The Retirement Income Industry Association (RIIA), Boston, has launched the RIIA Market Insight (RMI) initiative, a research program that brings together industry leaders, researchers and their collective data to create a 360-degree view of consumer households who buy and depend upon the industry’s products and services.
RIIA says it invites firms to join an advisory board to guide the RMI research and collaborate with board members and participating firms in the execution of the program.
Joining with RIIA as members of the RMI are the Depository Trust and Clearing Corporation (DTCC), Turner Consulting, LLC, Strategic Business Insights (SBI), Sagence Group, GDC Research, CANNEX, Ernst & Young and Price Waterhouse Cooper (PwC).The first member of the RMI advisory board is the National Association for Fixed Annuities (NAFA), a national trade association dedicated to promoting the awareness and understanding of fixed annuities.
In other industry news:
BMO Financial Group, Toronto, Ont., has extended the BMO Retirement Institute’s presence into the United States. The BMO Retirement Institute provides insight and financial strategies for Americans planning for, or currently in, their retirement years.
The BMO Retirement Institute will examine topics related to retirement and issue reports on the financial and non-financial aspects of this milestone, the company says.
A new report from the institute concludes that the odds of being single at some point during retirement are high. Forty-three percent of Americans aged 65 years and older are single due to divorce, having never married, or the death of a partner.
The report notes that, as the cost of living for singles is 40% to 50% higher than for married individuals, singles are at greater risk of not having enough saved for retirement. The report also finds that married couples are more likely than their single counterparts to have a financial plan, to receive help in preparing their plan, and to have a more up-to-date financial plan.
The full report can found here.