Global Aging, Retirement Security, and the Promise of Lifetime Income

In this episode of the Global Regulatory Update podcast, host Philippe Brahin, Head of Insurance and NBFI at the IIF, speaks with Phil Waldeck, Executive Vice President and Head of U.S. Business at Prudential Financial, about The Case for Lifetime Income, a 2026 study by the Global Aging Institute sponsored by Prudential Financial. Drawing on insights from five major retirement systems, the report examines how countries can improve retirement security while addressing the growing challenges posed by aging populations, increasing longevity, and mounting pressure on public finances. The conversation explores the economic and societal benefits of lifetime income solutions, including how longevity pooling can help deliver better retirement outcomes while improving the efficiency of retirement systems. Phil discusses why the transition from defined benefit pensions to defined contribution plans has created new challenges for retirees, the behavioral and structural barriers that have limited the adoption of lifetime income products, and the policy changes that could help individuals convert retirement savings into more secure and sustainable income streams. The discussion also highlights lessons from retirement systems in the United States, Australia, Japan, the Netherlands, and the United Kingdom, and why different countries are pursuing different approaches to the same demographic challenge. The episode further examines the implications of aging populations for life insurers, including the importance of asset-liability matching, long-duration investing, and the growing role of insurers in managing longevity risk. Phil also reflects on the respective roles of policymakers, employers, financial institutions, and retirement plan providers in strengthening retirement outcomes and discusses how the report's recommendations are being received by governments, regulators, and international organizations. Together, the discussion offers a timely look at one of the most significant financial and social challenges facing economies around the world: how to provide retirement income that people can rely on throughout increasingly longer lives.