MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, May 30, 2003 Vanguard Preps New Annuity Vanguard has paired with AIG to create a immediate annuity for retirement investors. The product was created, in part, as a reaction to the three-year bear market and the growing concern among investors that they will outlive their retirement savings, according to Vanguard officials. The Vanguard Lifetime Income Program is planned for launch this fall and is expected to offer a fixed or variable payment option to accountholders. Vanguard also expects to offer a number of its funds -- including Vanguard Inflation Protected Securities Fund, the Vanguard GNMA Fund, and Vanguard LifeStrategy Funds -- to investors who select the variable option. "The market downturn has challenged the way people have traditionally planned for and spent assets during their retirement years. It is now painfully clear that a few years of market losses at the beginning of your retirement can significantly impact whether you have enough income to meet living expenses," said James Gately, managing director, Vanguard Investment Programs and Services. "Using a portion of your retirement savings to purchase an immediate annuity can generate income to help meet basic living expenses and provide peace of mind that you will not outlive your assets." The annuity will be written by AIG Life Insurance Company in all states expect New York, where Vanguard is partnered with AIG affiliate American International Life Assurance Company of New York. Printed from: MFWire.com/story.asp?s=5249 Copyright 2003, InvestmentWires, Inc. All Rights Reserved |