Outliving your savings? Consider other nest egg options

We’re reaching a tidal wave of Baby Boomers turning 65 and more retirees are outliving their savings. So, what’s a Boomer to do?

Well, there may be some good news on the horizon. Bloomberg.com reports that the U.S. Treasury Department has proposed regulations to make it easier for consumers to purchase annuities, which can guarantee a stream of income over a lifetime.

The proposal allows retirees to move some or all of their pension plan assets into annuities and encourages 401 (k) plans to offer types of annuities that start paying out after the age of 80. The proposal also will require 401(k) providers to disclose administration costs to its employees, which the government believes will encourage employers to shop for better deals, thus lowering plan costs for employees.