Is quest for income old-fashioned alchemy or magic elixir?
Byline: Kathie O’Donnell BOSTON – The Charles Schwab Corp., T. Rowe Price Group Inc. and OppenheimerFunds Inc. are among firms exploring ways to add a guarantee to life cycle funds – providing investors with an income stream in retirement. Life cycle, or target date, funds grow more conservative and produce more income as the so-called target date approaches. Target date fund assets totaled $133 billion as of March 31, up from $70.2 billion at the end of 2005, according to Boston-based Financial Research Corp. A “check the box” solution for investors in their retirement years is on the drawing board at San Francisco-based Schwab, said John Sturiale, who manages the Schwab Managed Retirement Trust Funds, which include five target date…
