By Janet Levaux
In a world of defined contributions, American workers have three challenges — inadequate savings, leakage (or loans/early withdrawals) tied to their retirement accounts and the need for retirement income. Plus, just half of all DC plans offer a way for investors to transform balances into periodic retirement income, with only one in five offering guaranteed lifetime payouts.
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How Retirees Can Pensionize Their 401(k)s and IRAs