Nobody wants the final act of their life story marred by a surprise ending.
Running out of money is one of Americans’ biggest retirement fears – and no wonder. People are living longer, and few have traditional pensions anymore.
That’s why it’s so important that working Americans continue to have access to education and information about annuities. An annuity holder can receive guaranteed income, like a pension, for as long as they live.
Public policymakers are recognizing this need. Congress made it easier for annuities to be part of workplace retirement plans in legislation enacted in 2019. The Securities and Exchange Commission finalized Regulation Best Interest to enhance consumer protections, and the National Association of Insurance Commissioners adopted parallel protections for fixed annuities to ensure continued access to, and information about, annuities.
Annuity income can supplement other sources of funds in retirement, like Social Security or income from a part-time gig – even acting.
Consider Rita Moreno, who turns 90 later this year. Moreno’s career has spanned more than 70 years. She is one of only 16 people to have won an Emmy, Grammy, Oscar and Tony Award.
Later this year she will appear in Steven Spielberg’s remake of “West Side Story.” She won an Oscar 60 years ago for her performance in the original film.
Moreno’s talent stands the test of time. Perhaps stars like Zendaya, who won an Emmy this year at age 24, or Emma Stone, who won an Oscar at 28, will have enduring careers like Moreno. But there’s no guarantee.
Not everyone will be able to work until they’re 90. Not everyone will want to, either.
For most older Americans, high-paying acting roles aren’t an option, and suitable gig work is hard to find. So, the guaranteed income from an annuity can be especially valuable.
It would be shortsighted to make it harder for people to get access to, and information about, annuities. With 10,000 Americans turning 65 every day, policymakers need to make it easier, not put up barriers, for people to find financial solutions that provide peace of mind through retirement.
David Nielsen is Senior Director, Strategic Content/IMPACT at the American Council of Life Insurers (ACLI). His responsibilities include IMPACT and other ACLI publications, notably News Now & News Now International. A former bank examiner, business analyst and journalist, he joined ACLI in 2013.
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