The shift from pensions to 401(k)s, paired with uncertainty around Social Security, has left many retirees with less income and at risk of outliving their savings. Allianz, in partnership with Empower, is taking the challenge head-on.
In this episode, Jack Sharry talks with Matthew Gray, Vice President of Employer Markets at Allianz Life. Matt is responsible for the company's employer markets and defined contribution business. He oversees all aspects of the company’s strategy, distribution, marketing, product development, and more.
Jack and Matthew discuss the convergence of workplace and wealth, how 401(k) plans evolve to offer better financial guidance, and how Allianz makes guaranteed lifetime income simple and accessible. Matthew also shares the challenges of retirement planning and how Allianz addresses the growing concern of retirees making less of their income and outliving their savings.
In this episode:
[01:30] - Matthew's role at Allianz Life
[03:08] - How Allianz and Empower revolutionize retirement security
[04:49] - Key trends shaping the future of defined contribution plans
[09:13] - Allianz's guaranteed income solution
[16:35] - The future of guaranteed income solutions
[18:10] - The good news about lifetime income solutions
[19:25] - Matthew's interests outside of work
Quotes
"Retirement is about generating more income and generating that income for longer. Unfortunately, the trends from moving from defined benefit plans to defined contribution plans, combined with challenges with social security, all point to maybe people getting less or not getting it for as long." ~ Matthew Gray
"Our objective is to make guaranteed lifetime income more accessible and inclusive for a larger number of Americans who really depend on what they can generate from their employer-sponsored plan." ~ Matthew Gray
"Lifetime income solutions aren't coming sometime in the future. They're already here. They're already in plans helping people and are available for sponsors and advisors who want to help their participants better prepare for retirement." ~ Matthew Gray
Links
Mathew Gray on LinkedIn
Allianz Life
Empower
Connect with our hosts
LifeYield
Jack Sharry on LinkedIn
Jack Sharry on Twitter
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