Ability to convert retirement savings into an annuity upon retirement.
In general, provide more control over what happens to the retirement money. Relates to https://changemap.co/projectifi/projectifi/task/6247-option-to-force-pension-lump/
Yes, this would be useful. To be able to “purchase” an annuity without tax consequences would be useful.
Handle annuities in general, including those qualified within an IRA.
+1
Have you tried modeling this with a big expense in year X, and income stream starting in year X til death?
Modeling an annuity as a reduction in some retirement account + income stream is how I’ve done it, but it doesn’t quite cover everything. The value of the annuity account will impact RMDs, for instance (secure act 2.0 changed the rules here).
The problem is there are so many different types of annuity contracts. It would be a good start to just model SPIA’s, for instance, and maybe some generic deferred variant.
+1 for SPIAs at least as the most common FIRE annuities
+1 for SPIAs in a tax-deferred account (IRA). Need to see the impact on RMDs as that can really change the outcome. Until that’s in place it’s hard to evaluate how an annuity changes the likelihood someone can outlive their money.
Agree it’s a very complex mess of stuff to try to figure out.