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THE DOW JONES BUSINESS AND FINANCIAL WEEKLY
www.barrons.com
JUNE 23, 2014
SPECIAL REPORT: RETIREMENT
Investors planning for retirement want simple products with
guaranteed income. Insurers’ answer: deferred-income contracts.
TheTop50Annuities
By Karen Hube Insurance companies
have a long history of conjuring up new
types of annuities to suit changing market
conditions, and once again they’ve proved
to be the masters of reinvention. Their
latest brainchild: the deferred-income annuity, which has seen explosive growth
since it was introduced three years ago,
thanks mainly to its simplicity. You put
money into the annuity, and then, two to
40 years later, you can activate a stream
of income that is guaranteed to last a lifetime even if you live to 100 or beyond.
“It’s like getting an old-fashioned pension, but it’s not with GM or UPS. You
build it yourself,” says Sheldon F. Schiff,
an insurance advisor to wealthy individuals at Bartmon, Shapiro & Associates in
New York. “The great thing is that when
you put money in, you know exactly how
much you will get at age 65, 70, 80, or
whenever you turn on your income.”
Since New York Life introduced a
deferred-income annuity in 2011, at least
eight other insurers have jumped in with
similar products, causing sales to more
than double last year to $2.2 billion. That’s
a tiny fraction of the total $220 billion annuity industry, but a mighty spark when
you consider that sales of its bread-andbutter product the variable annuity have
slumped two years in a row and are 20%
below their 2007 high.
Broadly speaking, the trend in annuities has been toward simpler products since interest rates have remained
stubbornly low in recent years. Insurers
invest underlying assets in fixed-income
investments, so lower rates have made it
more challenging to maintain capital reserves to cover annuity guarantees. The
simpler the product, the easier it is to
manage from a risk standpoint.
To help spotlight the best options in the
changing landscape, Barron’s narrowed
the vast universe of annuity products to
50 of the most competitive contracts, and
used basic assumptions, such as an investor’s age and the size of the investment.
The top-50 list is divided by annuity type,
and includes only contracts offered by insurance companies with a rating of A- or
higher from A.M. Best, which assesses insurers’ financial soundness.
Overall, rates, fees, and payouts have
improved over last year’s levels for both
fixed and variable annuities. Fixed annuities are principal-protected contracts with
underlying fixed-rate investments. They
can be structured as income annuities or
to accumulate assets like a certificate of
deposit.
Last year, the top rate on a fixed annuity with a five-year guaranteed rate was
2.3%; it’s now 3.05%. For a 55-year-old
man who puts in $200,000 for income be-
ginning at age 65, the top four fixed-index
annuity contracts with income riders last
year promised to pay $19,522 to $20,649 in
10 years’ time; this year, the offered range
is $20,081 to $21,639.
In a variable annuity, assets are invested in underlying mutual fund-like investment options and grow tax-deferred,
like an IRA or a 401(k). Gains or losses
depend on market performance.
The variable annuities that made the
top-50 cut have the lowest fees in the industry and no surrender charges, meaning you aren’t penalized by the insurance
company if you take your money out early.
New competitive contracts from Lincoln Financial and Guardian Life have
helped reduce the range of fees on our
list of contracts: The most expensive contract on Barron’s list last year was Jackson National’s Elite Access Variable Annuity, with a 1% fee. This year, the most
expensive was Guardian Life’s ProStrategies, which charges 0.60%.
Interestingly, the type of annuity with
the highest sales in the industry for more
than a decade a variable annuity with
guaranteed benefits isn’t on our roster of
top contracts.
This type of variable annuity, which
accounts for about 80% of the whole category’s $142 billion in sales last year, can
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guarantee future income, liquidity, and a
return of some assets to heirs.
The reason for the omission? Expense
and complexity. The average annual contract cost for all variable annuities is 1.5%,
including administrative fees and the cost
of the insurance portion of the contract,
or the mortality and expense fee. When
you layer on the cost of the popular living
benefits, as they’re known, the average
fee rises to 2.5%, and that doesn’t include
the management fees of the underlying
investments, which can push total fees
well above 3.5%.
Beyond the expense, investors have
good reason to be wary of living benefits.
After the market collapsed in 2008 and
interest rates plummeted, many insurers
found that they couldn’t continue to back
the rich guarantees. So they jacked up
fees and shaved benefits on new contracts
to try to regain fiscal footing, and some
placed restrictions on how existing contract holders could invest to try to reduce
the costs of managing the risk associated
with the guaranteed benefits. Some insurers, such as AXA Equitable, Transamerica, and The Hartford, have offered to buy
back contracts from customers.
