Este artículo está disponible sólo en inglés.
The shift from defined benefit to defined contribution plans has diminished the role of lifetime income guarantees in retirement planning. Researchers and policymakers have suggested that annuities can help retirees manage the risk of outliving their assets. But retirees’ reluctance to annuitize suggests that the irrevocable decision to exchange liquid wealth for guaranteed income is about more than math. A new Vanguard research paper examines some of the hurdles.