The American Council of Life Insurers’ (ACLI) President and CEO Dirk Kempthorne issued the following statement today on a new report by the Bipartisan Policy Center (BPC) that highlights the importance of annuities and lifetime income:

Washington, D.C. (June 13, 2016) — “The Bipartisan Policy Center’s focus on the importance of lifetime income in its new report is the right message at the right time.

“People are living longer than ever, with many retirements lasting 20 years, 30 years of more. People can supplement Social Security with a guaranteed source of additional lifetime income. That is exactly what annuities do.

“Annuities represent a solution to financial challenges associated with longevity. Through their guarantees, they relieve the risks and burdens of managing money over a lifetime and promote financial independence and dignity.

“ACLI applauds the BPC for recognizing the contribution annuities can make in building Americans financial and retirement security.”