It appears that retirement income is becoming more important than savings these days. With 11,000 individuals turning 65 every day this year, we are first in what is known as peak 65, and they are also living longer. More than 80% of planners in the retirement planning industry use systematic withdrawal strategies as their customers' primary—and frequently only—withdrawal method. And for that reason, only 2 percent of consumers have any kind of protection to guarantee that their income will last as long as it does.To counter act this retirement movement a new product or strategy which is call insurance overlays is bring protection to clients' assets instead of asking advisers to move their clients' assets to an insurance company or annuity. For example, if you were to use a lifetime income solution like annuity, you might need to sell out of your existing portfolio, move money, and then change your investment strategy moving forward. Insurance overlays can create guaranteed lifetime income from the same investments in your current managed account or brokerage account like Schwab or Fidelity.The difference of insurance overlay versus an annuity is the lack of the need to move assets. So you can maintain an asset control. Advisors can manage that portfolio holistically and maintain flexibility and control in that portfolio. Retirees most importantly, benefit from a lifetime income stream that doesn't impact their liquidity, has no cancellation penalty, and is commission free as well. And this really creates stability for retirees to live a better life longer.This insurance overlay is first offered thru partnership with FIDx, Fiduciary Exchange LLC (FIDx) is a technology firm offering solutions that connect the brokerage, insurance and advisory ecosystems, who's creating a new insurance overlays marketplace for these types of solutions. And it truly is a marketplace because it'll feature leading distributors, broker dealers, RIAs, asset managers, as well as other carriers with their own solutions. What FIDx has done is simplify the experience for providing lifetime income to a matter of minutes, and now they're working to embed that in leading wealth platforms as well.Insurance overlay is relatively new solution. Dan Gutman, vice president of future growth at Prudential states “We expect these to hit the market in early 2025 and become more mainstream in wealth management in the years to come. Prudential did a client survey where they asked existing managed account clients how they view this income solution, and the results were really, really encouraging. Great receptivity from advisors all the way from the smallest RIAs to the largest broker dealers. Historically there have been great innovation in the accumulation side of wealth acclamation excited to see innovations like insurance overlay on the decumulation side to help expand access to retirement security for clients like my grandparents.”An exciting strategy of lifetime income for millions of retirees coming in 2025. Stay tuned.