Events of 2020 have dramatically reshaped the retirement landscape both for individuals and the ecosystem supporting it. Even before COVID-19 washed across our country, interest rates had started to sharply decline. Since then, the pandemic created incredible stress on a number of sectors of our economies, threatened near-retirees with earlier than planned retirement, and frightened people living on fixed incomes. Agents and advisors who built their practices around in-person meetings, seminars, and events suddenly fell out of work. Carriers and other providers of services struggled to generate revenue and maintain margins.
Fortunately, this too shall pass. Though the virus has returned with a vengeance this fall, a number of vaccines and therapy treatments promise to make 2021 a better year. Even in the middle of a bitter election battle, Congress has managed to pass a number of bills that provide economic relief and open the door for more retirement planning options. Despite lower sales and ever lower interest rates, the insurance industry appears to have stabilized. And a select number of advisors have demonstrated that we can engage, educate, and help retirees plan for retirement in a digital, remote manner.