Lincoln Financial Group, the National Retirement Planning Coalition and Allianz Life Insurance Company are among the companies joining with the Insured Retirement Institute to sponsor National Retirement Planning Week, which takes place next week, April 11-15.
The event will focus attention on the fact that the first of 79 million baby boomers will turn 65 this year, and that 4 million boomers will turn 60 each year for the next 18 years.
According to the groups, “For many, this milestone will present a much-needed opportunity to reassess their level of retirement preparedness.”
They cited Insured Retirement Institute data that shows that nearly seven out of 10 Boomers within five years of retirement, and nearly eight out of 10 of boomers with more than five years to build savings, are voicing concern about having adequate income during retirement.
National Retirement Planning Week events will include the following:
–April 11: EBRI President and CEO Dallas Salisbury hosts a webinar on consumer retirement readiness, leveraging data from EBRI’s 2011 Retirement Confidence Survey.
April 12: IRI President and CEO Cathy Weatherford moderates a media forum with industry leaders on evolving perceptions of risk management in the insured retirement market. New IRI research on Boomers and retirement will be released onsite as well.
April 13: IRI hosts a practice management webinar for financial advisors.
April 14: The Coalition releases a client-approved tip-sheet for financial advisors on how consumers can formulate a plan for lifelong financial retirement health.
April 15: The Aspen Institute hosts a Washington, D.C.-based roundtable on retirement issues.
The National Retirement Planning Coalition is headed by the IRI. The coalition includes the American Council of Life Insurers; Americans for Secure Retirement; the Center for Retirement Research at Boston College; and the Defined Contribution Institutional Investment Association.
Other members include the Employee Benefit Research Institute; the Financial Services Forum; the Financial Services Institute; the Financial Services Roundtable; the National Association of Fixed Annuities; NICSA; the Retirement Income Industry Association; The American College; the Aspen Institute Initiative on Financial Security; and the Women’s Institute for a Secure Retirement.
“With today’s economic reality, more and more people are realizing that they’re not prepared for the risks and challenges of retirement,” says Rob Grubka, head of retirement solutions for Lincoln Financial Group. “Employer-sponsored retirement plans and guaranteed income solutions can help people be better positioned to enjoy the quality of life they’re used to well into retirement.
“We support National Retirement Planning Week and encourage people to take this week to reassess their retirement savings and commit to getting on track and staying on track to reach their long-term financial retirement goals,” Grubka adds.
Gary C. Bhojwani, Allianz Life president and CEO, added that, “As Boomers march toward the next great chapter in their lives, many are rightfully concerned about whether they will have enough money to retire.”
He said that, “We have the opportunity to stem this rising tide of anxiety by increasing consumer awareness surrounding retirement planning. A financially secure future is still attainable for millions of Americans.”
–Arthur D. Postal