NEW YORK — Thasunda Brown Duckett, president and chief executive officer of TIAA, is urging broader adoption of annuities in U.S. retirement plans to ensure workers receive guaranteed lifetime income. She advocates shifting the focus of retirement planning from accumulating a lump sum by age 65 to securing predictable monthly payments that last throughout retirement.

Duckett, ranked No. 7 on the 2026 Fortune Most Powerful Women in Business list, supports making annuities a default option in employer-sponsored 401(k) plans. She has used her position as one of only two Black women leading a Fortune 500 company to call on lawmakers to expand the types of annuities and other guaranteed-income products permitted in retirement accounts.

Annuities allow retirees to convert part of their savings into monthly payments that continue for life, regardless of market conditions. TIAA’s business model centers on annuities, and Duckett emphasizes educating individuals about how long their retirement savings might last and how annuities can help close potential income gaps.

In a 2025 podcast interview, Duckett said, "Making annuities more widely available may seem like a tiny fix. But it is a big step toward achieving the security that all American workers should enjoy in their retirement." She also stated in the same appearance that Social Security alone is insufficient to cover retirement expenses and called on lawmakers to safeguard the program.

Duckett’s advocacy builds on changes introduced by the SECURE Act, which Congress passed in 2019 and expanded in 2022. The law made it easier for employers to include annuities in 401(k) plans and required new plans established after December 2022 to automatically enroll eligible employees. It also raised the age for required minimum distributions from retirement accounts to 73.

Beyond federal policy, Duckett encourages states to sponsor IRA programs that automatically deduct contributions from workers whose employers do not offer retirement plans. She also supports tax credits to lower costs for small businesses that establish 401(k) plans. Her push for guaranteed income stems in part from personal experience: her father worked for three decades but never contributed to his available 401(k), relying instead on a small pension and Social Security—combined income that fell short of his retirement goals.