Other countries offer this option, but it ends up costing participants quite a bit
No one wants to see their retirement accounts depleted, and running out of money is often cited as the top fear about old age.
But that option, although it sounds beneficial, can be detrimental to a person’s retirement, according to a new study the National Bureau of Economic Research recently distributed. The U.S. does not allow for any type of guaranteed payouts from a 401 or individual retirement plan, which could perhaps offer participants at least their contributions back, and it may be for the best, experts say.
Not everyone understands how expensive these guarantees can be, said Olivia Mitchell, an economist and professor at the Wharton School at the University of Pennsylvania. “They also believe if you have more years until retirement, it is cheaper, but it’s not,” she said.
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