Retirement is changing

The concept of retirement is changing drastically. 10,000 baby boomers are turning 65 every day. At the same time, the days of corporate pensions are disappearing, the future of Social Security is uncertain and more people have to figure out a way to “self-fund” their retirements.

What’s more, people are living longer than ever before. That means many retirees now have to plan not just for making their money last as long as they do but for creating meaningful and fulfilling lives for a much longer period of time.

Correcting misconceptions

“It is incumbent on all of us to raise the overall level of financial education and confidence in the U.S.”

We need to change the retirement planning conversation. The current focus on accumulation and withdrawal only looks at part of the equation. We need to return to the idea that reliable lifetime income in retirement — something that we should always be able to count on, like our parents and their employer-provided pensions — should be part of any sustainable financial plan for retirement.

Necessary shifts

We think there’s a huge opportunity to transform the perception of the industry as a whole. We must move away from industry jargon and false transparency by working with regulators to simplify language and create smart standards. We must also advocate for policies that help illustrate retirement realities for Americans, such as providing simulations that demonstrate the role lifetime income products must play.

It is incumbent on all of us to raise the overall level of financial education and confidence in the U.S. by providing useful information framed in a way that is relevant, consumable and engaging for the modern investor.

Have the right conversation

Start by working with a financial advisor to create a comprehensive, personalized financial plan. Determine if retirement income products like annuities make sense for your own goals and life priorities.

Just like any other investment tool, annuities may not be right for everyone. But what is right for everyone is having income you can count on for the rest of your life.