New York, October 4, 2018 – TIAA, a founding member of the Alliance for Lifetime Income, today helped kick off Protect Your Retirement Income Day, which will be celebrated with a full day of events in New York City. The events, which include a virtual reality truck experience in Times Square, will enhance and amplify the mission of the Alliance, which is to elevate awareness of the need for annuities that provide protected lifetime income.
“TIAA and our Alliance colleagues see too many people approaching their retirement years ‘unprotected’— that is, their retirement savings lack products that can help protect depletion of one’s portfolio from longevity risk, rising healthcare costs and market volatility,” said Lori Dickerson Fouché, Senior Executive Vice President and CEO of Retail & Institutional Financial Services at TIAA. “As we celebrate 100 years of providing our participants with lifetime income through annuities, TIAA is thrilled to be able to drive a national conversation on the benefits of annuities in a diversified portfolio.”
Launched in June, the Alliance brings together 24 leading financial services organizations with one shared purpose—to help Americans understand that an annuity can provide protected income for life 1 as part of a diversified retirement portfolio. The Alliance will educate consumers about the importance of protected lifetime income solutions by building a platform of new online and offline content, tools, thought leadership and events, urging consumers to connect with their financial advisor to ask, “Is an annuity right for me?”
Protect Your Retirement Income Day, October 4, will feature:
- National debut of a television advertising campaign, Retire Your Risk , featuring extraordinary professionals who face risk in their careers, yet chose to apply lifetime income solutions to alleviate some of the financial risk involved in retirement;
- Release of a new Alliance research paper from Dr. Wade D. Pfau of the Financial and Retirement Planning program at The American College of Financial Services and Emilio Pardo, Co-Chairman of the Alliance for Lifetime Income Operating Committee, about the pooled-risk benefits of annuities in the context of retirement-income planning;
- Announcement of the Protected Lifetime Income Index, an ongoing research program that will track the level of protected and unprotected households in the United States and provide valuable insights into consumers’ attitudes and behaviors around retirement income planning;
- Introduction of the Alliance for Lifetime Income Research Fellows, a group of independent experts and thought leaders from the academic and public policy arenas;
- The unveiling in Times Square of a custom Alliance vehicle featuring a dynamic virtual reality experience engaging consumers in a conversation about risk and bringing to life the need for annuities to provide income protection;
- Consumer media luncheon hosted by Jean Chatzky, Financial Editor of NBC’s Today Show, featuring conversations with Elaine Larson and James Moskito, stars of the Alliance’s television advertising.
For decades, the industry has focused heavily on the accumulation of assets for retirement, but the dialogue is shifting. One recent study 2 found that 73% of Americans aged 55-75 with $100,000-plus in assets consider guaranteed income a highly valuable addition to Social Security, compared to 61% a year ago. TIAA is proud about the role it will play in helping more American households protect their retirement, and helping to meet a demand for protected lifetime income in the marketplace.
For more information, please visit www.tiaa.org/public/land/allianceforlifetimeincome.
With an award-winning 3 track record for consistent investment performance, TIAA (TIAA.org) is the leading provider of financial services in the academic, research, medical, cultural and government fields. TIAA has $1 trillion in assets under management (as of 6/30/2018 4) and offers a wide range of financial solutions, including investing, banking, advice and education, and retirement services.
About the Alliance for Lifetime Income
The Alliance for Lifetime Income, based in Washington, D.C., is a nonprofit 501(c)(6) organization formed and supported by some of the nation’s leading financial services organizations and non-profit consumer and industry groups to create awareness and educate Americans about the importance of protected lifetime income. The Alliance is focused on helping to educate Americans on the risk of outliving their savings so they can enjoy their retirement lives. The Alliance provides consumers and financial advisors with the educational resources, tools and insights they can use to build plans for protected lifetime income in retirement. For more information about the Alliance, visit www.AllianceForLifetimeIncome.org .
Chad Peterson, Leslie Sepuka