I suspect the reason the gov is recommending these things is for simplicity, retiree piece of mind and to prevent the modest savings of unsophisticated investors from doing the stock market 2-step and losing a good portion of their savings to "bad investments" and risk becomming wards of the state.But clearly, anyone with even a casual interest in managing their own savings will lose a big chunk of it if they turn those savings over to an insurance company. And when you think about it, it must be that way. Consider, an insurance company...1. ...invests in the same stock and bond markets we alll do. Yes, at a different scale, but still the same market2. ...knows no more of what the markets will be doing in the future than anyone else does. They don't have crystal balls and they are not time travelers. This means, they must asset allocate just like everybody else does3. ....does NOT print moneyAdd to this the exorbitant expenses and costs as outlined in The Retiree Early article above, and the only 'guarantee' you get with an insurance product is to lose money when compared with an ultra simple target date fund.BruceM
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