Some of the nation’s money management giants are tackling the growing concern that more Americans may begin to outlive their retirement savings.
Starting in the fall, Fidelity will let plan participants convert some of their retirement savings into an immediate income annuity to provide pension-like payments throughout retirement.
Fidelity Investments is the nation’s largest provider of 401(k) plans. The financial services firm handles more than 35 million retirement accounts in total.
BlackRock and State Street Global Advisors, two of the largest asset managers, also announced target-date funds with retirement income annuity options.
