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May 24 - BlackRock Activates Retirement Solution Offering A Paycheck For Life



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 1 month ago '04        #1
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ItAlY2BkLyN  topics gone triple plat - Number 1 spot x5
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icon May 24 - BlackRock Activates Retirement Solution Offering A Paycheck For Life
 

 
- Nearly two-thirds of American workers fear outliving their retirement savings1
- LifePath Paycheck can help alleviate that concern for half a million people with more to follow
- Solution is part of BlackRock’s efforts to help people manage spending throughout increasingly longer retirements


NEW YORK--(BUSINESS WIRE)--BlackRock (NYSE: BLK) announced today that its retirement income solution, LifePath Paycheck™, is now available in defined contribution plans.

“BlackRock pioneered the first target date fund over thirty years ago – and LifePath Paycheck represents the next phase of BlackRock’s leadership in retirement. We continue to develop innovative solutions for Americans that are affordable, easy to use, and can provide more economic security to retirees.”
The LifePath Paycheck solution takes a new approach to retirement income by providing access to guaranteed income through a target date fund, an investment strategy that automatically adjusts to a targeted retirement year. Plan participants will have the option to access the guaranteed income as early as age 59 ½ by purchasing annuity contracts issued by Equitable (NYSE: EQH) and Brighthouse Financial (NASDAQ: BHF).

To help educate plan participants, BlackRock developed MyLifePath™, a digital experience that shows how today's contributions can translate into income in retirement.

Avangrid (NYSE: AGR), Adventist HealthCare Retirement Plans, and Tennessee Valley Authority Retirement System will be among the first to implement the strategy as the default investment option for their employees’ defined contribution plan, with additional plan sponsors to follow in the coming months. To date, 14 plan sponsors, with plans totaling $27 billion in target date assets, are planning to make LifePath Paycheck available to 500,000 employees, with several other large plan sponsors expressing interest.

Larry Fink, Chairman and CEO of BlackRock, said, “We believe LifePath Paycheck will one day be the default retirement investment strategy, providing access to a predictable, paycheck-like income stream that can help improve the quality of life for millions of Americans in retirement.”

Anne Ackerley, Head of Retirement at BlackRock, added, “A top concern among American workers is the fear of running out of money during retirement. And yet the industry has focused on helping people understand they need to save – but not how to manage spending in retirement, even as companies have shifted from defined benefit to defined contribution plans. With this solution, we’re rethinking retirement. And part of that was working across the industry to build something new.”

Access to an option for guaranteed income could help alleviate the stress many Americans currently face about the uncertainty of outliving their savings. According to early findings from BlackRock’s ninth annual Read on Retirement™ survey,1 nearly two-thirds (60%) of those surveyed2 worry they’ll outlive their retirement savings and 99% say having guaranteed retirement income would help ease that concern. Beyond financial benefits, 93% 1 say having more certainty around retirement income would help their mental health today.

Retirees agree – 94% surveyed also believe employers should provide their employees with a retirement income solution through their workplace plan. Additionally, the survey found that 99% of plan sponsors feel responsible for helping plan participants generate and/or manage their income in retirement.

Paul Visconti, Senior Director of Total Health and Retirement Programs at Avangrid, a sustainable energy company that has implemented LifePath Paycheck, said, “LifePath Paycheck is a game changer in our effort to attract, retain, and empower talent. By taking some of the guesswork out of financial planning, we’re enabling our employees to focus on what they do best – accelerating transformation for our customers and communities by pioneering a brighter clean energy future.”

Rob Roy, Member of the Investment Committee for Adventist HealthCare Retirement Plans, a multiple-employer retirement program for hundreds of hospitals, said, “After a lifetime of hard work caring for others, we believe our employees deserve to feel more financially secure in retirement. As we evaluated the landscape of different lifetime retirement income offerings, LifePath Paycheck decisively led the pack in how it takes the complexity out of a process that has confused employers and individuals, alike, for decades.”

Nick Nefouse, CFA, Global Head of LifePath at BlackRock, noted, “BlackRock pioneered the first target date fund over thirty years ago – and LifePath Paycheck represents the next phase of BlackRock’s leadership in retirement. We continue to develop innovative solutions for Americans that are affordable, easy to use, and can provide more economic security to retirees.”

