The Transamerica Retirement Management (TRM) Division was formed in early 2006
to focus on the needs of the retiring Baby Boomer generation, for whom life
expectancy is increasing. For a couple retiring at age 65, there's a better
than 50/50 chance that one spouse will live beyond age 90.(1) Add to that the
weakening of Social Security and defined benefit programs--which is shifting
the burden of retirement income from the government and employer to the
individual--and its clear the financial services industry has an enormous
opportunity to help retirees plan for a fulfilling and successful retirement.
With its many insurance and investment products, TRM is well positioned
to serve this growing group of individuals. TRM was created to ensure we are
maximizing this opportunity. Many of our business units and their distributors
are already active in this market; TRM coordinates with these units in an
effort to leverage existing product manufacturing capabilities and distribution
networks, and to develop innovative strategies.
TRM is focusing on three initiatives:
- Developing a retirement management account to address
retirees' need for asset management, income generation, and/or wealth
transfer. This could also include long term care and supplemental health
insurance.
- Expanding the company's ability to offer living
benefits, such as guaranteed lifetime income.
- Working with affiliated broker/dealers and
"partner" broker/dealers to develop educational programs, planning tools and
marketing campaigns to help advisors work more effectively with their retiring
clients.
As a new business unit, TRM will certainly evolve over time,
and strategies and priorities will change. However, one thing will remain
constant: the commitment of the Transamerica Retirement Management Division to
helping the growing number of retirees fulfill their retirement dreams.
Additional information can be found at: www.securepathbytransamerica.com