Fidelity Launches New Products To Buoy Retirement Offerings

In the latest move to beef up its retirement offerings, Fidelity Investments yesterday launched two no-frills, low-cost variable annuities.

One is the Fidelity Personal Retirement Annuity, which is designed for investors who are still years from retirement and looking to supplement their future retirement income. It has an annual maintenance charge of 0.25%, compared with an industry average of 1.41%, according to the firm.

The other, Fidelity Freedom Lifetime Income, a variable income annuity, is for those approaching or already in retirement. It pays a guaranteed amount in retirement and has an annual management fee of 0.6%, which the firm said compares with an industry average of 1.12%.

(subscription req'd)

Fidelity Launches New Products To Buoy Retirement Offerings
Source: WSJ Online