMUCHMORECONCERNEDABOUTWHETHERTHEYWILLLIVETHANWHETHERTHEIRIRAISOVERLOADEDWITHEQUITIESORWHICHASSETSSHOULDBESOLDTOPROVIDECASHFORTHEANNUALREQUIREDMINIMUMDISTRIBUTION
16、EVENMORECHILLINGISTHESPECTEROFMILLIONSOFIRAOWNERSWITHSOMEFORMOFPROGRESSIVEDEMENTIAITISESTIMATED,FOREXAMPLE,THATUPTOHALFOFTHOSEAGE85OROLDERSUFFERFROMDEMENTIAMARKHBEERSTHENEEDFORANALTERNATIVEDECISIONMAKERFORINCAPACITATEDADULTSHASLONGCONFRONTEDSOCIETYTHEORIGINALLEGALRESPONSEWASGUARDIANSHIPORCONSERVATOR
17、SHIP,WITHTHESUBSTITUTIONOFADURABLEPOWEROFATTORNEYASAMORERECENTRESPONSETHEFIRSTDURABLEPOWEROFATTORNEYWASCREATEDIN1954BYVIRGINIA1954VAACTSCH486CODIFIEDATVACODEANN81191EITHEROPTIONHASSERIOUSDRAWBACKSGUARDIANSHIPISAJUDICIALDETERMINATIONTHATANINDIVIDUALISLEGALLYINCAPACITATED,ASDEFINEDBYTHEAPPLICABLESTATE
18、STATUTEEVERYSTATEHASAGUARDIANSHIPSTATUTE,ANDWHILETHEYVARYINDETAIL,THETYPICALTESTOFLEGALINCAPACITYISANINABILITYTOMAKEREASONABLEDECISIONSEG,UNIFORMPROBATECODE3012601COURTSAREEMPOWEREDTOAPPOINTAGUARDIANTOACTASASUBSTITUTEDECISIONMAKERFORANINCAPACITATEDINDIVIDUALTHOUGH,INTHEORY,GUARDIANSHIPWOULDSEEMTOSOL
19、VETHEPROBLEMOFTHEINCAPACITATEDIRAOWNER,INREALITY,ITDOESNOTTHEIMPOSITIONOFAGUARDIANSHIPMAYNOTBEPOSSIBLEEVENTHOUGHANINDIVIDUALHASALOWEREDLEVELOFCAPACITY,BECAUSETHEAPPOINTMENTOFAGUARDIANCANOCCURONLYIFTHEINDIVIDUALMEETSTHESTATESSTATUTORYTESTOFINCAPACITYAMEREDECLINEINTHEIRAOWNERSMENTALACUITYORJUDGMENTWOU
20、LDNOTNECESSARILYJUSTIFYTHEAPPOINTMENTOFAGUARDIANEVENIFINDIVIDUALSCONDITIONRESULTEDINSEVEREINVESTMENTLOSSESBYTHETIMETHEINDIVIDUALHASLOSTENOUGHCAPACITYTOMEETTHELEGALFORAGUARDIANSHIP,HEORSHEMAYHAVEDONESIGNIFICANTHARMTOTHEVALUEOFTHEIRAEVENIFTHECOURTFINDSTHEREQUISITEINCAPACITYANDAPPROVESAGUARDIAN,THEINDI
21、VIDUALAPPOINTEDASGUARDIANMAYLACKTHEKNOWLEDGETOBEANEFFECTIVEMANAGEROFANIRATYPICALLY,THECOURTAPPOINTSASGUARDIANWHOMEVERTHEGUARDIANSHIPPETITIONSUGGESTSTHEABILITYOFTHATINDIVIDUALTOWISELYMANAGEARETIREMENTIRAVARIESGREATLYOFTENTHOSENOMINATEDASTHEPROPOSEDGUARDIAN,TYPICALLYAFAMILYMEMBER,ARESELECTEDMOREFORTHE
22、IRWILLINGNESSANDAVAILABILITYTOACTASGUARDIANRATHERTHANFORANYSPECIALFINANCIALACUMENWORSE,THEINDIVIDUALWHOAGREESTOACTASGUARDIANMAYAGREETODOSOFROMADESIRETOPROFITFROMTHEASSETSOFTHEOLDERPERSONRATHERTHANUSINGTHEIRATOPROMOTETHEINTERESTSOFTHEINCAPACITATEDPERSONALISONBARNES,“THEVIRTUESOFCORPORATEANDPROFESSION
