Alliance for Lifetime Income

Yesterday marked the start of #Medicare's open enrollment period. What's the biggest Medicare mistake you see clients making? Comment your thoughts below ?? #retirementplanning

Medicare is an important piece of the calculation for determining retirement income. Retirement Income Institute Education Fellow Jae Oh is an expert on the topic. Get educated and get empowered!

From Lorie Konish and CNBC: #Medicare open enrollment for next year begins today.? Beneficiaries have until December 15 to review coverage options and select new plans. Make sure your clients are doing their research and help them select the plan that’s right for them. https://lnkd.in/gzQPjfTJ

I just returned from DC where I was thrilled to attend the 2024 Protected Retirement Income Summit ?? With #Peak65 here, it is important that we continue to explore solutions and strategies for ensuring a secure retirement for all. Thank you to David Blanchett, Jason Fichtner, Ph.D. and many other industry experts for sharing their insights and latest retirement trends! #ALISummit2024 #Prudential #Peak65 #RetirementPlanning Alliance for Lifetime Income

There appears to be some notable gaps in the retirement income planning services financial professionals think they are providing to clients compared with the services investors are actually reporting they receive, based on a recent Institute Note that I put together for the Alliance for Lifetime Income, leveraging data from the 2024 Protected Retirement Income and Planning (PRIP) Study, and summarized in this piece for ThinkAdvisor by John Manganaro. For example, while 97% of financial professionals say they talk with their clients about how to handle RMDs, only 54% of investors working with financial professionals note discussing this with their financial professional.?Additionally, while 70% of financial advisors say they frequently bring up how individuals will spend their time in retirement, only 29% of clients note their advisors frequently do this. I think getting advisors more educated about retirement is going to be especially important here and rumor has it The American College of Financial Services is putting together a “Horizons” conference in March 3-5, 2025 in Coronado, CA specifically focused on retirement (see the link below to learn more)! ThinkAdvisor Article: https://lnkd.in/e6hAzbZu Institute Note: https://lnkd.in/eHHh6njk American College conference: https://lnkd.in/e_5PBK_B.

Very well-done coverage about an increasingly important issue. With gratitude.

This week in Washington, D.C., the Protected Retirement Summit, organized by the Alliance for Lifetime Income, brought together retirees and pre-retirees, business leaders, researchers, economists, journalists and industry and government associations. Our mission: to address one of the most pressing issues facing our society - ensuring financial security throughout retirement. Key Takeaways Shifting Retirement Landscape: The traditional three-legged stool of retirement (company pensions, Social Security, and personal savings) has become increasingly unstable: - Less than 4% of private sector employees and 15% of public sector employees have access to a pension today.?At the peak, around 60% of all workers (public and private combined) had access to a pension plan. - If nothing is done, the Social Security trust fund is projected to be depleted by 2033, leading to a 20% haircut in SS benefits. - The median retirement savings of 65-74 is only $220,000 far short of what's needed for a 20+ year retirement. Demographic Pressures: With over 11,000 Americans turning 65 daily this year addressing retirement security has become increasingly urgent. The average life expectancy post-retirement is now 20+ years, highlighting the need for long-term financial planning. Generational Awareness: Encouragingly, 95% of Generation X recognizes the importance of secure financial income in retirement. However, 46% anticipate working longer or potentially returning to work to meet their financial needs. Innovation Solutions: Expanding and enhancing defined contribution plans like 401(k) to include features similar to traditional pensions could help democratize access to retirement income. Simple, default options that include protection may encourage earlier and more effective saving, mirroring the how target date funds made it easier for people to maintain an age-appropriate portfolio without needing extensive financial knowledge. Positive Impact of Protected Income: New research by Michael Finke and David Blanchett reveals that retirees with protected income from annuities (i.e., personal pensions) spend up to twice as much as those without, feeling more secure in their financial future.? Looking Ahead: The summit underscored the critical need for collaborative efforts to democratize access to retirement savings and income solutions. By leveraging technology, advocating for policy changes, and simplifying the experience and financial education, we can work towards ensuring that more Americans have the opportunity to enjoy a secure and comfortable retirement. Together, we can create a future where retirees can see retirement as a well-earned period of security and fulfillment. #RetirementSecurity #FinancialPlanning #RetirementInnovation #ProtectedIncome #PersonalPension

I had the privilege of attending Alliance for Lifetime Income's Protected Retirement Summit in Washington, DC this week where we heard from everyday Americans on how annuities may help them retire with peace of mind. Thank you,?Jean Statler?for the opportunity to come together with some of the most influential thought leaders in the business to explore what #Peak65 means for our industry and how it will shape the future of retirement planning. It was also great to see our President,?Nick Lane,?participate in the Protecting Retirement panel, where he, alongside industry leaders, discussed the importance of innovating and evolving planning for retirement in ways that address real-life needs and lead the way to protecting retirement for all Americans. #ALISummit24

I had the privilege of attending Alliance for Lifetime Income's Protected Retirement Summit in Washington, DC this week where we heard from everyday Americans on how annuities may help them retire with peace of mind. Thank you,?Jean Statler?for the opportunity to come together with some of the most influential thought leaders in the business to explore what #Peak65 means for our industry and how it will shape the future of retirement planning. It was also great to see our President,?Nick Lane,?participate in the Protecting Retirement panel, where he, alongside industry leaders, discussed the importance of innovating and evolving planning for retirement in ways that address real-life needs and lead the way to protecting retirement for all Americans. #ALISummit24

Our Head of Insurance Branislav Nikolic attended the Alliance for Lifetime Income Protected Retirement Summit this week and was joined by other industry superstars including David Blanchett, Wade Pfau, Michael Finke, and Jason Fichtner, Ph.D.. The conference brought together leaders in the Retirement space to focus on innovations and best practices for current and near-term retirees. Thank you to the event organizers. We look forward to collaborating in the future!