Retirement Income All the Rage, New Report Says

How to secure a stream of retirement income for life?

How to secure a stream of retirement income for life?

Call them the usual suspects—demographics, increasing longevity and the demise of traditional pensions are fueling demand for retirement income strategies like never before, according to the Insured Retirement Institute.

In its annual “State of the Insured Retirement Industry” (read annuity) report released just before the holidays, IRI found that holistic retirement planning with a focus on income-generating strategies will help advisors address this demand while adding value to the client-advisor relationship.

“There has never been a greater demographic need for lifetime income strategies,” IRI President and CEO Cathy Weatherford said in a statement. “We’ve talked for years and years about how the baby boomers need to save for retirement. They are there now.”

She noted that 24 million Boomers are now 65 and older, and 33 million more will join them over the next seven years.

“The time has come to help them focus on the income that will support them throughout retirement. Developing holistic retirement plans, designed to generate lifetime income, will have an important part in helping them meet their needs and goals,” she added. “Financial professionals who embrace a holistic approach will be well-positioned in today’s market as they demonstrate value to their clients.”

On the public policy front, the IRI report joined the general confusion over whether or not the Department of Labor’s fiduciary rule will be delayed, modified or repealed by the incoming Administration.

Additional key findings from the report include:

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