23、ALGUARDIANS,”31STETSONLREV941,9562002FURTHERMORE,THOUGHAGUARDIANISOSTENSIBLYUNDERTHECONTROLOFTHEAPPOINTINGCOURT,INREALITY,COURTSUPERVISIONOFGUARDIANSISMINIMALANDLARGELYINEFFECTIVENAOMIKARPERICAFWOOD,“GUARDIANSHIPMONITORINGANATIONALSURVEYOFCOURTPRACTICES,”37STETSONLREV143,1852007INPARTBECAUSEOFTHECOS
24、TS,COMPLEXITIES,ANDDELAYOFGUARDIANSHIP,EVERYSTATEHASASTATUTETHATPERMITSANINDIVIDUALTOCREATEAPOWEROFATTORNEYTHATAPPOINTSANAGENTTOHANDLEFINANCIALAFFAIRSINTHEEVENTTHATTHEPRINCIPALSHOULDBEUNABLETODOSOTHEAUTHORITYGRANTEDTOTHEAGENTISGOVERNEDBYTHETERMSOFTHEPOWEROFATTORNEYDOCUMENT,BUTTHEUSUALPRACTICEISTOGRA
25、NTTHEAGENTPOWERSTHATARECOTERMINOUSWITHTHOSEOFTHEPRINCIPALTHEUSEOFAPOWEROFATTORNEYWOULDSEEMTOBETHESENSIBLEANDEFFICIENTSOLUTIONTOANOLDERRETIREELOSINGTHEABILITYTOHANDLEARETIREMENTIRAITISINEXPENSIVE,BECAUSEMOSTPOWERSOFATTORNEYAREBASEDONAFORMORASTANDARDDOCUMENTCREATEDBYTHEATTORNEY,ANDBOTHTHEEXISTENCEANDT
26、HECONTENTSOFTHEPOWEROFATTORNEYAREPRIVATETHEDURABLEPOWEROFATTORNEYISAKINTOAPRIVATEGUARDIANSHIPARRANGEMENTWITHTHEAGENTGRANTEDPOWERSCOMPARABLETOTHOSEOFAGUARDIANHOWEVER,NOCOURTINVOLVEMENTORSUPERVISIONISNECESSARYUNFORTUNATELY,DESPITETHEWIDEUSEOFTHEDURABLEPOWERSOFATTORNEY,NOSTATEHASSUCCEEDEDINPREVENTINGTH
27、EMISUSEOFTHEPOWERBYTHEAGENTABSENTREQUIREMENTSINTHEPOWERTHATMANDATEOVERSIGHTORPREAPPROVALOFANAGENTSACTIONS,AGENTSAREESSENTIALLYONTHEIROWNNINAAKOHN,“ELDEREMPOWERMENTASASTRATEGYFORCURBINGTHEHIDDENABUSESOFDURABLEPOWERSOFATTORNEY,”59RUTGERSLREV1,182006ANAGENTMAYSOMEDAYHAVETOACCOUNTFORHISORHERACTIONS,EITH
28、ERFORMALLYORINFORMALLY,BUTUNTILTHATDAY,ASSUMINGITEVERCOMES,ANAGENTDOESWHATTHEAGENTTHINKSBESTARMEDWITHFIDUCIARYPOWERSANDRESPONSIBILITIES,THEAGENTMANAGESANDPROMOTESTHEFINANCIALAFFAIRSOFTHEPRINCIPALASTHEAGENTSEESFITOFCOURSE,THATISTHEPOINTOFAPOWEROFATTORNEYTOCREATEPOWERSINTHEAGENTTHATAREVERYSIMILARTOTHE
29、RIGHTSOFTHEPRINCIPALUNFORTUNATELY,THATWIDEGRANTOFAUTHORITYMAKESITEASYFORANAGENTTOMISUSETHEPRINCIPALSASSETSINTHEPAST,AGENTSHAVEMADEINAPPROPRIATEGIFTSTOTHIRDPARTIES,THEMSELVES,ORCHARITIESNOTFAVOREDBYTHEPRINCIPAL,DEFEATEDESTATEPLANSBYCREATINGJOINTACCOUNTSWITHSURVIVORSHIPINTERESTS,CHANGEDBENEFICIARIESNA
