9/24/2025
By Bryan Hodgens, Senior Vice President and Head of LIMRA Research
At this year’s LIMRA Annual Conference, I had the pleasure of sitting down with Jason Fichtner, executive director of the Retirement Income Institute at the Alliance for Lifetime Income by LIMRA. With a distinguished career in retirement policy and economics — including senior roles at the Social Security Administration — Jason brought a wealth of insight to our discussion about the future of annuities.
Reflecting on the Last Five Years
Annuity sales have seen remarkable growth, nearly doubling from $219 billion in 2020 to $434 billion in 2024. What fueled this surge?
The Retirement Income Challenge
There is no doubt that there is a growing retirement income challenge facing millions of Americans. Key factors include:
The “Peak 65” Moment
From 2024 to 2027, over 11,000 Americans turn 65 every day, marking the peak of the boomer retirement wave. By the end of the decade, there will be more people over 65 than under 18, a demographic shift with profound fiscal and financial implications.
Changing the Narrative Around Annuities
Jason shared how reframing the conversation—from “annuities” to “protected income”—has helped shift public perception. Consumers may not love the word “annuity,” but they value guaranteed income and financial protection.
Even younger investors are paying attention. LIMRA research shows that:
Advisors Are Listening
Consumer interest is influencing advisors:
Technology is also helping streamline the annuity sales process, with fintech tools improving income planning and reducing paperwork friction.
Looking Ahead: Workplace Integration & Framing
The future of annuities may lie in defined contribution plans. As employers begin offering annuity options in target-date funds, employees will gain easier access to protected income—potentially transforming the market.
Jason suggests reframing annuities as part of a “protection asset class”, alongside equities and bonds. He also advocates for shifting from “decumulation” to “income planning”, helping consumers visualize a spending strategy that aligns with their retirement goals.
Final Thoughts
The path to doubling annuity sales by 2030 is clear:
As Jason put it, “Annuities aren’t just sold—they’re starting to be bought.” And that shift in mindset may be the key to unlocking the next wave of growth.
To watch the full conversation, please visit: Industry Insights with Bryan Hodgens: What Will It Take to Double Annuity Sales Over the Next 5 Years?
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About LIMRA
Serving the industry since 1916, LIMRA offers industry knowledge, insights, connections, and solutions to help more than 700 member organizations navigate change with confidence. Visit LIMRA at www.limra.com.
About the Alliance for Lifetime Income By LIMRA
The Alliance for Lifetime Income by LIMRA is the consumer and advisor educational arm of LIMRA. Its mission is to raise awareness pf and educate Americans about the value and importance of having protected income in retirement. The Alliance provides consumers and financial professionals with unique educational resources and interactive tools that help build retirement income strategies. Visit the Alliance at www.protectedincome.org
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