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New Alliance Promotes Protected Income

A new survey indicates that Americans who have monthly income from a pension or annuity are more confident about their retirement prospects – and a new coalition is rolling out a new education campaign to help advisors better appreciate those offerings.

The newly launched (and aptly named) Alliance for Lifetime Income, with the support of 24 member firms (listed below) today unveils a program to educate consumers (and provide resources to advisors), in an effort to “refocus the national retirement discussion” on lifetime income planning versus accumulation.

According to Colin Devine, the Alliance for Lifetime Income Educational Advisor, the Alliance’s mission is to educate Americans about the importance of protected lifetime income solutions by building a platform of new online and offline content, tools, and thought leadership, as well as events and new terminology they say is “designed to simplify this often complex topic in ways that empower Americans to take action.”

As part of that, the Alliance says it will be focusing on “new, simpler language” that the retirement industry can use with consumers and financial advisors to break down the complexities and answer common questions about lifetime income solutions, including annuities. Devine acknowledges that even the marketing literature associated with these products has been “too complex.”

Devine notes that there has been ongoing development, not only in the flexibility and design of the products, but in the compensation structures for advisors, and that there are today options for fee-based, as well as commission-based, advisors.

Devine says that the multi-year educational program will raise awareness and empower consumers and financial advisors to discuss the need for including protected lifetime income from solutions such as annuities within a comprehensive retirement plan.

According to the results of survey unveiled alongside the ALI launch:

  • Nearly half (48%) of U.S. households ages 45-72 with investable assets of $75,000 to $1.99 million are approaching their retirement years “unprotected” – that is, without protected monthly income other than Social Security.

  • The vast majority (88%) of protected households say they are confident that their retirement money will help them achieve their lifestyle goals, and 73% of these so-called “protected” households do not worry about their retirement.

  • However, even though 80% of protected households are confident in their ability to withstand losses in the financial markets or unexpected expenses, nearly two-thirds (63%) of unprotected households feel this confidence nonetheless.

The Alliance for Lifetime Income is comprised of AIG, Allianz Life, AXA, Brighthouse Financial, Capital Group, Franklin Templeton, Global Atlantic, Goldman Sachs Asset Management, Invesco, Jackson National Life, JP Morgan, Lincoln Financial, Macquarie, Mass Mutual, Milliman, Nationwide, Pacific Life, Protective, Prudential, State Farm, SSGA, TIAA, Transamerica, and T. Rowe Price.

More information is available at