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MetLife has struck a partnership with Constancy Investments to introduce the MetLife Assured Earnings Programme.
The brand new providing is a set instant revenue annuity, aimed toward offering retirees with a steady supply of revenue.
It might be accessible by means of Constancy’s Assured Earnings Direct, a retirement revenue resolution.
This alliance goals to broaden entry to instant revenue annuities, enabling plan sponsors to include retirement revenue choices inside their outlined contribution plans.
MetLife’s resolution permits contributors throughout numerous financial savings ranges to buy an instantaneous revenue annuity by means of an insurer chosen by their employer.
They will annuitise any portion of their financial savings, with the rest staying throughout the plan.
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This flexibility helps workers in tailoring their retirement revenue in accordance with their particular person wants.
Analysis performed by MetLife has revealed that 71% of US workers fear about outliving their retirement financial savings, a surge from 60% two years prior.
One other research by MetLife highlighted that one-in-three retirees (34%) who opted for a lump sum from their outlined contribution plan had exhausted their funds inside a median of 5 years.
The Assured Earnings Programme gives an answer by offering a assured revenue stream by means of an employer, serving to plan contributors set up a extra financially safe retirement.
In distinction, retirees who take lump-sum funds as a substitute of annuitising face the danger of depleting their financial savings prematurely, probably leaving them reliant on Social Safety as their sole revenue supply.
MetLife senior vice-president and head of annuities Melissa Moore stated: “At MetLife, we consider simplicity ought to be the guideline when providing revenue annuities, and this resolution makes it easy for plan sponsors to supply assured revenue and easy for plan contributors to annuitise their financial savings.
“Having a assured stream of revenue may also help retirees finances for his or her day-to-day bills and defend towards depleting their financial savings too rapidly.”
Within the fourth quarter of 2023, MetLife registered a web revenue of $574m.
This represents a 63% lower from $1.5bn in the identical quarter of 2022.
The decline was pushed by market danger profit remeasurement losses that outweighed a rise in web by-product positive factors.
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