Two insurance organizations have teamed up to study retirement trends, estimating that the age 55 and older population will have about $22 trillion in investable assets by 2020.
The LIMRA-LOMA Secure Retirement Institute (SRI) will focus on advancing research and education for innovation within the industry to help improve retirement readiness and promote retirement security.
In 2010, the estimated value of investable assets for the 55-plus population was $12 trillion, according to LIMRA’s 2012 Retirement Income Reference Book.
Research shows that while retirement is at the top of mind for most Americans, many consumers have not saved or planned enough to achieve a financially secure retirement, said Bob Kerzner, CEO of the joint effort, during the 2013 LIMRA Annual Conference this week.
“While there has been much debate on what is causing this lack of preparedness, I think we can all agree that getting better understanding on the fundamental issues undermining Americans’ financial security in the hands of decision makers is critical and would help certainly move us in the right direction,” Kerzner said.
The SRI Board of Directors comprise senior leaders from across the financial services retirement landscape to discuss and identify what can be done improve retirement readiness.
“The expectations and realities of retirement are changing as people are living longer, healthier lives,” said Kerzner. “As the trusted source of industry knowledge, it is important that LIMRA and LOMA lead our industry in the exploration and discussion of what a secure retirement means today, what it will mean in the future and how our industry will adjust to meet the changing needs of Americans and help them reach their financial goals throughout their lives.”
Written by Jason Oliva