Preparing for Life

An older couple looking worried while looking at a computer.

Between now and 2030, 20 million Americans representing the last of the Baby Boom generation will turn 65 years old. Few of these retirees will be covered by a traditional employer pension.

Consumers seeking a source of secure income to supplement their Social Security are increasingly turning to annuities. Life insurers offer annuities, the only product in the private marketplace that can provide retirees with guaranteed income for life. Last year, savers purchased a record $432.4 billion in annuities, according to LIMRA.

I recently hosted Senator Pete Ricketts (R-Neb.) and journalist Jean Chatzky of the HerMoney podcast for a Kitchen Table Conversation, where we discussed the challenges new retirees will face, how Congress is dealing with the issue and how the life insurance industry is prepared to help. Check out our insightful conversation here.

David Chavern

David Chavern is President and CEO of the American Council of Life Insurers (ACLI) whose mission is to provide financial certainty to Americans regardless of where and how they work, their life stage, or the economic status of their household. ACLI’s 275 member companies represent 93 percent of industry assets and provide financial security products and services to 90 million families.