Talk about a golden opportunity: In a period of less than two decades, the investible retirement assets of U.S. households aged 55 and over – a group itself becoming larger and larger over the years – will nearly double, to approximately $22 trillion.
The newest numbers from LIMRA's research indicate a substantial body of retirement savings and a vast population looking for retirement investment and post-retirement income stream help.
"There is a huge opportunity for the financial services industry to help Americans identify how much income they will need in retirement, develop a plan for investing their portfolio to generate income, while continuing to grow their assets," said Jafor Iqbal, associate managing director, LIMRA Retirement Research, in a release Monday.
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Two years ago, those households held approximately $12 trillion, and according to U.S. Census projections, that sum is expected to grow by at least $10 trillion in the coming 17 years.
LIMRA notes that with the ongoing disappearance of DB plans in workplaces, there will be much stronger demand for products designed to generate income in retirement, as retirees pull their money out of their 401(k)s and begin to roll over their IRAs.
"With such a large demand, advisors may have to provide income product solutions more efficiently," noted Iqbal. "We are witnessing financial services firms changing the structure and business model to accommodate more customer-centric information and process, promoting uniform tools and services across the institutional and retail businesses to capture rollovers, emphasizing smooth transition of assets from the savings in institutional plans to retail side of the business where most retirement income products and solution are typically available."
These findings are included in LIMRA's new Retirement Income Reference Book, which was published in December 2012.
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