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Abstract
Over the past 30 years, the U.S. retirement system has shifted from a defined benefit system to a defined contribution system. As the defined contribution system matures, millions of Americans will need to figure out how to convert their hard-earned savings into lifetime income. Although U.S. public policy nudges people to save for retirement by offering tax breaks for saving and tax penalties for early withdrawals, the United States lags behind other countries in encouraging retirees to convert their savings into lifetime income. The authors explore several ways in which the U.S. drawdown system contrasts with other countries’ approaches, particularly in the encouragement given retirees to annuitize their assets. This discussion also addresses the role of regulation and industry structure in promoting lifetime income.
- © 2017 Pageant Media Ltd
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