June 2023: Annuity Awareness Month

WHEREAS, annuities provide a safe alternative for individuals who want a predicable way to meet immediate, ongoing, and future financial obligations and objectives; and,

WHEREAS, surveys consistently indicate that the vast majority of Americans are looking for a financial vehicle that provides the benefits annuities offer, specifically the ability to address the critical concern of running out of money during retirement; and,

WHEREAS, outliving one’s retirement income creates a financial hardship that may require working additional years after retirement age, reduce the standard of living in retirement, defeat the fulfillment of legacy goals, or require dependence upon family and friends for monetary support; and,

WHEREAS, research indicates that annuity owners have a higher confidence in their overall retirement readiness; and,

WHEREAS, because determining what kind of an annuity to buy and when to take income is one of the most important financial decisions consumers will ever make, individuals and families can benefit greatly from the expert advice of a qualified insurance or financial services professional; and,

WHEREAS, the Coalition for Annuity Awareness, a nonprofit whose membership represents hundreds of leading insurance companies and organizations, has designated June as National Annuity Awareness Month, the goal of which is to educate consumers on annuity benefits, support them in considering annuities for meeting specific financial goals, and encourage them to seek professional advice for implementing annuities effectively in their income and legacy planning;

NOW, THEREFORE, I, Gretchen Whitmer, governor of Michigan, do hereby proclaim June 2023 as Annuity Awareness Month in Michigan.