More Americans are turning 65 this year than ever before, and that number is set to creep even higher over the next few years. It’s fueling a huge rollout of new retirement products — but they’re not all golden tickets. An average of 11,200 Americans will reach that traditional retirement age each day in 2024, according to a recent report by the Alliance for Lifetime Income.
In April, BlackRock unveiled a new fund offering called LifePath Paycheck, which is a target-date retirement fund, which invests in less risky assets the closer you get to retirement. The new twist: It comes with an option to purchase annuities recommended by BlackRock. People who are in BlackRock’s target date fund and elect to purchase an annuity through their workplace plan are not subject to the typical sales commission fees usually associated with buying an annuity.