We’re three weeks away from a new calendar year.
Thank goodness.
Turning the page on 2020 can’t come soon enough for many of us.
This year has been so tumultuous, led by the COVID-19 pandemic that has killed nearly 300,000 Americans and disrupted the lives of millions more.
The economic slowdown triggered by the pandemic has intensified the anxiety many Americans already felt regarding their finances.
A recent survey of American workers by the Employee Benefit Research Institute found that two-thirds feel stressed when thinking about their financial future.
That’s why it’s so important lawmakers make these issues a priority.
This week a subcommittee of the U.S. Senate Finance Committee, led by Sens. Rob Portman (R-Ohio) and Sherrod Brown (D-Ohio), held a hearing to examine the challenges Americans face regarding financial security.
An American Council of Life Insurers member company testified at the hearing, which included discussion about the Retirement Security and Savings Act. This legislation provides greater flexibility to retirees when choosing an annuity that best fits their retirement income needs. A similar measure, the Securing a Strong Retirement Act of 2020, was introduced in the House.
Offered by life insurers, annuities provide unparalleled peace of mind as the sole product in the marketplace that ensures retirees do not outlive their savings.
These bills can help Americans – all Americans — plan and save for retirement.
One positive aspect that emerged during 2020 was the long-overdue public reckoning on racial inequality in America. Life insurers provide 90 million American families with a financial safety net that protects them through all stages of life. But too many Black Americans and communities of color lack financial security products.
Through our Economic Empowerment and Racial Equity initiative, ACLI is taking tangible steps to address racial and economic inequities. And with our products, life insurers play a critical role in building wealth and financial security for generations.
The challenges we’ve faced in 2020 won’t miraculously melt away on New Year’s Day. But we are committed to working with our lawmakers and in our communities to make 2021 a year of positive change – for all Americans.
Susan K. Neely was President and CEO of the American Council of Life Insurers (ACLI), the nation’s leading trade association determined to help families live better lives by achieving financial security and certainty. As president and CEO, Neely drove public policy and advocacy on behalf of ACLI’s member companies that represent 93 percent of industry assets and serve 90 million families. She is CEO Emeritus through December, 2024.
