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Fact Book on Retirement Income 2016

10/25/2016
Fact Book on Retirement Income 2016 - Cover

Industry Issues

Financial firms and advisors share the responsibility of helping millions of Americans achieve retirement security. Understanding the market and products is the first step. Analysis of the retirement income market by different segments, demographics, or retirement status can help institutions spot opportunities, identify the right solutions for the right market, and grow their businesses. 
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  RELATED RESEARCH


Key Findings

  • In 2015, the number of U.S. retirees reached 49.5 million. They now make up 15 percent of the total U.S. population.
  • In 2014, retired Americans received $1.3 trillion dollars in income. Nearly three-fourths of their total income comes from two important sources — Social Security benefits (42 percent) and traditional pension and retirement plans (30 percent).
  • Life expectancies at birth, at age 65, and age 75 continue to improve for Americans.
  • There were 122.5 million U.S. households in 2013. These households owned $31.0 trillion in investable financial assets.
  • Fifty-seven percent of men and 64 percent of women claimed their Social Security benefit before reaching full retirement age (FRA) in 2014.
  • Annuity assets earmarked directly for guaranteed lifetime income or withdrawals have reached $1.1 trillion in 2015.
  • Annuity owners draw $8,000 to $11,000, on average, in annual guaranteed lifetime income or withdrawals from their annuities.


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Meet the Project Director

Jafor Iqbal
Assistant Vice President
LIMRA Secure Retirement Institute
jiqbal@limra.com

Jafor Iqbal studies retirees and the role of financial advisors in retirement income planning. In this role, he leads the LIMRA Secure Retirement Institute's retirement income initiatives. His leadership and focus in retirement income has resulted in the publishing LIMRA’s 2009 and 2012 editions of The Retirement Income Reference Book, a complete mapping of the retirement income marketplace, including retirement risks and issues faced by consumers and advisors, as well as the annual LIMRA Retirement Income Fact Book.

Prior to joining LIMRA in 2009, Iqbal was Director of Product Management at Fidelity Investments.



For more information, Email jiqbal@limra.com


Jafor Iqbal