Convening the Industry

BlackRock has worked closely with recordkeepers to facilitate the implementation of LifePath Paycheck for their clients. Fidelity Investments and Bank of America (NYSE: BAC) are among the first to enable access to the solution on their record keeping platforms. Other recordkeepers, including Voya Financial, are also planning to make it available.

In addition, BlackRock worked closely with insurers Equitable and Brighthouse Financial on providing the LifePath Paycheck solution’s income stream option.

“Equitable’s mission is to help our clients secure their financial well-being so they can pursue long and fulfilling lives,” said Aaron Sarfatti, Chief Strategy Officer and Head of Institutional Businesses and New Ventures at Equitable. “The addition of secure income through defined contribution plans presents a profound opportunity to expand on the delivery of our mission. We feel privileged to support BlackRock in its LifePath Paycheck solution as it helps the record number of Americans reaching traditional retirement age reduce the risk of outliving their savings.”

Eric Steigerwalt, President and CEO, Brighthouse Financial, said, “Brighthouse Financial is excited to play a role in helping U.S. workers who are seeking ways to access lifetime retirement income. The launch of LifePath Paycheck is an important step toward addressing the retirement challenges that America faces, and we are pleased to work with BlackRock on this solution.”

About BlackRock

BlackRock’s purpose is to help more and more people experience financial well-being. As a fiduciary to our clients and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit ↪ www.blackrock.com/corporate

Disclosures

This material is intended for information purposes only, and does not constitute investment advice, a recommendation or an offer or solicitation to purchase or sell any securities, funds or strategies to any person in any jurisdiction in which an offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. The opinions expressed are subject to change without notice. Reliance upon information in this material is at the sole discretion of the reader. Investing involves risks.

©2024 BlackRock, Inc. or its affiliates. All Rights Reserved. BLACKROCK, LIFEPATH PAYCHECK and MYLIFEPATH are trademarks of BlackRock, Inc., or its affiliates. All other trademarks are those of their respective owners.

Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY) is the issuer of a single premium immediate annuity (SPIA) for the lifetime income asset described herein. PlanConnect, LLC is a separate but affiliated company of Equitable Financial. Equitable Financial is not affiliated with BlackRock or its affiliates. All guarantees provided within annuity products are based on the claims-paying ability of the issuing life insurance company.

Brighthouse Financial fixed individual retirement annuities are issued by Brighthouse Life Insurance Company, Charlotte, NC 28277, and, in New York only, by Brighthouse Life Insurance Company of NY, New York, NY 10017. All guarantees are subject to the financial strength and claims-paying ability of the issuing insurance company. Brighthouse Financial® and its design are registered trademarks of Brighthouse Financial, Inc. and/or its affiliates.

__________________________
1 The 2024 BlackRock Read on Retirement™ survey provides insights from a research study of over 450 large defined contribution plan sponsors, 300 retirement plan advisors, 1,300 workplace retirement plan savers, 1,300 independent savers and 300 retired workplace savers in the United States. The survey is executed by Escalent, an independent research company. All respondents were interviewed using an online survey conducted between January 29 and March 7, 2024.

2 Out of 1,300 workplace retirement plan savers surveyed.
+5   



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33 comments

 1 month ago '15        #2
POTUS2045  topics gone triple plat - Number 1 spot x1
Props total: 7447 7 K  Slaps total: 1394 1 K
Index Fund Annuities through Northwestern Mutual are a better product.
+11   

 1 month ago '05        #3
youngvito18 
Props total: 43149 43 K  Slaps total: 7266 7 K
You n1ggas never heard of annuities?
+10   

 1 month ago '06        #4
whammy  topics gone triple plat - Number 1 spot x12
Props total: 49170 49 K  Slaps total: 3108 3 K
BlackRock doesn't have my best interest in mind.

