Who thought this up? It sure wasn’t Joe ‘th Hide’n Biden...Biden’s get their money from all sorts of “industry” foreign and domestic...
I recall a number of years ago Levin had on some woman who thought this up. She sounded like an idiot and he treated her like one, making fun of while he was interviewing her.
She was not only proposing this annuity idea, but she also had a nice kicker for when you die. Any $$ left over from the 401k amount the government didn’t pay out to you stays with them. Your heirs get nothing.
So you save $500k in a 401k. They take that and give you say, $10k a year in the annuity. You live another 20 years so you get about $200k from that. Then you die. The other $300k gets forfeited to the government.