OK, so it’s not exactly “fun.” But a new report says retirees who convert their savings into guaranteed lifetime annuities effectively double the amount they are willing to spend each year, on themselves and their families.
The reassurance that they won’t outlive their savings lets them open up their wallets and have a good time while they can, argue researchers David Blanchett and Michael Finke. Blanchett is the head of retirement research at QMA/Prudential Financial, an insurance company, and Finke is a professor and chair of economic security research at the American College of Financial Services.