I'd rather put it all on black and take my chances.
+25   

 1 month ago '24        #5
magaSlapper 
Props total: 1340 1 K  Slaps total: 1243 1 K
Do not give BlackRock that. Limit your exposure to them

 1 month ago '21        #6
The jinx  topics gone triple plat - Number 1 spot x8
Props total: 24748 24 K  Slaps total: 11732 11 K
They buy up all the homes and rent them out to you.
They orchestrated the bs covid crap and vax mandates and forced you out if your job if you didn't buy their vax.
What do u think they'll do to your money you fukin idiots
+22   

 1 month ago '17        #7
Willy Boban  topics gone triple plat - Number 1 spot x14
Props total: 89007 89 K  Slaps total: 17896 17 K
If my money is going to be lost.

Then I rather lose it myself.

emoji
+8   

 1 month ago '05        #8
lilwheezy 
Props total: 4905 4 K  Slaps total: 536 536
Like others have said, it's simply an annuity that anybody can buy, and you're not limited to two choices. Athene, Allianz, Symetra, Lincoln, etc. all have strong income annuities.

"Plan participants will have the option to access the guaranteed income as early as age 59 ½ by purchasing annuity contracts"
+6   

 1 month ago '15        #9
Tripsev 
Props total: 14308 14 K  Slaps total: 6084 6 K
Lost me at “increasingly longer retirements”

We’re not going to see people retire at 65 the way the boomers and gen x did/could/can. We will have a lot of people working well into their 70s.

Our president is 81 years old fam. �� I can’t not laugh saying that sh1t.
+10   

 1 month ago '20        #10
Ecnarongi 
Props total: 10387 10 K  Slaps total: 538 538
At what price?

All these programs come at the cost of the provider controlling some aspect of your life.


+9   

 1 month ago '14        #11
Swade009  topics gone triple plat - Number 1 spot x7
Props total: 25350 25 K  Slaps total: 15409 15 K
You’ll need to use their app and make sure your social score is up to get their money….
+5   

 1 month ago '08        #12
LevelHeaded 
Props total: 4805 4 K  Slaps total: 755 755
Only thing I do for retirement is 401k and roth-IRA, should I even do annuities?
+3   

 1 month ago '17        #13
Willy Boban  topics gone triple plat - Number 1 spot x14
Props total: 89007 89 K  Slaps total: 17896 17 K
 Tripsev said 🔗
Lost me at “increasingly longer retirements”

We’re not going to see people retire at 65 the way the boomers and gen x did/could/can. We will have a lot of people working well into their 70s.

Our president is 81 years old fam. �� I can’t not laugh saying that sh1t.
They want us to all be senile or at the very end of our rope before letting a n1gga retire and collecting our Just-due fam.

And we ain't feeling that.

emoji


Last edited by Willy Boban; 05-24-2024 at 08:39 PM..
+3   

 1 month ago '05        #14
R4P  topics gone triple plat - Number 1 spot x6
Props total: 17076 17 K  Slaps total: 3240 3 K
 whammy said 🔗
BlackRock doesn't have my best interest in mind.

I'd rather put it all on black and take my chances.
emoji


NO ONE has YOUR best interest in mind but YOU
+6   

 1 month ago '07        #15
pete jr 
Props total: 17120 17 K  Slaps total: 1915 1 K
Annuities, 401k and social security.

If have assets that produce income that can work as well.

 1 month ago '05        #16
R4P  topics gone triple plat - Number 1 spot x6
Props total: 17076 17 K  Slaps total: 3240 3 K
 The jinx said 🔗
They buy up all the homes and rent them out to you.
They orchestrated the bs covid crap and vax mandates and forced you out if your job if you didn't buy their vax.
What do u think they'll do to your money you fukin idiots
Why would they lie to me im special

emoji
+1   

 1 month ago '12        #17
Jay buckets 
Props total: 786 786  Slaps total: 156 156
When I was researching annuities there was something that turned me off of them. It was years ago so I don’t remember exactly what it was. Anybody wanna explain how it works?

 1 month ago '09        #18
TriniSoldier  topics gone triple plat - Number 1 spot x1
Props total: 132609 132 K  Slaps total: 28970 28 K
 Tripsev said 🔗
Lost me at “increasingly longer retirements”

We’re not going to see people retire at 65 the way the boomers and gen x did/could/can. We will have a lot of people working well into their 70s.

Our president is 81 years old fam. �� I can’t not laugh saying that sh1t.
n1gga I'm gone at 57. 15% of the median American salary will get you out of here what are y'all doing with your money???