30、MEDINLIFEINSURANCECONTRACTS,REVOKEDTRUSTS,ENGAGEDINSELFDEALING,ANDUSEDTHEIRPOWERSTOBENEFITTHEIROWNSPOUSES,FRIENDS,ORRELATIVESINSHORT,AGENTSROUTINELYVIOLATETHEIRFIDUCIARYOBLIGATIONSANDUSETHEIRAUTHORITYTOADVANCETHEIROWNINTERESTSATTHEEXPENSEOFTHEPRINCIPALJENNIFERLRHEIN,“NOONEINCHARGEDURABLEPOWERSOFATTO
31、RNEYANDTHEFAILURETOPROTECTINCAPACITATEDPERSONS,”17ELDERLJOUR1652009ANELDERLYIRAOWNERWHOAPPOINTSANAGENTWITHAUTHORITYTOMANAGEHISORHERIRAANDHISORHEROTHERASSETSISTAKINGASIGNIFICANTRISKTHATTHEAGENTWILLMISUSETHEPOWERANDSODISSIPATETHEASSETSHELDBYTHEIRAIFTHATOCCURS,THEELDERLYIRAOWNERWILLNOTONLYBEINCAPACITAT
32、EDBUTALSOBROKEOFCOURSE,ANELDERLYIRAOWNERWILLTRYTOSELECTATRUSTWORTHYPERSONTOACTASAGENTPROBABLYMOSTSUCCEEDINDOINGSOSPOUSESCANALMOSTALWAYSBETRUSTED,CHILDRENOFTENTRUSTED,BUTAFTERTHAT,THEODDSINCREASETHATTHEAGENTWILLACTINAWAYTHATTHEPRINCIPAL,IFHEORSHEHADCAPACITY,WOULDNOTAPPROVEAGENTINCOMPETENCEISYETANOTHE
33、RRISKCREATEDBYADURABLEPOWEROFATTORNEYAGAIN,THOUGHTHEPRINCIPALWILLTRYTONAMEANAGENTCAPABLEOFMANAGINGFINANCES,NOTALLWILLBEUPTOTHETASKIFAN85YEAROLDIRAOWNERNAMESHIS84YEAROLDWIFEASHISAGENT,WILLSHEBESHARPENOUGHINTHECOMINGYEARSTOSUCCESSFULLYMANAGEHISACCOUNTWHATOFTHE95YEAROLDINCAPACITATEDWOMANWHONAMESHER75YE
34、AROLDDAUGHTERASAGENTORA77YEAROLDWHONAMESHIS23YEAROLDNEPHEW,ACOLLEGEDROPOUT,ASHISAGENTANAGINGOWNEROFARETIREMENTIRA,WHOISLOSINGTHEABILITYTOMANAGEIT,FACESTHEALTERNATIVEOFACCEPTINGGUARDIANSHIPORAPPOINTINGANAGENTUNDERADURABLEPOWEROFATTORNEY,NEITHEROFWHICHASSURESPROPERMANAGEMENTOFTHEIRATHISISTHEWORLDTHATO
35、URNATIONSRETIREMENTSYSTEMHASCREATEDFORITSELDERLYTHERELIANCEON401KPLANSHASBEENRIGHTLYCRITICIZEDFORLEAVINGRETIREESWITHINADEQUATESAVINGSFORTHEIRRETIREMENTMANYHAVEATTACKED401KACCOUNTSFORPUTTINGTHEINVESTMENTRISKONEMPLOYEESWHOARE,GENERAL,NOTUPTOTHEBURDENDEBRAADAVIS,“DOITYOURSELFRETIREMENTALLOWINGEMPLOYEES
36、TODIRECTTHEINVESTMENTOFTHEIRRETIREMENTSAVINGS,”8UPAJLABEMPL353,3652006BUTEVENTHOSEFEWEMPLOYEESWHOARRIVEATRETIREMENTHAVINGADEQUATELYMANAGEDTHEIRACCOUNTSANDHAVEENOUGHMONEYTOCREATEAFINANCIALLYSECURERETIREMENTMUSTSTILLNAVIGATETHEPERILOUSYEARSOFTHEIRRETIREMENTLIKEAMODERNODYSSEUS,THEYHAVEALONGANDDIFFICULT
