I’ve been a retirement economist for my entire adult life, and yet I am continually amazed at how America continues to get retirement saving so wrong. Now, finally, the world’s largest issuer of mutual funds is showing signs that it recognizes a major flaw in the system.
Vanguard announced last week that next year it plans to offer target-date mutual funds that allow customers to buy annuities. This may address one of the failings of the US retirement system, which is that it does not offer any good answers for what people should do with their money once they retire.
Continue reading the entire piece here at Bloomberg Opinion (paywall)
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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.
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