But in its simple low-cost form without
living benefits, variable annuities can be
a good way for folks to invest more on
a tax-deferred basis, after they’ve maxed
out the contributions they can make to
their 401(k), IRA, or other options. When
fees are low enough, they don’t wipe out
the benefit of the tax deferral.
Investors seem to be catching on to
the benefits of these low-cost variable
annuities. While overall annuity sales
were down in 2013, simple variable annuities drew substantial new assets. For
example, sales of the top variable-annuity
contract on our list, Jefferson National’s
Monument Advisor, which charges just
$240 a year that’s 0.12% on a $200,000
investment were up 77%, to $727 million
last year.
The fixed annuities on our top-50 list
feature contracts with the highest guaranteed lifelong income or the highest interest rates.
While interest rates remain historically low, with the 10-year Treasury at 2.6%,
rates picked up gradually last year from
1.6% to 3% by year end, and investors
took note: Sales of fixed annuities surged
18% last year, even as the stock market
rose 30%. Sales of fixed annuities historically have been inversely related to stock
market performance.
The biggest seller in this category is
the fixed-index annuity, which guarantees
a set rate return on the downside and a
market-linked return on the upside. While
underlying assets are invested in fixed securities, insurers buy options on the index
that the contract is pegged to, typically
the Standard & Poor’s 500. If the options
do well, investors get some of the index’s
upside, up to a cap, which these days is
about 4%.
Barron’s list includes only fixed-index
annuities with income riders, which guarantee future lifelong income, because
they are more easily sized up by investors. “You can look at the guaranteed
income and know what you’re getting,”
says Hersh Stern, founder of ImmediateAnnuities.com, a source of data on fixed
annuities.
In contrast, with plain-vanilla fixedindex annuities, it’s hard for investors
and even advisors to know what they’re
getting, because there are so many moving parts. For example, there are varying bonus rates, surrender periods, payout rates, and cap rates. Dizzy yet? Well,
even if you understand all of the parts,
insurers have the right to change certain
terms, typically every year.
Advisors caution investors to review
fixed-income annuities with an seasoned
expert, and to compare them with the
new deferred-income annuities, which
might pay out as much or more in a much
simpler format.
The deferred-income contract is a
variation on the plain immediate annuity,
which converts a lump sum to income that
begins right away.
When these annuities were first introduced, they were billed as longevity
insurance and targeted to 60-something
investors who wanted to turn on a income
stream at a later age say, 80 to remove
the risk of ever outliving the invested assets.
But insurers quickly learned that these
products also appeal to a younger investor. Last year, New York Life lowered
its minimum investment from $10,000 to
$5,000, and tweaked the product line to
enable flexible premiums, meaning you
can contribute assets occasionally to your
annuity, rather than putting up a lump
sum.
“We wanted to make this something
you could open like a new IRA and
make recurring contributions,” says Matt
Grove, a senior managing director at New
York Life.
Academics and economists tout in-
come annuities as unbeatable by a simple
laddered bond portfolio. (Of course, with
the laddered bonds, the investor keeps
the principal invested; with the annuity,
he surrenders that principal when the income begins.)
Michael Edesess, an economist and
partner at Denver-based Fair Advisors,
found in a 2012 study that income annuities can be especially advantageous
during periods of rising interest rates.
Using 2012 rates, he compared how long
income would last if a 65-year-old man put
$100,000 in a 30-year bond versus an income annuity. If interest rates stay the
same, the bond income would continue for
30 years. If rates rise by two percentage
points which still would be a 40-year low
prior to 2008 the bond income would dry
up after 21 years. That’s because as rates
go up, the value of the bond goes down
and investors must sell more to generate
the same income.
The longer an investor defers taking
payments from an income annuity, the
higher the payments will be, because insurers have a longer period in which to
invest the assets. “For a 50-year-old looking at one of these, insurance companies
calculate the benefit using an internal
rate of return of 4.5% or higher,” says
Debi Dieterich, senior annuity analyst at
AnnuityAdvantage.com, a resource for information on fixed annuity contracts.
But it’s the certainty of income that is
the biggest attraction. It can help prevent
having to take withdrawals from your
portfolio during market downturns, and
makes it easier to deal with the biggest
challenge to retirement planning: You
have no idea how long you’re going to
need to make your assets last, says Matt
McGrath, a financial planner at Evensky
& Katz.
