New Retirement Products for Baby Boomers

The Wall Street Journal today has a great article by John Hechinger on the new products available for retirees with large 401(k) balances: “Wall Street’s Plan For Your Nest Egg: In a Shift, Brokers Target People Tapping Into Retirement Savings.” The article discusses how in 7 years, the first wave of baby boomers will begin retiring and companies are inventing new products that will seek to tap into this retirement market. One such product is a “GRIN” or a “Guaranteed retirement Income Security” which Prudential Financial Inc. is offering.