“Social Security provides the crucial bedrock foundation for financial security in retirement,” said J. Mark Iwry, senior advisor to the Secretary of the Treasury and deputy assistant secretary for retirement and health policy. “But it’s not intended to do the whole job.” One solution is longevity insurance where an annuity could provide annual income of 6% or 7%, rather than 4%. IRAs and 401(k)s are precluded from offering longevity insurance by required minimum distribution rules. The federal government proposed to amend those rules to accommodate offering longevity annuities. Another hope for the proposal is to make retirement decisions easier. “Simplify the process, encouraging more options, more transparency, and better disclosure should ultimately make it easier for people to understand their choices and bring costs down,” Iwry said.