The retirement challenges

The retirement challenges

The retirement market is one of the most important and promising markets for life insurance and annuity companies. At the heart of this business opportunity is the question of retirement security. What products and services can insurers offer to help their customers achive it? What pension plans and planning tools can employers offer to facilitate it? What incentives and policies can federal and state governments create to ensure it?

In January, Empower Retirement launched PlanVisualizer, a powerful interactive technology that enables retirement advisors and consultants to demonstrate to plan sponsors how some modifications in plan design can affect their employees` retirement readiness, pinpoint progress, and forecast plan contribution expenses.

The new offering, wich is available through Empower`s advisor web site, is aimed at helping plan sponsors consider how possible changes to their plan such as employer match, auto enrollment and rate of auto escalation, among others can impact their employees’ retirement prospects.

Insurance companies can help with the retirement challenge. They have a special role in solving the retirement challenge because they have the unique core competency to pool mortality and longevity risk, and in turn provide products that can insure basic guaranteed income.

Source: LOMA – Resource Magazine, April 2018