Competition for the individual retirement market is heating up as the number of baby boomers heading into retirement increases, creating an opportunity for insurers to attract new customers and their assets, according to “The Big Payout: Growing Individual Retirement Income Opportunities 2012,” a report from Conning Research & Consulting.
At the end of 2011, there was $9.5 trillion in total assets owned by those in or near retirement; there also are 3.6 million baby boomers turning age 65 every year until 2029, and these younger boomers are more heavily invested in defined contribution (DC) plans and IRAs than those who preceded them, which means that the opportunity to serve their income distribution needs will continue to grow.
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