Rep. Tom Suozzi, D-N.Y., presented his proposal for a federal catastrophic long-term care program financed by payroll taxes during a session at the Insured Retirement Institute's 20 in 21 conference. For lower-income Americans, the benefits would begin after long-term care services were needed for at least a year, Suozzi said.

A practical strategy Americans can use to maximize retirement income is to buy an annuity to generate income while delaying Social Security benefits to maximize them, according to former Social Security Administration official Jason Fichtner. "It's the role of financial advisors and employers to sit down with employees and talk about the need to save while they're working and discuss products that are available to provide additional protected income in retirement," Fichtner says.

The coronavirus pandemic took a toll on investor optimism and encouraged people to focus on guarding against portfolio losses, a study suggests. Diversification is the most common strategy to protect against losses, and many millennial and Gen X investors also indicated they would use annuities to address market risk.

The National Association of Insurance Commissioners' Life Insurance and Annuities Committee does not appear to be interested in forming a group to look at reengineering life insurance and annuity illustrations. Iowa Insurance Commissioner Doug Ommen said there is not enough consensus among regulators to produce meaningful results.

Data provider Cannex and Luma Financial Technologies have partnered to provide annuity product data and modeling support for advisors. The partnership's goal is to get more advisors to engage with annuities, said Gary Baker, chief operating officer at Cannex.

The Senate voted 53-45 to confirm Gary Gensler as chairman of the Securities and Exchange Commission. The Insured Retirement Institute "looks forward to working with Chair Gensler and the commission to address the retirement security challenges America's workers and retirees are facing as they seek to save for and produce sustainable lifetime income during their retirement years," said IRI President and CEO Wayne Chopus.

The Labor Department has issued guidance related to its fiduciary investment advice exemption, including general background information and answers to frequently asked questions. The agency said it is continuing to consider issues relating to the exemption, as well as the regulation of fiduciary investment advice generally.

When the IRS released its interpretation of the Setting Every Community Up for Retirement Enhancement Act's 10-year required minimum distribution rule for post-death payouts, it was not what many people in the financial industry anticipated, writes Ed Slott. The newly released publication said most non-spouse designated beneficiaries must take distributions in each of the 10 years, Slott writes.

Financial advisors can do several things to help avoid burnout in the coronavirus-induced virtual work environment, writes Laura Cheeley of RBC Wealth Management US. Among Cheeley's recommendations are staying positive, establishing boundaries with clients and employees, and taking time off.

Wealthy people who have been managing their own investments, especially those with a financial background, can be loathe to turn over even some control to a financial advisor, writes Jonathan Bergman of TAG Associates. Bergman has developed a playbook to show these individuals the value of working with an advisor while still retaining control over their finances.

Register now for IRI's 20 in 21 conference featuring a compelling agenda and speakers to provide insights on the challenges and issues affecting the insured retirement industry in 2021. The event runs every Wednesday through May 5. Learn more here.

The Insured Retirement Institute's latest edition of "The Long View" is now available. It features CEO of Prudential Financial's US Insurance & Retirement Businesses Caroline Feeney, who offers advice for people who may not fit the "typical" leadership mold. Read it here.