Your Thriving Practice

How to retire your risk

How an “alliance” looks to transform Americans’ retirement strategy.

The “typical” American’s journey reads like a book. Everyone’s story is different and includes chapters that define who you are and where you’re going. But ultimately the final few chapters are more about where you’ve been, what you’ve accumulated (physically and metaphorically) and what’s next.

“You’ve taken risks your whole life, you shouldn’t have to take risks in retirement.”

Managing risk in retirement

You may have seen the commercials. Elaine the jet car driver. James the shark whisperer. Rosaly the volcanologist.

They’re all part of a campaign called “Retire Your Risk” by the Alliance for Lifetime Income. The message is clear: You’ve taken risks your whole life, you shouldn’t have to take risks in retirement. Protect your income.

The Alliance for Lifetime Income is a non-profit organization created by 24 leading financial service organizations, including Allianz, Brighthouse, Global Atlantic, Jackson, Lincoln, and Prudential. The goal of the Alliance is to create awareness and to educate Americans about the importance of protected lifetime income for retirement. 

What are the risks retirees face? 

The Alliance hopes to spark more conversations between financial professionals and clients on how to best plan for the future and avoid the risk of outliving their income. With pensions disappearing and Social Security not enough to sustain a current standard of living for most Americans – it is the Alliance’s stance that retirees desperately need additional sources of protected lifetime income

Giving financial professionals the right tools 

We believe one of the best starting points for financial professionals is the ProtectedIncome.org resource center website – which offers client presentations, reprints, newsletters, videos and expert advice on how to explain the risks of falling short of income while in retirement. 

The final chapter 

As you talk to your clients about their retirement planning, remember to discuss a plan for replacing about 70% of their pre-retirement income with enough protected lifetime income – no matter how long that final chapter lasts. Starting the conversation earlier may help them to better plan ahead. 

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