The Insured Retirement Institute’s (IRI) State of the Insured Retirement Industry report maintains improving sales, advancement of favorable legislation and demographic trends are positively impacting the industry.
“Americans are still increasingly faced with the responsibility of creating their own retirement security, by saving more, creating solid plans and utilizing the guaranteed lifetime income and investment protection solutions that only the insured retirement industry can provide,” Cathy Weatherford, IRI president and CEO, said.
“IRI remains committed to ensuring that consumers have access to retirement income solutions, and through our advocacy of comprehensive retirement security legislation, we are helping ensure that common sense, pro-retirement policies are preserved and expanded.”
Officials said the report addresses trends and significant events over the past year while exploring themes likely to emerge in 2019, noting the effort includes demographic factors
review and analysis in addition to expected impact on the industry, market and product development trends.
Annuity sales are rebounding and show promise of continued growth, per the analysis, adding consumers and financial advisors understand the need to include guaranteed monthly retirement income options in retirement planning.
Weatherford said workers are now more responsible for their own retirement financial well-being, with the advent of employer-provided pension plans disappearing and replaced by defined contribution plans such as 401(k).