LIMRA/LOMA Finalizes Merger with Alliance for Lifetime Income, Establishes New Advisory Board

What's Happening?

LIMRA and LOMA have completed their merger with the Alliance for Lifetime Income, rebranding the initiative to focus on educating consumers, financial professionals, and policymakers about the importance of protected lifetime income in retirement planning. The Alliance for Lifetime Income, originally founded in 2018, has been active in public campaigns to raise awareness about retirement risks and the value of annuities. The merger was announced in June, and as part of the transition, LIMRA has formed an executive advisory board to guide the organization. Jennifer Burlingame of Prudential Financial has been appointed as the chair of this board, which includes 31 other industry leaders. The organization aims to address the growing need for retirement security education as the U.S. population ages.

Why It's Important?

This merger and the establishment of a new advisory board underscore the increasing focus on retirement security in the U.S., particularly as the population ages. With more than 11,000 Americans turning 65 each day, there is a pressing need for education on financial planning for retirement. The initiative aims to enhance understanding of annuities and protected income, which could significantly impact financial stability for retirees. The involvement of industry leaders in the advisory board suggests a concerted effort to address these challenges, potentially benefiting millions of Americans by promoting financial literacy and security in retirement.

What's Next?

The Alliance for Lifetime Income by LIMRA will continue to expand its educational efforts, targeting both consumers and financial advisors. The organization plans to leverage its new advisory board to develop strategies that address the critical need for retirement planning education. As the U.S. population continues to age, the focus will likely remain on creating awareness and understanding of financial products that can provide security in retirement. The success of these initiatives could influence public policy and industry practices related to retirement planning.