Variable annuities with guaranteed lifetime withdrawal benefits (VA/GLWB) and contingent deferred annuities (CDA) can help ensure people don’t outlive their assets, but do present some risks to consumers, according to “Retirement Security: Annuities with Guaranteed Lifetime Withdrawals Have Both Benefits and Risks, but Regulation Varies across States,” a report from the U.S. Government Accountability Office (GAO).
Annuities with GLWBs have been sold for years, but CDAs are relatively new; GAO compared the features of VA/GLWBs and CDAs, examined potential benefits and risks to consumers and potential risks to insurers, and considered their regulation and the extent to which regulations address risks to consumers and insurers.
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