Abstract
As more and more workers in the U.S. are covered only by defined contribution plans, and as more and more of these workers approach retirement, the use of life annuities and other newly developed retirement income products should increase. This article reviews historical and recent payout experiences with immediate life annuities, both nominal and inflation-indexed. It also explains new income product types, ranging from those that are just distributions of investments to those that contain complex guarantees from insurance companies. Finally, it provides some considerations for plan sponsors in this still understudied area of the decumulation phase of the individual account retirement plan. <b>TOPICS:</b>Retirement, wealth management, risk management
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