As 2019 comes to an end, it’s worth taking a moment to reflect back on what took place in the retirement landscape during the past 12 months and how it could affect those preparing for life after work.
In recent years, the United States has witnessed a shift from employer-based retirement planning opportunities like pensions toward a more “do-it-yourself” approach. As
Americans are living longer, the stakes for financial planning couldn’t be higher. In fact, nearly
six out of 10 people
are more afraid of running out of money in retirement than they are of dying.
Given these trends, it’s unsurprising people are beginning to look for retirement tools that can provide guaranteed lifetime income—tools like
fixed indexed annuities (FIAs). This past year, FIAs continued to grow in popularity, driven by legislative activities and a rising understanding of their potential benefits. More specifically:
Recognizing the growing popularity of annuities, the IALC took steps this year to educate consumers on the benefits they can provide, namely tax-deferred growth, principal protection and the ability to generate lifetime income. Our “
Game Ready” video series, launched this year, highlights how the guaranteed income of an FIA can help anyone become retirement ready. And to provide practical next steps, we published a
Financial Checklist
that describes what you can do today to get started.
This year was exciting for many reasons, but mostly because the financial world saw real headway in addressing the needs of today’s changing retirement landscape. If you’re like the majority of Americans who are concerned about running out of lifetime income, consider talking to a financial professional about FIAs and whether they make sense for your unique retirement journey.