Yuka Hayashi
speaker
247 appearances
9 recordings
1 series
first heard Jul 2019
last heard Aug 2020
Yuka Hayashi’s voice in public audio — every appearance, attributed to the second.
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Appearances
So for households that make, let's say $130,000 a year, Social Security only replaces 27% of their lifetime average earnings.
So if they want to maintain the same level of lifestyle, the remaining 73% will have to come from their savings.
As of now, very few employers offer these 401K plans that pay out monthly income.
There's one company that is a big exception.
The company is United Technologies.
It's a big company that's based in Connecticut that makes things like Otis elevators.
And this company started in 2012.
to start offering an income option in their 401k plan.
And it came two years after the company closed its traditional pension plan to new employees.
That's right.
So in the case of United Technologies, as I mentioned, they started in 2012 and they expect that other employers would follow as well.
And there are some asset management companies that do offer retirement plans that have some kind of option to pay out income.
But those plans are relatively new and have not picked up a lot of traction yet.
At United Technologies, this income fund starts out as what we call a target date fund.
That is basically a mutual fund that has both equity and fixed income.
And the investor or the employee says what year you plan to retire.
And the management strategy of the fund changes automatically.
as the employee gets closer to retirement.
And at UTC, once the employee turns 48, a portion of that fund starts converting into annuity.
And by the time the employee is 60, that conversion finishes, conversion will be complete.
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