Washington, D.C. (April 9, 2012)—Now more than ever, Americans should be encouraged to think about and implement a retirement savings plan that will allow them to enjoy dignity and peace of mind when their working days are over.

That is why ACLI is a strong supporter of National Retirement Planning Week, an annual event sponsored by the National Retirement Planning Coalition (NRPC) to highlight the need for workers to take prudent and effective steps to prepare for retirement.

NRPC members include financial industry, educational and advocacy organizations committed to helping American workers achieve lifetime financial security.

Retirement planning is a two-step process. The first step is making a commitment to retirement savings. This can be done through an employer-provided plan, such as a 401(k), or on-your-own through an individual retirement account (IRA) or an annuity. The second step is turning those savings into a guaranteed stream of lifetime income—a paycheck for life—upon retirement.

For those with an employer-based plan, the bipartisan Lifetime Income Disclosure Act (S. 267), introduced by Sens. Jeff Bingaman (D-N.M.), Johnny Isakson (R-Ga.) and Herb Kohl (D-Wisc.), would help participants prepare for retirement by providing them with an annual statement of how their lump-sum retirement savings translate into a guaranteed stream of monthly income. This would help workers visualize how their savings will address their month-to-month needs.

In research commissioned by ACLI in 2010, 60 percent of workers age 45 to 65 said they would start saving more money immediately if this illustration showed that their monthly income would not be enough to meet their needs.

During National Retirement Planning Week, NRPC is hosting a series of events where workers can learn more about retirement planning.

The American Council of Life Insurers (ACLI) is a Washington, D.C.-based trade association with more than 300 legal reserve life insurer and fraternal benefit society member companies operating in the United States. ACLI members represent more than 90 percent of the assets and premiums of the life insurance and annuity industry. In addition to life insurance and annuities, ACLI member companies offer pensions, 401(k) and other retirement plans, long-term care and disability income insurance, and reinsurance. ACLI's public Web site can be accessed at www.acli.com.