Rebound, Progress Toward Digital Solutions, and High Potential for More Retirement Relief from Congress Expected
WASHINGTION, D.C. – 2021 should prove to be a year of increasing annuity sales, progress toward better retirement policy, and movement closer to a fully digital experience for advisors and consumers, according to the Insured Retirement Institute (IRI), which issued its State of the Industry Report today.
Last year was an extraordinarily challenging year for the retirement income industry. Adaptations had to be made quickly and efficiently due to COVID-19 as significant shifts in sales among product types, precipitated by an interest rate environment few envisioned, put significant stress on all aspects of production.
The report noted that operationally the industry made more progress toward modernization and electronic processing in one year than in the prior several. Those successes will carry forward into the future to help drive the industry forward.
On the advocacy front, forward-thinking legislators are helping to pave the way for retirement savers to achieve greater success in planning for their futures.
“While our industry faced many challenges last year, we demonstrated that when we harness the leadership, talent, and collective action of our industry, we move forward together,” said Wayne Chopus, IRI President and CEO. “The future shows much promise if we remain focused and continue the hard work necessary to improve consumers’ access to retirement plans and lifetime income, and advance practical, digital solutions that will improve the advisor-client experience across the lifecycle of the annuity.”
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Contact: Dan Zielinski
Sales of fixed and variable annuities were $233.1 billion in 2021.
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