Speaking at the Insured Retirement Institute's annual conference this week, IRI President and CEO Wayne Chopus said he hopes the group will continue to be recognized as a champion and defender of the annuity industry. Chopus told attendees the retirement income industry needs to be defended because the Department of Labor "once again introduced a flawed and unnecessary rule, which every one of you in the room knows would ultimately harm millions of America's workers and retirees."

Most employees participating in workplace retirement plans are worried about running out of money when they leave the workforce and want in-plan guaranteed lifetime income options offered to them, according to a survey from Greenwald Research. "Eight in 10 participants say their employers should offer in-plan retirement income options, and most believe there should be more than one choice," said Greenwald Research CEO Lisa Greenwald.

Many retired baby boomers plan to leave substantial inheritances to their children, but unexpected health care expenses may deplete some of these estates. "One of the biggest factors that drives wealth depletion during retirement is health care costs, including rising out-of-pocket costs for medical treatment and the probability of needing long-term care later in life," noted George Schein, director in the Advanced Consulting Group at Nationwide Retirement Institute. Getting guaranteed income in the form of an annuity can be an important financial planning step, according to Chad Druvenga of CBS Brokerage.

A careful review of the anticipated future income of people approaching retirement will often reveal the need for annuities to fill in the gaps from other sources, writes Paul Samuelson of LifeYield. Because annuity providers have become "more creative" in their product development, fee-only advisors now have access to low-cost, no-commission annuities for their clients, Samuelson writes.

The amount that American adults think that they'll need for a comfortable retirement has risen 15% from last year to reach $1.46 million, but the amount they have saved currently tends to be much lower, according to a Northwestern Mutual survey. "People's 'magic number' to retire comfortably has exploded to an all-time high, and the gap between their goals and progress has never been wider," said Northwestern Mutual's Aditi Javeri Gokhale.

Rina Hussain, associate director of the Securities and Exchange Commission's broker-dealer exam program, said the agency will continue to prioritize compliance with Regulation Best Interest in its exams in 2025. Hussain said the prioritization of Reg BI "will go hand in hand" with the SEC's focus on retail investors.

The changes to compensation for insurance agents selling annuities under the Department of Labor's proposed fiduciary rule could harm agents and their clients, says Sheryl Moore, CEO of Moore Market Intelligence and Wink. "I think that we're gonna lose quite a few insurance agents if the DOL gets their way ... and that could be devastating to pre-retirees who need to hear about annuities," Moore says.

Rules for home offices adopted by the Financial Industry Regulatory Authority go into effect June 1, with a pilot program for remote inspections beginning July 1. In this Q&A, Patrycja Savignano, director at ACA Group, discusses what firms need to do to meet compliance requirements and potential trouble spots.

Nearly one-third of millennial investors are looking to switch financial advisors within the next 12 months, according to a J.D. Power study. The study found low levels of loyalty among millennial clients, and Craig Martin, executive managing director and global head of wealth and lending intelligence at J.D. Power, noted that advisors can improve their prospects by increasing trust and engaging more deeply with clients.

The Retirement Security Blueprint is the road map for the Insured Retirement Institute's annual public policy objectives each year. The 2024 Blueprint includes 33 proposals to enhance and strengthen retirement security for more of America's workers and retirees. Access it here.

IRI's Retirement Saving and Income Handbook is a guide to commonly available annuities and non-annuity alternatives. It provides basic information about the structure, benefits and limitations of each solution, combined with visual representations of the mechanics of each solution and a robust glossary of key terminology. Learn more.