Retirement security is a more likely outcome for savers when they work with an advisor, according to the Insured Retirement Institute's IRI Fact Book 2014. Taking advantage of automatic enrollment and escalation features in workplace retirement plans are helpful but may not be sufficient to assure adequate savings, the IRI notes.
The new Treasury Department rule making it easier to own longevity annuities in qualified accounts could lead to a shift in the way Americans save for retirement. Even before the change was announced, consumer interest in new products combining the features of annuities and long-term care insurance was increasing.
The recent Medicare Trustees report illustrates the need for Americans to seek professional advice in the face of uncertainty about Medicare, according to Cathy Weatherford, president and CEO of the Insured Retirement Institute. She urged Americans to discuss "alternative options with a financial professional to ensure that they can maintain their financial security throughout retirement."