The fact that so many Americans are not adequately preparing for retirement has been widely documented. However, in considering potential solutions to meet this challenge, the role of insurance companies and other financial institutions, along with their intermediaries, is often overlooked.

This is a big problem as well as a major opportunity for insurance agents and brokers—many of whom supplement their property and casualty books of business with group life and health insurance sales via employee benefit plans. Some sell retirement-related products directly to individual consumers as well.

The financial services industry has certainly devoted considerable resources to this effort, spending billions to market a growing number of products and services designed to address retirement needs. Furthermore, there are thousands of professionals of various stripes—financial planners, advisors, brokers and insurance agents—ready, willing and able to help consumers put together a formal retirement savings and income plan.