RT Journal Article SR Electronic T1 Improving the Defined-Contribution System: The U.S. Can Learn from Other Countries’ Approaches to Helping Retirees Convert Their Savings into Lifetime Income JF The Journal of Retirement FD Institutional Investor Journals SP 40 OP 52 DO 10.3905/jor.2017.4.4.040 VO 4 IS 4 A1 Aron Szapiro YR 2017 UL https://pm-research.com/content/4/4/40.abstract AB Over the past 30 years, the U.S. retirement system has shifted from a defined benefit system to a defined contribution system. As the defined contribution system matures, millions of Americans will need to figure out how to convert their hard-earned savings into lifetime income. Although U.S. public policy nudges people to save for retirement by offering tax breaks for saving and tax penalties for early withdrawals, the United States lags behind other countries in encouraging retirees to convert their savings into lifetime income. The authors explore several ways in which the U.S. drawdown system contrasts with other countries’ approaches, particularly in the encouragement given retirees to annuitize their assets. This discussion also addresses the role of regulation and industry structure in promoting lifetime income.TOPICS: Retirement, legal/regulatory/public policy