New York Life Insurance Company has granted $2 million to a school for financial professionals to establish a retirement planning center.

The school, the American College, Bryn Mawr, Pa., says it will use the gift to launch the New York Life Center for Retirement Income to help insurance and financial professionals handle the increasing demand for advice among retired Americans. The school, a nonprofit training institution for insurance and financial professionals, says it will use the funds for education and research and to create an annual guide for retirement planners.

The new center will also establish a professor of retirement and finance and a doctoral fellow along with support staff.