What's Happening?
LIMRA and LOMA have finalized their merger with the Alliance for Lifetime Income, rebranding the program to continue its mission of educating consumers, financial professionals, and policymakers about the importance of protected lifetime income in retirement planning. The merger includes the establishment of a new executive advisory board, chaired by Jennifer Burlingame from Prudential Financial, and composed of 31 industry leaders. The Alliance aims to address the growing need for retirement security as more Americans reach retirement age, emphasizing the role of annuities in financial planning.
Why It's Important?
The merger underscores LIMRA's commitment to advancing retirement security by promoting the value of annuities and protected income. With 11,000 Americans turning 65 each day, the need for effective retirement planning is critical. The advisory board's diverse expertise is expected to guide the Alliance in expanding its educational efforts, potentially influencing public policy and consumer behavior. This initiative could lead to increased awareness and adoption of annuities, providing financial stability for retirees.
What's Next?
LIMRA plans to expand its marketing and communications efforts to reach more financial professionals and consumers, enhancing awareness of annuities' role in retirement planning. The organization will focus on developing educational campaigns and resources to support its mission. The advisory board will play a key role in shaping the Alliance's strategies and initiatives, aiming to build a financially secure future for Americans.
