Income Options Are Coming to 401(k) Plans

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Income Options Are Coming to 401(k) Plans

Advisors say annuities can make sense for retirees unable to cover their basic living expenses.

By Anne Tergesen and Yuka Hayashi

A growing number of employers are exploring ways to help 401(k) participants turn their savings into a sustainable income in retirement, even ahead of Congress passing legislation that would make it easier to do so.

“For many savers, the ultimate outcome they desire is income to replace their paychecks,” said¬† Mark Iwry, a Brookings Institution fellow and former treasury department official who oversaw retirement policy during the Clinton and Obama administrations.¬†

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