Milliman today announced that the company has joined the Alliance for Lifetime Income as a founding member. The Alliance, a newly launched nonprofit organization supported by 24 leading insurance and financial services organizations, is focused on educating Americans on the risk of outliving their savings and about the importance of protected retirement income.
“There are an estimated 10,000 Baby Boomers retiring each day in the U.S., and many lack adequate sources of protected retirement income,” said Ken Mungan, Chairman of the Board, Milliman, Inc. “As people move from their working years to retirement, the retirement planning narrative has to shift. Milliman is privileged to play a role in this unprecedented industry collaboration.”
Milliman clients include pension plan sponsors, defined contribution plan sponsors, and providers of guaranteed lifetime income solutions. The firm brings a broad perspective on retirement security to the Alliance, while also providing some of the sharpest minds on the retirement income challenge facing many Americans.
“The insurance industry is poised to play a major role in solving the retirement income crisis in America,” Mungan added. “Through the pooling of risk, a cornerstone of insurers, retirees can help fill the income gap between their Social Security and employer-provided retirement, and their true lifetime income needs.”