63% of today's retirees are counting on pension plan payments to cover their living expenses, but only 21% of today's workers are covered by a traditional pension plan, and the percentage is dropping every year. At the same time Social Security is under financial pressure. Many of today's workers will need to save more and plan for potentially decades in retirement without the security of knowing their pension plan will provide enough income as it did for past generations.
Annuities can be a vital part of this planning process with the evolution of product options and insurance companies recognizing this need. Guaranteed lifetime income riders have become a key component in planning for retirement and are available with many of our products. We look forward to assisting you in determining if an annuity option and which option might work best for you and your client.