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American’s Don’t Have Any Money for Retirement, Now This…

July 7, 2020 By E.J. Smith

By Prostock-studio @ Shutterstock.com

You don’t have to look too hard to realize the fix is in to put toxic annuities into retirement plans.

Life Comes at You Fast. Slow It Down with My Friday Email. It’s Free.

First, the Secure Act passes at the eleventh hour last year to allow annuities in 401(k)s (a terrible idea to begin with).  Now, states want to require savings plans and you know the next step will be the annuity adoption. What a racket.

Bailey McCann reports for The Wall Street Journal:

According to data from the National Institute on Retirement Security, 59% of working-age people in America don’t have any money in a retirement account—whether an employer-sponsored 401(k) or an IRA—and aren’t covered by defined-benefit pensions. For those who do have a retirement account, most have balances smaller than their annual income. In other words, the average working American most likely won’t be able to maintain their current standard of living in retirement.

But several state governments are taking matters into their own hands. Ten states have passed legislation creating programs designed to get more people enrolled in retirement plans, and a majority of states are now considering such a program.

From CNBC back in January:

A new retirement law, the Secure Act, loosens rules around how employers can select annuity providers for their 401(k) plans. Only 10% of 401(k) plans currently offer an annuity. Other roadblocks to 401(k) annuity adoption, such as certain administrative issues, may prevent employers from adding annuities en masse.

Read more about the dangers of annuities here:

  • New Wave of Annuities Likely to Fall Short of Investor Expectations
  • Your Retirement Life: Run from Shiny Happy People
  • Welcome to the Hotel California of Investments
  • You Can Kiss Your Savings Goodbye if this Happens
  • Is the World’s Largest Money Manager Pushing You into an Annuity?

Originally posted on Your Survival Guy. 

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E.J. Smith
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris.

Please get in touch with E.J. at ejsmith@youngresearch.com

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