“It’s that time of year to reflect on the significant news events that occurred during 2010 and how they affected us, so let’s take a look back and see what we can learn from them about retirement planning,” writes Steve Vernon.
One of the stories which reverse mortgage lenders shouldn’t see as any big surprise is the challenge of generating adequate income from retirement savings.
"In February, the U.S. Department of Labor issued a request for information to pension industry specialists and the public at large about the challenge of using IRAs, 401ks, and retirement savings to generate reliable lifetime retirement income. The DOL received 780 public comments in response and held two days of testimony in September.SOURCE
Not much consensus came from the comments and testimony other than that this is a significant challenge that deserves more debate and discussion. Meanwhile, if you’re approaching retirement and are planning to use your retirement savings to generate reliable lifetime retirement income, the hard truth is, you’re on your own when it comes to figuring out the best approach for you. The good news is, there’s plenty of great information out there from unbiased sources who aren’t trying to sell you insurance or investments."
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