IRI VISION: RETIREMENT IS GETTING LONGER. ANNUITIES ARE BUILT FOR THAT.

For many retirees, one question matters most: What happens if I live longer than my money lasts? Annuities were built to answer it.

A retirement can now last 30 years or more, and no one knows in advance whether theirs will be 5 or 35. Pensions that once paid a check for life have given way to 401(k)s and IRAs, which leave each person to turn a nest egg into income and hope it lasts.

When I testified in Washington in January, I said Americans worry more about running out of money than about death itself. A survey found that 67% feel this way.

That worry is the point. We insure our homes, our cars, and our health against risks we hope never to face. Annuities insure against the one most retirees do face: outliving their savings.

That protection also lets people spend and enjoy what they have saved. Annuities work in harmony with IRAs, 401(k)s, and Social Security. Some people want a check that arrives every month, no matter what the market does. Others want room to grow with a measure of protection from market losses.

That is why professional guidance matters. A knowledgeable financial professional works with each client to find the products and strategies that meet their retirement income needs. State rules and the SEC’s Regulation Best Interest both require that any annuity recommendation be in the client’s best interest.

More than 4 million Americans turn 65 every year, and most want the same thing: income they can’t outlive. There is more to do, and IRI is doing it. We are advocating to the Trump Administration and Congress to make retirement security a priority.

The Pension Protection Act, SECURE Act, and SECURE 2.0 show what bipartisan action can accomplish. The next steps are expanding workplace savings, making lifetime income more available in 401(k)s, and modernizing retirement policy while keeping consumer protections in place.

Retirement security is measured by more than account balances. It is reliable income, and the confidence to retire with dignity and peace of mind.

Contact: Dan Zielinski