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Did You Know?
- That, as of the first quarter 2011, the combined net assets of U.S. variable annuities were valued at nearly $1.6 trillion, an 11% increase from first quarter 2010 and the highest level ever recorded?
- In 2010 fixed annuity assets were valued at $659 billion a 6% increase from 2009?
- That in 2010, the total average expense difference between variable annuities and mutual funds was 1.01%?
- In 2011, the contribution limits range from $5,000-$6,000 for an IRA, $16,500-$22,000 for a 401(k) and $200,000 plus for a non-qualified annuity?
- That the average number of funds per variable annuity contract was 50 in 2010, of which 47% of assets were invested in equities, 11% in bonds, and 20% in fixed-rate accounts?
- That the guaranteed lifetime withdrawal benefit was offered on 79% of variable annuities in 2011 and was elected by 65% of contract holders?
- Boomers who own annuities have a higher confidence in retirement expectations, with 92% believing they are doing a good job in preparing for retirement?
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The Insured Retirement Institute's mission is to provide financial advisors and other interested parties with information and resources to assist in a better understanding of annuities and the role of these products in financial retirement planning. One very important resource are the articles in the financial and consumer press.
Recommended by 35 people Rising Health Care Costs Threaten to Erode Retirement Savings
The Insured Retirement Institute (IRI) today released its report, “Health Care Expenses and Retirement Income: How Escalating Costs Impact Retirement Savings.” This exclusive report examines the impact of rising medical expenses on Baby Boomers’ retirement income planning and strategies that may alleviate some of the financial burden. The report found that a healthy 65-year-old male can expect a total cost of health care expenses, including premiums, for the rest of his lifetime to top $350,000, and a 65-year-old woman can expect at least $417,000 in health care expenses—a 13% increase compared to her male counterpart. It also found that the average person on Medicare will have out-of-pocket medical expenses totaling more than $4,300 per year.
Recommended by 35 people IRI: Annuity Statements Provide Crucial Contract Information
The Insured Retirement Institute (IRI) today released a report in partnership with Corporate Insight that found a majority of quarterly annuity statements utilize similar formats providing significant contract data in a highly organized format. The report analyzes the design, layout and contract information provided in paper statements from 17 firms which participated in Corporate Insight’s Annuity Monitor Statement Analysis.
Recommended by 42 people Retirement Crisis Shows Need for Insured Retirement Strategies
The Insured Retirement Institute (IRI) today submitted its response to the Federal Insurance Office (FIO) request for comment for “Public Input on the Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the United States.” In the letter, the IRI commends the FIO’s efforts to identify ways to modernize and improve the country’s insurance regulatory system, while examining the availability of insurance products to underserved populations. The Institute also encourages the FIO to focus on the regulatory environment in the context of the current state of retirement savings readiness in America and the need for consumers to insure against the risk of outliving their assets as part of any assessment of the regulation of the insured retirement industry.
Recommended by 39 people Retirement Crisis Shows Need for Insured Retirement Strategies
The Insured Retirement Institute (IRI) today submitted its response to the Federal Insurance Office (FIO) request for comment for “Public Input on the Report to Congress on How to Modernize and Improve the System of Insurance Regulation in the United States.” In the letter, the IRI commends the FIO’s efforts to identify ways to modernize and improve the country’s insurance regulatory system, while examining the availability of insurance products to underserved populations. The Institute also encourages the FIO to focus on the regulatory environment in the context of the current state of retirement savings readiness in America and the need for consumers to insure against the risk of outliving their assets as part of any assessment of the regulation of the insured retirement industry.
Recommended by 49 people One Year Anniversary of IRI/RegEd Annuities Training Platform
The Insured Retirement Institute (IRI) and RegEd today announced that their industry wide solution to the NAIC annuity suitability training requirements, the Annuities Training Platform (ATP), has delivered more than 150,000 courses to financial advisors and insurance producers. This milestone comes as the ATP reaches its one year anniversary.
Recommended by 60 people Variable Annuities Post Record New Sales
The Insured Retirement Institute (IRI) today announced final third quarter results for the United States annuity industry. Net variable annuity sales were $8.8 billion, the highest level in fourteen quarters when third quarter 2007 levels were $8.9 billion. In addition, revised annuity sales for the third quarter show a greater year-to-year growth, and a smaller quarter-to-quarter decline than originally estimated. Third quarter industry-wide sales were $58.1 billion, up 6 percent from third quarter 2010 sales of $54.5 billion. Compared to second quarter sales of $60.4 billion, third quarter sales were down 4 percent.
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