According to a recent survey by Investment News and The American College, 95% of advisors provide retirement income planning services — yet 94% of those polled believe most advisors and wealth managers need to know more about retirement income planning.
Clearly there’s a gap and it’s no wonder. Longevity risk is real; people are concerned about their retirement future; and everyone is looking for help. Having enough to retire and making it last has become the new American Dream.
In fact, of the factors that determine sustainable retirement income, longevity could have the greatest impact of all — even more than market volatility. EBRI’s 2014 Retirement Readiness Ratings found that even with the stock market gains we’ve been experiencing, many workers still are not likely to have enough money to last their lifetimes.
One solution is including longevity planning products in retirement plans. These products help participants prepare for retirement while they are in their accumulation phase, protecting their savings against the key retirement risks of market uncertainty, longevity rising health care costs and inflation.
The desire for lifetime income planning products in retirement plans is starting to build momentum on all fronts, including with the DOL. Today there are many possibilities for advisors and consumers to choose from, with varying degrees of risk levels.
So what’s the best way to learn about these products and stay up to speed on issues like the fiduciary considerations of longevity planning?
The answer: Join us at the 2014 NAPA 401(k) Summit in New Orleans! Attend a special, 1-hour workshop Sunday, March 23, “Longevity Planning in Retirement Plans.” An all-star panel of industry experts — George Revoir of John Hancock, Marcia Wagner of The Wagner Law Group, Chuck Williams of Sheridan Road and moderator Joan Neri of Drinker Biddle & Reath — will discuss a wide range of topics, including:
• using plan design to provide a lifetime income stream in retirement
• retirement plan products on the market that protect against longevity risk
• fiduciary considerations
• DOL proposals in the works
• industry comments on retirement income projections
• the advisor’s role in developing the new disclosure
For more information about the 2014 Summit, click here.