 The jinx said 🔗
They buy up all the homes and rent them out to you.
They orchestrated the bs covid crap and vax mandates and forced you out if your job if you didn't buy their vax.
What do u think they'll do to your money you fukin idiots
More fake news to keep people in fear and broke. Get the fu#k out of here clown a$s mf
-1   

 1 month ago '21        #19
The jinx  topics gone triple plat - Number 1 spot x8
Props total: 24748 24 K  Slaps total: 11732 11 K
 TriniSoldier said 🔗
n1gga I'm gone at 57. 15% of the median American salary will get you out of here what are y'all doing with your money???




More fake news to keep people in fear and broke. Get the fu#k out of here clown a$s mf
Imagine being this misinformed and even mocking someone about it

 1 month ago '15        #20
Tripsev 
Props total: 14308 14 K  Slaps total: 6084 6 K
[QUOTE=TriniSoldier;66147683]n1gga I'm gone at 57. 15% of the median American salary will get you out of here what are y'all doing with your money???

I said America in general. Most people in this country are check to check. Most people in my generation don’t have 5k in savings. This isn’t my opinion. Mfs broke and don’t know how to save and handouts are accepted. I can’t wait to bounce. I’m gone in the next 3-5. I can work anywhere in the world with my skill set.
+1   

 1 month ago '05        #21
lilwheezy 
Props total: 4905 4 K  Slaps total: 536 536
 LevelHeaded said 🔗
Only thing I do for retirement is 401k and roth-IRA, should I even do annuities?
That should probably be a part of it but you don't need to buy one now. They're typically bought at ages 50+ assuming you don't need income right away. If you're looking for income right away, must be over 59 1/2.

The things about annuities is they guarantee a fixed amount so it's nice to have. Take money from your 401k or IRA when your older and purchase an annuity that would then cover your mandatory expenses.
+2   

 1 month ago '05        #22
lilwheezy 
Props total: 4905 4 K  Slaps total: 536 536
 Jay buckets said 🔗
When I was researching annuities there was something that turned me off of them. It was years ago so I don’t remember exactly what it was. Anybody wanna explain how it works?
The easiest way to think about an annuity is guaranteed income. However, there are different types of annuities where income might not be the purpose. I'll try to break them down for you.

1. Fixed annuities/MYGA (multi year guaranteed annuity): Guarantees an interest rate for a fixed period of time such as 3, 5, or 7 years. Similar to CDs but generally will provide much higher rates.

2. SPIA (single premium immediate annuity): Pay a one time premium and start receiving income.

3. Indexed annuities: Premium is invested into some type of indexed account and value grows.

4. Income annuities: Generally have a withdrawal benefit included meaning you don't have to annuitize in order to receive income. This grants you more flexibility but income is likely going to be lower compared to a SPIA.

5. Variable annuities or RILAs (registered indexed linked annuities): variable annuities have lost favor so you're seeing a rise in RILA options. RILAs are more aggressive than indexed annuities and more conservative than variable annuities. They generally have buffer features that protects you in down markets.


Last edited by lilwheezy; 05-25-2024 at 07:54 AM..
+4   

 4 weeks ago '19        #23
loneshark  topics gone triple plat - Number 1 spot x4
Props total: 9524 9 K  Slaps total: 1196 1 K
 whammy said 🔗
BlackRock doesn't have my best interest in mind.

I'd rather put it all on black and take my chances.
Exactly. Somehow, someway they want to make profit on this. Helping people ain't even their top 5 goals

 4 weeks ago '08        #24
LevelHeaded 
Props total: 4805 4 K  Slaps total: 755 755
 lilwheezy said 🔗
That should probably be a part of it but you don't need to buy one now. They're typically bought at ages 50+ assuming you don't need income right away. If you're looking for income right away, must be over 59 1/2.

The things about annuities is they guarantee a fixed amount so it's nice to have. Take money from your 401k or IRA when your older and purchase an annuity that would then cover your mandatory expenses.
thanks on the knowledge slim

 4 weeks ago '16        #25
Ghostface Killa  topics gone triple plat - Number 1 spot x3
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Conspiracy theory loading.....

say something...

Sign me up
 
 

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