— The Insured Retirement Institute (IRI) and the National Retirement Planning Coalition (NRPC) today announced that they will focus their consumer educational efforts on promoting effective strategies for managing assets in retirement – the final topic of the coalition’s six-month national retirement planning campaign. Throughout the month of September, coalition partners will engage consumers to increase awareness of retirees’ asset management responsibilities so that they can plan appropriately for retirement.
Responsibility for saving for retirement has shifted from employers, through traditional pension plans, to individuals, through defined contribution plans and individual retirement accounts. As a result of the shift, today’s retirees will bear more responsibility for managing assets in retirement than prior generations. However, managing assets in retirement can be a daunting task, and many consumers are unaware of the risks they might face in retirement. Unnecessary exposure to risks such as life changes, medical expenses, and inflation threatens to derail retirement plans and ruin consumers’ expectations.
“Making your assets last through retirement is a pressing challenge for millions of Americans,” said Cathy Weatherford, President and CEO, IRI. “When planning for retirement income needs, Americans should consider how to best manage the assortment of risks they may face. By working with a financial professional, consumers can develop a plan custom built to address their concerns.”
To help explain managing your assets in retirement and more steps consumers can take to ensure a financially sound retirement, the coalition has released a new fact sheet
. The fact sheet has been FINRA-reviewed for client use and is available, along with the latest resources to help consumers and financial professionals focus on long-term financial goals, at www.retireonyourterms.org
About the Insured Retirement Institute:
The Insured Retirement Institute (IRI) is a not-for-profit organization that for twenty years has been a mainstay of service, commitment and collaboration within the insured retirement industry. Today, IRI is considered to be the authoritative source of all things pertaining to annuities, insured retirement strategies and retirement planning. IRI proudly leads a national consumer education coalition of nearly twenty organizations and is the only association that represents the entire supply chain of insured retirement strategies: Our members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals. IRI exists to vigorously promote consumer confidence in the value and viability of insured retirement strategies, bringing together the interests of the industry, financial advisors and consumers under one umbrella.
IRI’s mission is to: encourage industry adherence to highest ethical principles; promote better understanding of the insured retirement value proposition; develop and promote best practice standards to improve value delivery; and advocate before public policy makers on critical issues affecting insured retirement strategies and the consumers that rely on their guarantees. Visit www.IRIonline.org today to experience the vast resources of the Insured Retirement Institute for yourself.
About the National Retirement Planning Coalition:
The National Retirement Planning Coalition (NRPC) was formed by a group of prominent education, consumer advocacy and financial services organizations to raise public awareness of the need for comprehensive retirement planning. The coalition recognizes that the need to educate Americans on retirement planning is an ongoing effort and is committed to making this a national priority. The coalition is led by the Insured Retirement Institute (IRI), and its partners include: America Saves; American Benefits Council; American Council of Life Insurers (ACLI); American Institute of Certified Public Accountants; American Savings Education Council (ASEC); Americans for Secure Retirement (ASR); Association for Financial Counseling, Planning, Education; Center for Retirement Research at Boston College; CFA Institute; Defined Contribution Institutional Investment Association (DCIIA); Employee Benefit Research Institute (EBRI); Federal Citizen Information Center (FCIC) of the U.S. General Services Administration; Financial Services Institute (FSI); Financial Services Roundtable (FSR); Financial Industry Regulatory Authority (FINRA) Investor Education Foundation; Jump$tart Coalition; National Association for Fixed Annuities (NAFA); National Endowment for Financial Education; NICSA; The American College; The Aspen Institute; Women's Institute for a Secure Retirement (WISER); and WorldatWork.