Boomers have been conditioned to accumulate wealth in 401(k)s, IRAs and brokerage accounts. 10k of them retire every day. Now what?
David Stone writes about coming insuretech innovation in WealthManagement.com‘s 2021 mid-year outlook. As we face what some folks are calling “Peak 65,” a vast population of Americans will need to figure out how to pay themselves in retirement. Lifetime income in the form of annuities presents one of the most obvious solutions. But, as David points out, adoption of traditional annuities for income has been relatively low for myriad reasons.
Could insurance technologies help improve client outcomes, simplify income solutions, and meet the needs of more retirees who lack the experience or expertise to manage longevity risk on their own?