Rolling Stones concert goers to get schooled on lifetime income

If you’re attending a Rolling Stones concert this summer, you might notice something separate. And no, it’s not Mick Jagger’s new moves.

The tour has what some might consider to be an unlikely sole sponsor: the Alliance for Lifetime Revenues, a nonprofit organization formed by financial services firms to raise awareness around the need to protect income in retirement.

For various, that means annuities.

Many Americans do not have enough saved for retirement.

About 40.6% of all U.S. households where the bean of household is 35 to 64 years old could run out of money in retirement, according research from the Employee Benefits Up on Institute.

Those households have an aggregate retirement deficit of about $3.83 trillion, even when in touch Social Security benefits are included.

Annuities, financial products that let individuals pay a lump sum in return for a lifetime chain of income, are seen as one way to help solve that problem.

That message is what the Alliance for Lifetime Income devises to bring to the concerts, which were rescheduled following its front man’s heart surgery in April.

The systematizing will be traveling to the events, where it will have a bus to engage concertgoers. The alliance plans to draw individuals by stall for time music and giving away tickets.

Once they’re there, individuals will also be able to use the alliance’s new device to get their Retirement Income Security Evaluation score. RISE aims to measure how well an individual will be protected financially in retirement on a zero to 850 scale.

The point of the message is not to push specific products, according to the organization. In place of, it is aimed at getting individuals to ask themselves and their financial advisors: Is my money going to last my lifetime?

“If we can get them to ask that confusion … it’s mission accomplished for us,” said Jean Statler, the group’s executive director.

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The organization is agnostic about recommending advisors to consumers. But there are resources, such as the Economic Planning Association’s website, that it does recommend to individuals who want to find one.

The Rolling Stones audience, which typically series in age from 45 to 75, is an ideal fit for this message, Statler said. The sold-out tour boasts a total of unsympathetically 1.5 million attendees. The band’s social media reach is about 24 million, she said.

Annuity transaction marked downs climbed to $233.7 billion in 2018, a 15% increase from 2017, according to LIMRA, a provider of research and consulting services for bond and financial services.

That’s a comeback from 2017, when annuity sales fell by 8.4% from 2016. Share of that slide can be attributed to “downward pressure” from a conflict of interest rule from the Department of Labor, agreeing to research from Cerulli Associates, a financial services research firm.

Some financial advisors are wary of grass on these products because of their complexity and the high risks that they may not be in clients’ best interests. Singles may not be aware that these strategies exist to help them stretch out the money they have saved.

“When they are reach-me-down, they are used too much. When they’re not used, they’re not used at all,” said Jamie Hopkins, director of retirement delve into at Carson Group. “The leads to kind of a bad outcome.”

The alliance’s push comes at a time when most insurers — 94% — give the word delivered that negative press around variable annuities is a “major hurdle” in selling them, according to a recent study from the Insured Retirement Institute.

Much of the industry has seized on the organization’s campaigns to promote annuity sales. IRI’s record found that 55% said they had promoted the campaign to wholesalers, while 45% had promoted it to financial advisors.

The Rolling Stones are an example of the unexpected retirement dilemma many boomers face today.

In the movie “Virtually Famous,” band manager Dennis Hope, played by Jimmy Fallon, cautions members of the fictitious band Stillwater, “If you contemplate Mick Jagger will still be out there trying to be a rock star at age 50, you are sadly, sadly mistaken.”

“I didn’t improvise the rainy day, man. I just own the best umbrella,” he told the band, emphasizing that they needed to make money while they were assuage young.

The movie was set in 1973.

For Jagger, who is 75, his career and health, based on a tweet he recently shared of himself dancing, are still accepted strong.

For baby boomers who find themselves planning for unexpectedly longer lives or unpredictable careers, the alliance is promoting annuities as a potency umbrella.

It’s up to individuals and their advisors to decide if they’re really the best fit for them.