Long-Term Care Planning & Alliance For Lifetime Income
About the Alliance for Lifetime Income & Retire Your Risk
Too many American households approach retirement “unprotected,” without protected monthly income other than Social Security.
The Alliance for Lifetime Income is a nonprofit 501(c)(6) organization formed and supported by some of the nation’s leading financial services organizations to create awareness and educate Americans about the importance of protected lifetime income.
The Alliance is focused on helping to educate Americans on the risk of outliving their income so they can enjoy their retirement lives. The Alliance provides consumers and financial advisors with the educational resources, tools and insights they can use to build plans for protected retirement income.
CLOSE TO 10,000 PEOPLE turn 65 every day, many of them not sure whether they’ll outlive their money in retirement. That’s because the majority of young baby boomers (and the generations that follow) will retire without a pension, making Social Security their only source of guaranteed income.
The 2019 Protected Lifetime Income Index Study, a Census-balanced survey recently conducted by the Alliance for Lifetime Income finds that women lag men in several key indicators of retirement preparedness, including (1) their likelihood of having a general financial plan for retirement, (2) their use of professional financial advice, and (3) whether or not they have a source of protected lifetime income other than Social Security.
Consequently, women are more concerned than men that their income will not last their lifetime. Approximately six in 10 women versus less than half of men don’t expect their income to last their lifetime. One of the big factors driving this uncertainty is that only 34 percent of women have a source of protected lifetime income, either from a pension or an annuity, and that ratio declines further to 28 percent among non-retired women.
The Alliance’s research suggests that advice and information will help to ease these concerns. Just over half (56 percent) of the women who participated in the survey believe they could get professional guidance on a financial question if they needed it, but a mere 25 percent actually have a professional advisor.
Protected Lifetime Income
A New Formula and Category for Today’s Modern Retirement Plan How the unique benefits of risk-pooling in an annuity can enhance a truly diversified retirement-income planning process
By Wade Pfau, Research Fellow, Alliance for Lifetime Income Professor of Retirement Income, The American College of Financial Services and Emilio Pardo, Co-Chairman, Operating Committee, Alliance for Lifetime Income