IRI: Retirement Confidence Hurting as Entitlements Face Fiscal Challenges
By Cathy Weatherford
Insured Retirement Institute (IRI)
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford in response to reports released today by the trustees of Social Security and Medicare:
“Saving and preparing for retirement has become an increasingly difficult task for Americans today. With Social Security and Medicare forming the base of almost every American’s retirement plan, the programs’ long-term fiscal challenges, as have been reported annually by their trustees for some time, compound the uncertainty and further diminish retirement confidence. Our Baby Boomer retirement research shows that retirement planning confidence has sunk from 44 percent in 2011 to 37 percent in 2013. The reports today remind us that the one certainty regarding the nation’s entitlement programs is that to remain financially viable, both programs will require changes, which may potentially reduce cumulative benefits for recipients. To ensure that they will have the same level of financial security during their retirement years, all Americans must develop various options, including alternative sources of lifetime income, to offset any effect entitlement changes may have on their retirement plans.”
For more research results from IRI’s third annual survey on Boomers’ retirement expectations, click here.
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.