The Society of FSP has joined the Coalition for Annuity Awareness in declaring June as National Annuity Awareness Month. National Annuity Awareness Month is designed to provide awareness and understanding of annuities and their benefits in financial and retirement planning. Activities in support of the inaugural National Annuity Awareness Month will occur throughout the month of June. Annuities are often misunderstood and misrepresented and the Coalition for Annuity Awareness was formed to help promote the facts about annuities so that consumers can make informed decisions that are beneficial to their life plans and retirement dreams.
Along with the Coalition for Annuity Awareness, FSP will provide educational material, webcasts and social media communications to help educate financial professionals and the public on the important role fixed and variable annuity products play in helping Americans save for retirement.
"National Annuity Awareness Month perfectly aligns with SAFE's mission to provide accurate, easy-to-understand information about annuities and their role in insuring retirement saving and retirement income to Americans understanding of how planning needs to change after retirement," noted Mark T. Stone, SAFE's President.
ABOUT the Coalition for Annuity Awareness
The Coalition for Annuity Awareness is comprised of industry associations who serve consumers by helping them understand annuity products. As today's challenging economic environment continues to evolve, a growing number of individuals and families are turning to annuities to help provide security for their retirement. Specifically, many consumers are using annuities as a vital risk management tool to protect themselves against the possibility of outliving their financial resources. Annuities are unique among financial products in the marketplace because they can provide retirees with a guaranteed lifetime income stream.
Currently, there is over $500 billion in-force premium serving roughly 3.3 million Americans. The annuity market is largely comprised of middle-class consumers with an average annuity valued at $90,0001 and a household income of around $100,000 . In 2012, life insurance companies paid $97 billion in annuity benefit payments providing crucial retirement security to contract holders . In addition, more than 75 million Americans rely on annuities and other insurance products for financial and retirement security, and nearly 20 percent of Americans' long-term savings is in life insurance and annuities.
2013 Beacon Research Report
The Committee of Annuity Insurers, Survey of Owners of Individual Annuity Contracts (The Gallup Organization and Mathew Greenwald & Associates, 2013
The American Council of Life Insurers (ACLI)
Founded in 1928, the Society of Financial Service Professionals is the standard bearer for excellence in professionalism, advanced continuing education, and ethical guidance for the nation's top financial advisers. The Society has approximately 11,000 members, each of whom holds one or more of the following recognized financial service credentials: CASL®, CEBS®, CFA®, CFP®, ChFC®, CIMA®, CLF®, CLU®, CPA, CPC, CPCU, CTFA, EA, JD, MSFS/MSM, REBC®, RHU®, Graduate Degrees in Financial Services. Active in 150 Chapters nationwide, Society members assist the public in their efforts to achieve personal and business-related financial goals. Consumers can obtain free financial information or find a Society member in their community by calling the Society's toll-free National Consumer Referral Service at 1-888-243-2258 or visiting www.financialpro.org.