Toland Consulting / 401(k) Annuity Hub

??? "Biggest Ponzi scheme ever"? Social Security is critical as one of the three pillars of retirement income. And people have questions. ?? Fortunately, two insiders who are real experts on the topic weighed in during a breakout at Horizons, The American College of Financial Services's inaugural event. ?? Are 14 million dead people getting Social Security checks? Andrew Biggs, who served as Deputy Director of the Social Security Administration under George (W) Bush, said flat-out no. "There are some dead people getting checks... but it's unusual." He joked that some people go to the trouble of having a "home funeral" ?? for grandma, but it's kind of weird and, if you're up for that, maybe you deserve a little extra ??. ?? Is the government going to stop issuing checks in a few months? And will new retirees be unable to start claiming benefits? Jason Fichtner, Ph.D., who also filled the role of Deputy Director, explained that the system of getting payments out is automated and therefore robust, even in the face of significant staffing reduction (both terminations and early retirements of knowledgeable staffers) that will be disruptive to the organization. ?? However, if you need help from a person on the 800 line, expect a long wait. And it may take a while to get an in-person appointment. Michael Finke moderated this discussion to debunk myths about "the biggest Ponzi scheme ever" that kept a packed room on the edge of its seats and Brandon Buckingham, JD, LLM contributed helpful color on bridging strategies and how to talk to clients about uncertainty. The Alliance for Lifetime Income was well represented in the panel, with the Retirement Income Institute's Executive Director (Fichtner), a Scholars Advisor (Biggs), and Research Fellow (Finke). It should come as no surprise as Social Security is America's favorite annuity. #PonziScheme #SocialSecurity #LifetimeIncome #AnnuityYoda American Enterprise Institute Prudential Financial Tamiko Toland IncomePath

Thoughts? Defined Contribution Institutional Investment Association (DCIIA) is taking in feedback as part of a project for the Retirement Income Committee to help update the retirement income glossary. Thanks to David Blanchett for sharing his perspective, particularly that non-guaranteed lifetime income should be part of the lifetime income sub-category of retirement income. For a lot of us, that's confusing if not controversial. As Tamiko Toland has pointed out, it's a footnote on lifetime income more than it is a well-populated category. Is it simpler to define lifetime income as only guaranteed options? Or only insurance-guaranteed (this could put contemporary tontines and immediate variable annuities on different sides of the line)? #AnnuityYoda #401kAnnuityHub #LifetimeIncome #WordsMatter Elizabeth Heffernan (she, her, hers)

Want the down-low on defaults and lifetime income in DC plans? (And some ideas ?? about how to increase adoption...) ?? Here's a great summary from Plootus of this research article by #401kAnnuityHub Founder Tamiko Toland and Michael Finke of The American College of Financial Services (and both Fellows for the Alliance for Lifetime Income). #AnnuityYoda #LifetimeIncome #InPlanAnnuities #research IncomePath

?? Congrats to Empower for adding lifetime income solutions from Allianz and TIAA/Nuveen, a TIAA company to its platform. The limited availability of solution is a common objection to in-plan annuities, but... ?? Recordkeepers are stepping up! We're looking forward to seeing more partnerships and more ways to make retirement security through annuities available to participants. https://lnkd.in/eNmhv-aq #innovation #progress #401kAnnuityHub #AnnuityYoda #coopetition T. Rowe Price Putnam Investments Tamiko Toland

? Quiz time! Who said this at the Alliance for Lifetime Income's 2024 Protected Retirement Summit: "Auto-enrollment is great, but a lot of people don't even know they have an account." ?? 1. Retirement Income Institute Executive Director, Jason Fichtner, Ph.D. 2. Retirement Income Institute Education Fellow, Tamiko Toland 3. Retirement Income Institute Research Fellow, David Blanchett 4. Retiree, Margaret ?? We're certain candidates 1-3 have said it elsewhere, but it was both startling ? and validating to hear it from a consumer. To be fair, she worked in employee benefits, so she understands the plight of typical workers and wasn't just reflecting her own experience. The lack of awareness and engagement among many participants, particularly in the era of auto features, means it's crucial that employers offer options that people want and need for retirement security. ?? We've made it easier for people to save for retirement. Now, we need to make it easier for people to live in retirement. #ALISummit24 #401kAnnuityHub #AnnuityYoda #education #LifetimeIncome #ProtectedIncome IncomePath

?? Calling all retirement plan advisors! Here's your chance to weigh in on lifetime income with a group that's looking to bring the improvements and change you need! #survey #SpeakUp #RetirementIncome #401k #education Tamiko Toland John Faustino AIFA?, PPC? Broadridge

?? Congrats to Principal Financial Group and ARS for the news about the new target date series using Lifetime Income Builder (starting with a passive with a hybrid investment version to follow). You can read more about it in Beagan Wilcox Volz's coverage for Ignites (link below, behind a paywall). As we've said before, in-plan lifetime income is all about partnerships, a big change from the early stages of the market when Tamiko Toland wrote the report, "In-Plan Guarantees," in 2012 for Strategic Insight | ISS Market Intelligence. Principal is a recordkeeper, insurer, and asset manager, yet it doesn't need to do all these things all the time. As a recordkeeper, the firm is clearly recognizes that there is no single way to serve plan sponsors and participants and it is committed to providing a range of options and playing nicely with others. #Coopetition #InPlanGuarantees #401kAnnuityHub #LifetimeIncome #RetirementIncome #innovation #AnnuityYoda https://lnkd.in/gPqb8mgB

Keep the conversation going! ?? We're excited about this project and helping to reduce confusion. ?The point isn't to define the "right" answer but to make sure people know when they might be crossing wires. Defined Contribution Institutional Investment Association (DCIIA) is committed to keeping the ball moving forward. Tamiko Toland is serious about education, which BenefitsPRO recognized when naming her a Luminary for her work in education & communications. #AnnuityYoda #education #innovation #RetirementIncome #401kAnnuityHub

Come see the "annuity Yoda" Tamiko Toland in action at PLANADVISER #PlanAdviser360 with this crack panel brimming with passion ?? for lifetime income! #401kAnnuityHub #RetirementIncome #education #innovation #storytelling IncomePath

?? We're delighted that Tamiko Toland is a 2024 BenefitsPRO Luminary in the Education & Communication category! Education is at the core of the 401(k) Annuity Hub and we're looking forward to making a meaningful difference in the growing ?? area of in-plan lifetime income. #AnnuityYoda #BPROLuminaries #education #401k #retirement #RetirementIncome