A record 4.1 million Americans are turning 65 this year. For many of them, achieving financial security through retirement could be challenging.
Very few private industry employees have access to traditional pension plans anymore. Fortunately, there is an option: annuities. Americans are increasingly turning to annuities, which can provide a guaranteed source of income to supplement Social Security.
But many Americans’ access to annuities is in jeopardy. The U.S. Department of Labor has proposed a fiduciary-only package that would restrict access to annuities for middle-income Americans. Here are seven reasons why the DOL’s ill-advised proposal must be withdrawn.
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.