37、VOYAGEBEFORETHEMFEDERALGUARANTEELIFETIMEANNUITIESTHEREALISTICSOLUTIONFORPOSTRETIREMENTMANAGEMENTOFAROLLOVERIRAISTORECREATETHEADVANTAGESOFTHEDEFINEDBENEFITPENSIONBYCONVERTINGSOMEORALLOFTHE401KACCOUNTATRETIREMENTINTOANIMMEDIATEPAY,LIFETIMEANNUITYTHATWOULDADDRESSTHETWOSIGNIFICANTRISKSCREATEDFORRETIREES
38、BY401KACCOUNTSSUCCESSFULFINANCIALINVESTMENTANDLONGEVITYITISNOTNECESSARYTOINVESTALLOFTHEIRAINTOANIMMEDIATEPAYANNUITYMERELYINVESTINGHALFOFTHEACCOUNTCANDRAMATICALLYINCREASETHEPROBABILITYTHATTHERETIREEWILLNOTOUTLIVEHISORHERIRAWALTERUPDEGRAVE,“MAKEYOURDOUGHLAST,”38MONEY92,94OCT2009WHILETHEMONTHLYPAYOUTBY
39、THEANNUITYWOULDDEPENDUPONTHEAMOUNTINTHE401KACCOUNTTHEHIGHERTHEVALUEOFTHEACCOUNT,THEGREATERTHEMONTHLYANNUITYPAYOUT,ATLEASTTHERETIREEWOULDHAVETHEASSURANCEOFSOMELEVELOFLIFETIMEINCOMEANDWILLNOTBEFACEDWITHTHEDIFFICULTYOFINVESTINGALLOFTHE401KACCOUNTPROCEEDSATPRESENT,ONLY20OFDEFINEDCONTRIBUTIONPLANSOFFERRE
40、TIREESTHEOPTIONOFCONVERTINGTHEIRACCOUNTSINTOANANNUITYANDONLYABOUT10OFTHEEMPLOYEESOFTHOSEPLANSCHOOSETHEANNUITYOPTIONSUPRA,PURCELLTOPOLESKI,ATP25EVENIFANANNUITYISAVAILABLEASPARTOFTHE401KPLAN,RETIREESTYPICALLYPREFERALUMPSUMDISTRIBUTIONTOANANNUITYSTEVENDCOHEN,“AUTOENROLLMENTANDANNUITIZATIONENABLING401K“
41、DBATION,”5NYJOFLAWBUSINESS281,3172009THETASKOFFINDINGTHEBESTANNUITY“DEAL”WHILEBUYINGTHEANNUITYFROMAFINANCIALLYSOUNDCOMPANYMAYBETOODAUNTINGATASKFORMANYRETIREESPERHAPSTHEYREJECTANNUITIESBECAUSETHEYARENOTGAMBLERS,FORANANNUITYISINASENSEABETWITHTHEANNUITYPROVIDERSBYTHEPURCHASERSTHATTHEYWILLOUTLIVETHEIRAC
42、TUARIALPREDICTEDLIFESPANOR,PERHAPS,THERETIREESFEARTHELOSSOFCONTROLOVERTHEIRMONEY,WITHOUTREALIZINGTHESIGNIFICANTBURDENTHATINVESTINGTHEIROWNFUNDSANDGAMBLINGWITHTHEMSELVESASTOTHEIRPREDICTEDLIFESPANREPRESENTSFORTHEMFORMANY,ANNUITIESAREUNATTRACTIVEBECAUSETHEYLIMITTHEABILITYTOLEAVEAFINANCIALLEGACYTOAREMAR
43、KABLEDEGREE,THEELDERLYAREWILLINGTOFOREGOCONSUMPTIONINORDERTOPRESERVETHEIRASSETSSOTHATTHEYCANPASSTHEMON,USUALLYTOTHEIRCHILDRENWHILETHECHILDRENANDTHEIRFINANCIALADVISORSMAYURGETHEOLDERPERSONTOSPENDMOREONTHEMSELVES,TO“LIVEALITTLE,”THATADVICEOFTENGOESUNHEEDEDMANYELDERLYAREDETERMINEDTOPRESERVETHEIRCAPITAL
