Running out of money in retirement is one of Americans’ greatest financial fears. Converting retirement saving balances into reliable income is one of the most complex financial decisions people must make. Most 401k and similar plans are not structured to provide lifetime income. Can retirement plans be reformed to provide safe income for the duration of retirees’ lives?
On Thursday, April 18, the Retirement Security Project at Brookings hosted an event to explore ways to create lifetime income for people with 401k-type plans. Nobel laureate Richard Thaler and several other noted experts discussed new Brookings research on retirement plans.