South Iowa News

Representative Zach Nunn from Iowa's 3rd Congressional District has introduced a bipartisan resolution to recognize June as National Annuity Awareness Month. This initiative, co-led by Representative Brittany Pettersen of Colorado's 7th District, aims to highlight the importance of annuities in ensuring retirement stability for many Americans.

Rep. Nunn emphasized the significance of annuities for financial independence, stating, "Annuities offer hardworking Iowans a reliable way to protect their retirement and maintain financial independence." He added that acknowledging June as National Annuity Awareness Month would help Americans better understand their financial options and make informed decisions for long-term stability.

Statistics indicate that nearly 90 million U.S. households depend on life insurance and annuity benefits for financial security. In 2023, life insurance companies distributed $89.4 billion in benefits and set a record with $104.1 billion in annuity payouts, supporting families, retirees, and small businesses. As more individuals approach retirement age, access to dependable insurance products becomes crucial for safeguarding lifetime savings.

Chuck DiVencenzo, CEO of the National Association for Fixed Annuities, commented on the role of annuities: "Facing myriad financial risks in retirement, consumers are looking for opportunities to ensure they don’t outlive their assets. Annuities provide a unique combination of protection, growth and predictable lifetime income." He expressed gratitude towards Reps. Nunn and Pettersen for recognizing the value of increased education about annuities.

Des Moines is recognized as a national center for annuities with major companies like Principal Financial Group and F&G Annuities & Life based in Iowa. The state's life insurance and annuity sector employs over 17,000 people and is projected to reach $54.3 billion by 2025. The resolution encourages consumers to educate themselves about annuity products with professional guidance for their financial planning.

Text of the resolution can be found here.