Insight: Relationship Between Retiree Wealth, Health, And Annuities And Retirement Satisfaction

By Julie M. Anderson

Insight Overview


While the lessons also apply to the current economic uncertainty of the COVID-19 era, the article was written about the Great Recession that started in 2009. As older consumers and retirees face the decision about whether to convert some of their wealth into an annuity and how much of their retirement savings to annuitize in the present-day economic reality, this article outlines ways in which annuitizing can boost retirement satisfaction. Annuity plan providers could enhance their efforts to reach retirees who are less affluent or in poor health since individuals in those groups with high shares of annuitized income report the most satisfaction. Finally, while higher-income workers are somewhat more likely to have employer provided defined-benefit plans, policymakers can support access to annuities (beyond Social Security) for populations that are more vulnerable.

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About the Author

Julie Anderson, MBA, MPP, is the founder and a principal of AG Strategy Group, a strategic consulting and writing services firm. Previously, she was the Chief Operating Officer and a Managing Director at Civitas Group, as well as an Associate Partner at IBM Global Business Services. Anderson has served as Acting Assistant Secretary and Deputy Assistant Secretary for Policy and Planning at the U.S. Department of Veterans Affairs. Anderson earned her MBA from Duke University, has a Master of Public Policy from the University of Chicago, and is a graduate of Nebraska Wesleyan University in Lincoln, where she was named a Harry S. Truman Scholar.

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