44、FORTHEIRHEIRSFINANCIALLYSOPHISTICATEDRETIREESWHOUNDERSTANDTHEADVANTAGESOFPURCHASINGANNUITIESMAYSTILLBERELUCTANTTOBUYTHEMFORSEVERALOTHERREASONSFOREXAMPLE,SOMEMAYFEARTHAT,ASARESULTOFSOMEOFTHERECENTINSURANCECOMPANYNEARFAILURES,THEINSURERSWILLBEUNABLETOMAKEGOODONTHECONTRACTTOPAYTHEANNUITYOVERTHEEXTENDED
45、POSTRETIREMENTPERIODOTHERPOTENTIALPURCHASERSMAYBEWILLINGTOBEARTHEMODESTRISKOFPOSSIBLENONPAYMENTBYTHEANNUITYCOMPANY,BUTMAYSTILLBERELUCTANTTOBUYANNUITIESBECAUSEOFTHEFEAROFINTERESTRATESRISINGSIGNIFICANTLYAFTERTHEANNUITYISPURCHASEDTHOUGHTHEBUYEROFTHEANNUITYWILLNOTKNOWTHERATEOFRETURNANTICIPATEDBYTHEISSUE
46、ROFTHEANNUITY,IFINTERESTRATESAREVERYLOW,THEPROJECTEDRATEOFRETURNFORTHEISSUEROFTHEANNUITYWILLBECORRESPONDINGLYLOWTHAT,INTURN,WILLLOWERTHEAMOUNTOFTHEMONTHLYBENEFITIFINTERESTRATESTHENRISE,THEPURCHASERWILLRUETHEANNUITY,UNDERSTANDINGTHATTHEPROJECTEDVALUEOFTHEMONEYUSEDTOPURCHASETHEPRODUCTHASRISENWITHSUCHR
47、ATES,SOTHATHE“SOLDOUTCHEAP”THEFEDERALANNUITYSOLUTIONWHATEVERTHEREASONFORTHERELUCTANCEOFRETIREESTOBUYANNUITIES,THEREALITYISTHATITISUNLIKELYTOCHANGEYETTHEPURCHASEOFANANNUITYWITHATLEASTPARTOFTHE401KACCOUNTISAWISEANSWERTOINVESTMENTANDLONGEVITYRISKSOVERCOMINGTHERELUCTANCEOFRETIREESTOPURCHASEANNUITIESREQU
48、IRESANANNUITYPRODUCTTHATADDRESSESTHEIRCONCERNSRISKOFPAYMENT,LOSSOFANESTATE,FEAROFDYINGBEFORERECEIVINGTHEVALUEOFTHEANNUITY,ANDFEAROFRISINGINTERESTRATESAFTERTHEPURCHASEOFTHEANNUITYTHEPRIVATESECTORISNOTGOINGTOCREATESUCHAPRODUCTIFITCOULD,ITWOULDHAVEDONESOBYNOWINTHEABSENCEOFAPRIVATESOLUTION,THEGOVERNMENT
49、MUSTCREATE,SELL,ANDLIKELYSUBSIDIZENEWFORMSOFANNUITIESTOBEOFFEREDTORETIREESTHEJUSTIFICATIONFORAGOVERNMENTSUBSIDIZEDANNUITYISTHEPUBLICINTERESTINASSISTINGRETIREESTOUSETHEIR401KSAVINGSTOCREATELIFETIME,ASSUREDSTREAMSOFINCOMEFORYEARS,THENATIONHASPROMOTEDEMPLOYERPROVIDEDRETIREMENTPLANSTHEFEDERALINCOMETAXGRANTSFAVOREDSTATUSTOEMPLOYERPROVIDEDPENSIONSBYPERMITTINGCURRENTDEDUCTIONSBYEMPLOYERSFORCONTRIBUTIONSTOSUCHPLANSANDBYEMPLOYEESTO401KPLANS,BUTNOTTAXINGEMPLOYEESEVENONVESTEDBENEFITSUNTILACTUALRECEIPTOFTHEPENSIONTHECOSTOFTHESETAXADVANTAGESISSIGNIFICANTFOR2009,ITWASESTIMATEDTHATEMPLOYERRETIR
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