The Alliance for Lifetime Income (ALI) is launching a unique virtual personal assistant tool, “Ask ALI,” to help consumers understand some of the complex financial terminology and concepts important for retirement income planning.
“We have got to simplify financial conversations and break through this wall of jargon, so people feel more confident about what they really want and need in retirement.”
Cyrus Bamji, Alliance for Lifetime Income
With a record 11,400 Americans turning 65 every day in 2025—the peak of “Peak 65,” according to ALI—the non-profit consumer education organization focused on educating Americans about the value and importance of having protected income in retirement says need for simpler, more open and straightforward conversations about retirement income has never been more urgent.
“Consumers tell us they are reluctant to talk about their finances, in part because they are uncomfortable with the terminology and jargon often used in those conversations,” said Cyrus Bamji, ALI Chief Strategy and Communications Officer. “A recent study of different industries ranked finance second when it comes to the most confusing language. We have got to simplify financial conversations and break through this wall of jargon, so people feel more confident about what they really want and need in retirement.”
Enter “Ask ALI,” which the organization says is an easy-to-use question-and-answer BOT available throughout ALI’s website, www.protectedincome.org. The tool is designed to provide concise, easy-to-understand answers to simple questions that many consumers have such as “how much money will I need in retirement?” and “how much of my retirement income should come from Social Security?”
“Ask ALI” does not offer financial advice but serves as an educational resource designed to help individuals understand basic retirement income planning concepts and key financial terms such as protected income, which they may have limited or no prior knowledge of. By becoming educated on basic financial terminology and certain retirement planning concepts, the organization says consumers can have more successful conversations with their financial professionals.
“The concept of protection is simple, yet critical for financial security, and while advisors say they discuss it, clients overwhelmingly tell us they don’t,” Bamji said. “What’s worse is that trust can be lost when someone with low financial understanding works with an advisor that uses complex language. During our consumer language focus groups, we heard comments like ‘it’s almost like they don’t want us to understand.’”
For example, “Ask ALI” will tap into answers contained within a newly released Understanding Protected Income guide, a practical resource designed to help people understand the important role Social Security, annuities, and pensions play within retirement plans.
“ALI’s website offers a wealth of easy-to-understand educational materials and has become a real go-to for thousands of consumers wanting to be more educated on retirement income planning and annuities,” said Bamji. “Ask ALI was created to help people quickly and easily find answers within those materials.”
ALI’s other talents
What else can “Ask ALI” do? Among other things, find plain-spoken answers from educational resources such as:
- The RISE Score, a tool to help people figure out if they have any gaps between their expected income and expenses in retirement. “Ask ALI” will direct people to the tool so people can determine on their own where they stand in terms of retirement readiness.
- A glossary of terms to help demystify financial language used when describing annuities.
- Pracademic research studies and papers developed by Fellows of the Alliance’s Retirement Income Institute.
- Over 60 videos of “Your Money Map” show with host Jean Chatzky, personal finance journalist and Institute Education Fellow, interviewing top experts about retirement issues.
Closing communication gaps
ALI’s recent Protected Retirement Income and Planning (PRIP) study identifies significant communication gaps between financial professionals and consumers that can hinder effective retirement planning, including:
- 62% of financial professionals say they discuss protection with their clients, but only 27% of clients recall these conversations.
- 64% of consumers say annuities are the most difficult financial product to understand because of the way advisors describe them.
- 98% of financial professionals claim to discuss sources of protected income like Social Security, pensions, and annuities, yet only 69% of clients remember these topics being addressed.
“With a record number of people leaving the workforce, and Gen Xers on the doorstep of retirement, it’s important people feel more educated and confident about how to talk about their finances and retirement needs,” Bamji said. “We believe ‘Ask ALI’ will help people get the answers they’re looking for and take the next steps toward planning for the lifestyle they want in retirement.”
SEE ALSO:
• The Peak of Peak 65: Record Number to Reach Traditional Retirement Age in 2025
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
