Annuities, or monthly benefits for life, should be an integral part of any proposal to overhaul the Social Security system by offering individual accounts, Mark J. Warshawsky, director of research at TIAA-CREF, testified in hearings before the Senate Special Committee on Aging Feb. 22. This is especially the case for women, who have longer life expectancies, greater uncertainty about length of life and higher aversion to risk.
Annuities, or monthly benefits for life, should be an integral part of...
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