Bloomberg Article: Retiree Annuities May Be Promoted by Obama Aides

Bloomberg, in an article captioned "Retiree Annuities May Be Promoted by Obama Aides," reports that the Obama administration is looking into ways to encourage workers to turn their savings into guaranteed streams of income. The article notes the administration's action is largely in response to the stock market's adverse effects on retiree accounts. It goes on to state that the Treasury and Labor Departments will seek public comment as soon as next week on ways to promote conversion of 401(k) savings and Individual Retirement Accounts into annuities or guaranteed payment streams.

Posted by Patrick Siegfried, Associate Editor, Wealth Strategies Journal.