The life expectancies of a 65-year-old
husband and wife are 85 and 88, respectively, according to the Society of Actuaries. But what if one lived until, say, 95?
There is only an 18% chance of that happening, but should the couple plan their
withdrawals from their investment plan
around this possibility?
If they don’t, they’re risking a late-life
crisis. If they do, they have to take smaller withdrawals to make their assets last,
and sacrifice their desired retirement lifestyle, says Wade Pfau, an economist and
professor in the Ph.D. financial-planning
and retirement-income program at the
American College, an accredited school in
Bryn Mawr, Pa.
David Litell, director of the retirement-income program, says that he
knows first-hand how an income annuity
can bring peace of mind.
“My father is 102. When he turned 84,
he started to worry that he was going to
Annuities That Can Swing With the Markets
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run out of money and he would eventually
get kicked out of his retirement community,” Litell says, adding that his father’s
advisor wanted to take his money out of
stocks and put it in a bond portfolio. “Instead, he bought an income annuity specifically to pay the retirement-home bill.
He transformed from not sleeping well to
not having a worry,” he says.
Advisors caution that most investors
should never consider putting all or even
a majority of their assets into an income
annuity. Assets contributed to an income
annuity are highly illiquid, and if you die
after payments have begun, the remainder of what you’ve invested stays in the
insurance company’s coffers.
“Insurance companies are transferring
wealth from those who die early to those
who live longer, that’s how we can pay
everyone more,” New York Life’s Grove
says. “That whole thing relies on people
not being able to tap their wealth.”
While insurers have built some flexibility into contracts, the more flexibility you
opt for, the lower your guaranteed income
will be.
Of course, there’s the risk that an insurer could go belly up, though there is a
safety net: Each state maintains guaranty
funds to cover insurance assets. For peace
of mind, it’s important to choose a highly
rated insurer. And take comfort, since
2007, over 400 banks have gone under,
compared to just 14 insurance companies.
The best way to use income annuities
is in combination with a diversified invest-
ment portfolio. “A general rule of thumb
would be if you’re 10 or more years from
retirement, you put 10% in an income annuity . . . and if you’re starting retirement, one-third,” says Greg Olsen, a partner at the financial-advisory firm Lenox
Advisors in New York City. But the best
answer, he adds, will depend on the size
of your nest egg, what you want to leave
to your heirs, your health, and your family’s longevity history.
With the assured income from an annuity, “you may be able to take more risk
with your investment portfolio to achieve
a better rate of return,” McGrath says.
Or the risk-averse might take a little risk
off the table and so toss and turn a little
less at night. n
This reprint is provided by New York Life Insurance Company as a courtesy for informational purposes only. Reprinted with permission. It is for
general informational purposes only and represents the views and opinions of its author, who is solely responsible for its content. Individual should
evaluate their own personal situation and needs before making decisions regarding their financial protection.
The New York Life Guaranteed Future Income Annuity II is a flexible premium deferred income annuity issued by New York Life Insurance and Annuity
Corporation (NYLIAC), A Delaware Corporation. Product may not be available in all jurisdictions. Guarantees are subject to contract terms,
exclusions and limitations, and the claims-paying ability of NYLIAC. This contract is irrevocable, has no cash surrender value and no withdrawals are
permitted prior to the income start date. Income payments are guaranteed at least as long as the annuitant is living, provided the annuitant is alive
on the designated income start date. Contracts in which a Life Only payout option is selected do not provide a death benefit either prior to, or after,
the designated start date. New York Life payout rates quoted are as of 6/6/2014 for a Life Only payout option, which generally provides the highest
payout amount. Payout rates are subject to change, and payout will vary with age, gender, payout option and deferral period selected, premium
amount, and interest rates in effect at the time of premium payment. Income payments include return of premium, interest, and mortality
credits. Payout rate is not an interest rate. While income annuities provide a “pension-like” stream of guaranteed lifetime income, they are not
pensions. In most jurisdictions, the policy form number for the New York Life Guaranteed Future Income Annuity II is ICC11-P101. It may be 211-P101
and state variations may apply.
Annuities I Not FDIC/NCUA Insured I Not a Deposit I May Lose Value I No Bank Guarantee I Not Insured by Any Government Agency
INC33f-06/14
1610665 (7/8/2015)
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