The State of the Retirement Income Industry
The Insured Retirement Institute (IRI) is non-profit organization that is a leading educator and ally of the insurance world. They represent countless organizations, broker dealers, and insurance carriers as they advocate weekly for the industry. Each year, the IRI puts out a spectacular report called the “State of the Insured Retirement Industry“. It takes a look back at the prior year and then gives their outlook on the upcoming year.
Although 2012 was a wild year for many insurance carriers, from selling annuity divisions to offering variable annuity owners their money back just to walk away, the great news is that the IRI sees 2013 as being a strong year. Some promising stats like three out of four financial professionals had clients request to buy an annuity while the same percentage of current annuity owners consider annuities to be a critical component of their retirement strategy. Finally, the IRI is predicting annuity assets to hit an all-time high this year (2013). With the influx of baby boomers who do not have pensions and who have done a sub-par job of planning for retirement, we too believe that annuities will continue to break new records for the next 10 years.
Make sure to download the full IRI report below as it is a great read of what they expect to happen in the insurance and annuity industry in 2013.