Category: Retirement Security

Americans are living longer and financial security through retirement is a big challenge for many. Our guaranteed products – their availability, accessibility, and affordability – help people live and retire with financial peace of mind.

China Trade Deal Supports Innovation and Growth

Life insurers’ most critical mission is helping people take care of the things that matter most, whether they are in North America, Africa, Europe, Latin America or Asia. We do this by providing risk protection and financial security products that empower individuals to protect themselves and their families. Numerous American Council of Life Insurers (ACLI) member company CEOs were invited to the White House signing ceremony last week for the phase one trade deal the Trump Administration successfully concluded with China. The agreement advances U.S. financial services sector objectives. Most importantly to ACLI, it removes the 50% equity cap on foreign investment in … Continue reading "China Trade Deal Supports Innovation and Growth"

Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal

At a recent hearing in Boston, a long line of local citizens voiced opposition to the Massachusetts Commonwealth Secretary’s proposed elitist fiduciary-only standard for financial advice. This week in the Boston Globe, local business owner Joan Jaeger Gustaff outlined why she opposes the rule, which could become effective within weeks. The people of Massachusetts would be best served if the Secretary of the Commonwealth listens to local voices like Joan’s and reconsiders his fiduciary-only proposal. Here’s what she had to say: This letter to the editor originally ran in the Boston Globe. It’s not just Wall St. that’s wary of Galvin’s proposed rule on brokers … Continue reading "Massachusetts Small Business Owner Opposes Fiduciary-Only Proposal"

Putting $400 in Every Savings Account

(This article originally appeared on LinkedIn.) Asking people to create an emergency savings fund is like asking them to exercise or lose weight. It’s about motivating short-term pain for long-term gain. It’s really hard to do. So much so that a Federal Reserve Board survey revealed that 46 percent of Americans would have trouble coming up with $400 in an emergency. Living paycheck to paycheck is now a commonplace experience. That’s why the Consumer Financial Protection Bureau recently convened private and public sector experts to take on the savings challenge and the question of how to support consumers in saving. … Continue reading "Putting $400 in Every Savings Account"

Senate Passage of USMCA a Win for Insurance Consumers

Today’s U.S. Senate passage of the United States-Mexico-Canada Agreement (USMCA) sets the table for President Trump to sign the bill into law. Insurance consumers in the three countries stand to benefit as a result.  No other industry is there for people through every stage of life like the life insurance industry. Life insurers serve 90 million families in the United States, and millions more in Mexico and Canada. The North American Free Trade Agreement (NAFTA), which went into effect on January 1, 1994, enabled U.S. insurers to become market leaders in those countries. Still, as markets and technology evolved rapidly, … Continue reading "Senate Passage of USMCA a Win for Insurance Consumers"

Elitist Proposal Denies Choices to Bay State Retirement Savers

Massachusetts is about to impose an elitist, fiduciary-only standard for those seeking financial services. Sadly, as the industry that helps small- and moderate-savers to plan their financial futures, we know this would hurt the very people it claims to protect. I offered testimony at a related hearing today, as did Paul Quaranto of Boston Mutual Life Insurance Company. Every day, 252 Massachusetts residents reach age 65. Many are concerned about how they’ll finance their way through retirement. They’re seeking answers while the Commonwealth Secretary’s fiduciary proposal would curb their access to life insurance and annuities. It doesn’t add up. People … Continue reading "Elitist Proposal Denies Choices to Bay State Retirement Savers"

Retirement Savers Win Thanks to SECURE Act Becoming Law

Earlier today President Trump signed the 2020 spending package, which wisely included the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019. This is a huge win for millions of retirement savers, groups like Gold Star families, and bipartisanship. With the SECURE Act now the law of the land, our nation has taken a major stride forward in modernizing the way new generations of Americans prepare for retirement. The American Council of Life Insurers (ACLI) applauds the president for signing the SECURE Act into law as part of the spending package. And we commend the bill’s bipartisan champions in Congress, including Ways and Means Committee Chairman … Continue reading "Retirement Savers Win Thanks to SECURE Act Becoming Law"

Buyers’ Remorse for Student Loans?

The media routinely report that student loans are a major burden on families and young people. Several presidential candidates have even turned education-related debt into a campaign issue, pushing for across-the-board debt forgiveness. Is education-related debt really that much of a challenge? How exactly does it impact borrowers?  Consider some facts: 44.7 million Americans have student loans; 3-in-5 are age 30 or older.  63% of Americans under age 30 who earned at least a bachelor’s degree have education-related debt. The average education-related debt balance is $36,299. 15.4% of all student loan borrowers are either delinquent or in default, though this … Continue reading "Buyers’ Remorse for Student Loans?"