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Accommodating Life Annuities in a Defined Contribution World

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Given the trend away from defined benefit plans in corporate America, many observers are concerned that defined contribution plan distributions continue to be primarily lump sums.

The concern is that some retirees will withdraw too much in the early years and need to slash withdrawals later to avoid running out of money. Others might overreact by withdrawing so little that it forces them into a lower standard of living.

When retirees can choose between lump sums and life annuities, typically over 80 percent elect lump sums.

A retiree receiving a lump sum is faced with two unknowns: how long

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