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MassMutual places focus on retirement income

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As the wave of new retirees grows every year – advancing toward 2030, when most of the
baby boomers will be retired – insurance companies are looking for ways to meet the demand for retirement income vehicles.

MassMutual has decided to add a new division to meet the need: MassMutual Retirement Income. MMRI is intended to “deliver advisor-focused solutions for customers’ accumulation and guaranteed lifetime income needs.” MassMutual says that as employers turn away from
traditional defined benefit pensions, the need for retirement income becomes more prevalent.
That is going to lead to the need for consumers to replace that guaranteed income through their
own devices – and likely with the help of an advisor.

“Solving the need of retirement income is very different than solving for the need of retirement
accumulation,” said Jerry Golden, head of strategy and product coordination for MMRI. “It is
neither intuitive nor like what has come before.”

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