Annuities are all about producing income that will last according to P. Brett Hammond.
Hammond is the chief investment strategist for TIAA-CREF asset management. In Hammond's view wealth creation and asset accumulation are fine, but producing income should be front and center when thinking about retirement:
There's nothing wrong with wealth creation. In fact, it's fabulous. But the problem is if you're only thinking about wealth creation for retirement income, you may forget about all the other things you need to take into account. Such as, "How do you take that income? What are you really building this for? Are you building it in order to hang onto it?" If so, you may be so reluctant to take money out of it, you're really going to starve yourself in retirement.
This interview is available through Forbes magazine and is very worthwhile as retirement planning insights are provided by the chief investment strategist of the company that created the variable annuity.
Source: Forbes
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