Picture this: You’ve spent decades building a career, raising a family, contributing faithfully to your 401(k). The finish line is in sight. Retirement should feel like freedom. But instead, it feels like a gamble.

That’s the disconnect Meghan Farrell of Allianz Life Insurance Company of North America and Ericka Spann of MassMutual Strategic Distributors are trying to solve. In a recent Retirement Income Masterclass, they pulled back the curtain on what retirees are really worried about—and how advisors can do better.

Today’s Retirement Savers Feel More Prepared—But Also More Anxious

“Most plan participants are feeling as prepared, if not more prepared, for retirement than previous generations in their family,” said Meghan Farrell, referencing the inaugural State of Lifetime Income report from the Allianz Center for the Future of Retirement.

But even with more access, better education, and auto-enrollment features, fear is still winning.

• 72% worry about a major market downturn.
• 68% are afraid of unexpected expenses.
• 60% fear they’ll run out of money entirely.

“We’ve done a lot on the accumulation side,” Farrell said. “But there’s still a lot of uncertainty once participants get to retirement.”

The 4 Big Retirement Risks You Can’t Ignore

Ericka Spann laid it out plainly: “There’s about four key risks that we see people have.”

1. Sequence of return risk – Timing matters. “My mom retired during COVID, in a down market. People like her run out of money faster.”
2. Longevity risk – “Back in 1924, the average life expectancy was 58. Now it’s nearly 80.”
3. Long-term care risk – “Nursing homes cost between $7,500 and $10,000 a month depending on the state.”
4. Inflation risk – “It’s not just groceries. It’s medical bills, medications, and even services.”

Guaranteed Lifetime Income: The Power of Predictability

Both speakers made the case for annuities as a critical tool in addressing these risks.

“Annuities offer one potential solution for helping manage this range of unforeseen risks,” said Farrell. “86% of plan participants prefer a steady stream of income over managing a lump sum.”

For employers, the payoff is cultural as well as financial. “78% of plan participants said offering guaranteed lifetime income would show their employer is invested in their well-being,” Farrell added.

Women Are Redefining Retirement

One of the most powerful threads running through the conversation was the role of women—and how their financial lives are reshaping the industry.

“Women over 50 are one of the fastest-growing groups of new business owners,” Spann noted. “They want reinvention. They want to travel. They want to see grandkids graduate.”

And the wealth is shifting. “We’re talking about $70 to $90 trillion transferring into the hands of women over the next decade,” she said. “If you’re not speaking to women—visually, emotionally, strategically—you’re missing the future of retirement planning.”

Language and Psychology Matter

Farrell’s team found clear preferences in terminology: “Plan participants prefer the term ‘guaranteed lifetime income.’ It conveys the confidence and security they want.”

Spann agreed, emphasizing that financial planning must resonate personally: “The average American has a vocabulary of 42,000 words—but just 26 words dominated how they describe retirement. That’s an opportunity for advisors to paint a fuller picture.”

Annuities Are Evolving—and So Are Advisors

Annuities may have had a branding problem in the past—but today, they're quietly reshaping the retirement conversation.

“Annuities help protect against the biggest risks,” said Farrell. “They turn savings into a reliable paycheck for life.” In fact, 86% of participants in Allianz’s survey said they’d prefer that predictability over managing a lump sum on their own.

Spann brought it home with a simple acronym for how to build a holistic income plan: GAPP—Growth, Access, Predictable income, and Protection. “We’re not just helping people grow their money. We’re helping them protect it, access it, and live off it.”

From Fear to Freedom

What does all this mean for advisors?

It means retirement isn’t just a math problem. It’s a human story—full of anxiety, hope, and trade-offs. It means tools like annuities aren’t just financial products—they’re bridges to confidence. And it means that language matters. Simplicity matters. Empathy matters.

As Spann put it, “Clients retire once. Advisors do it hundreds of times. Carriers like us? Millions. So don’t do it alone. Use our experience to guide your clients through the story of their retirement.”

Farrell agreed. “There’s a big opportunity in this new space of in-plan income products. Advisors who embrace it can help more people retire with dignity.”

If you’re a financial professional, the message is clear: retirement income planning has changed. The tools, the language, and the client expectations are different. But with the right partners, advisors can turn complexity into confidence—and uncertainty into income.