"In the 1980s and 1990s, it was all about accumulation," says James Mallozzi, a senior vice president with Prudential Financial's retirement division. "Now, people are interested in converting that principal into income." And that's when their thoughts will turn to insurance.
Spending down a portfolio in retirement is a treacherous business, because you don't know how long you will live and what investment returns you will earn. In the past, to cope with these risks, we have relied on Social Security retirement benefits and traditional company pensions.
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When Income, Not Wealth Accumulation, Becomes the Goal of Your Investments
Source: WSJ Online
When Income, Not Wealth Accumulation, Becomes the Goal of Your Investments
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