In written testimony to the Senate Special Committee on Aging, IRI President and CEO Cathy Weatherford states: "As Americans are living longer and spending 20-30 years in retirement, they are facing greater obstacles to saving for retirement.  The role of guaranteed investment products in helping investors achieve a financially secure retirement has never been more important... Annuities are the only financial products that guarantee lifetime income throughout retirement.  When you consider the retirement reality in America - defined by the unsure footing of Social Security, the near disappearance of pension plans, and the record losses in 401(k) plans - it is clear that Americans planning for retirement must have a second form of guaranteed retirement income."

Weatherford's full testimony accessed through the PDF below.