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Jefferson National Contact:
Deborah Newman
Director Corporate Communications
212-220-5862
dnewman@jeffnat.com

Jefferson National Hosts Experts to Discuss "Winning the Retirement Income Challenge"

Industry Leaders say Holistic Planning, Accumulation Best Defense Against Outliving Savings; Call for Product and Policy Reform, Consumer and Advisor Education

New York, NY and Louisville, KY - May 14, 2008 - Jefferson National, the company whose flat-insurance fee VA has increased the value of tax-deferral for consumers, recently hosted their first annual FORERUNNER Roundtable, an expert panel discussion in New York City to help advisors and clients understand the changing retirement landscape and win the retirement income challenge.

The distinguished panel, including top financial gerontologist, Neal E. Cutler, Ph.D., and two award-winning financial advisors, Christopher Cordaro and Jeffrey E. Daniher, was moderated by Jefferson National CEO Laurence Greenberg. Financial advisors could log-in and earn continuing education credits, learning how to use the years before retirement to plan wisely, accumulate more and generate more retirement income.

"Going forward from today's discussion, I'll look at retirement planning from a more holistic perspective—looking at all the factors," said Laurence Greenberg, President and CEO of Jefferson National. "Younger boomers and the generations that follow will face tough new challenges such as the accumulation issue, faltering Medicare, longevity and the aging family, all of which will have a big impact on how they prepare for a retirement that could last 30 years or more."

Americans are living longer. Now 49% of all 60 year olds are caring for at least one aging parent—versus just 7% in 1900.¹ Extra years in retirement mean accumulation is an issue. Especially when the number of defined benefits plans has rapidly declined from more than 112,000 in 1985 to less than 29,000 by 2005², and a full one-quarter of U.S. workers older than age 55 have accumulated less than $10,000 for retirement.³

Product shortcomings and public policy were the most controversial topics. Living benefits, the popular insurance riders offered by many traditional variable annuities to provide guaranteed income, were criticized because of high cost and limited upside. Panelists called for the industry and policy makers to find a more cost effective solution to mitigate the risk of outliving retirement savings.

"Advisors need to be advocates for change—on the product side as well as the public policy side," said Christopher Cordaro, CFP, CFA, MBA, and Chief Investment Officer of RegentAtlantic. "We know what it takes to retire successfully and there's a lot more that can be done—especially now that the responsibility of saving for retirement is landing on the individual. The more research I do, the more I'm convinced that pooling longevity risk is key to that solution."

"Meanwhile, advisors have a job beyond managing and planning their clients' finances, and that's educating them about retirement challenges and solutions," said Jeffrey E. Daniher, CFP, CTFA, CLU, NAPFA Registered Financial Advisor and founding partner of Ritter Daniher Financial Advisory. "Risk exists and has a cost. As advisors we need to help our clients identify and understand all of those risks to ensure they can make a truly educated choice. The need for financial literacy is especially urgent."

"Additionally, it is essential that advisors understand the powerful impact that 'Family Aging'—the changing age structure of the family—has on retirement preparations," said Neal E. Cutler, Ph.D., executive director of the Center on Aging of the Motion Picture & Television Fund and Dean of the American Institute of Financial Gerontology, University of North Carolina at Greensboro. "Even more critical is trust. Aging clients and their families need to trust their advisors. So learn as much as you can about health care, 'comprehensive geriatric assessment,' elder care, Alzheimer's—things you can't sell to your clients, but that show that you care enough to be knowledgeable about the key gerontological issues essential to successful longevity planning."

This year's first annual FORERUNNER Roundtable, entitled "Winning the Retirement Income Challenge," was broadcast via the web from the Omni Berkshire Hotel in New York, NY and is available to financial professionals and members of the press online at: http://www.jeffnat.com/240/webcast_archive.cfm

About Jefferson National Life Insurance Company

Jefferson National Life Insurance Company offers retirement products for fee-based advisors and the clients they serve. Jefferson National believes that simple, low-cost variable annuities should be considered for a part of every American's retirement portfolio, and we've made it our mission to help all Americans save more for retirement by launching Monument Advisor, the first variable annuity with a flat insurance fee. Jefferson National serves more than 60,000 customers nationwide, and is domiciled in Dallas, Texas with authority in 49 states and the District of Columbia. To reach our advisor support desk, please call 1-866-WHY-FLAT (1-866-949-3528). To learn more, please visit www.jeffnat.com.

¹P. I. Uhlenberg, "Mortality Decline in the Twentieth Century and Supply of Kin over the Life Course," The Gerontologist, October, 1996.

²"The Decline in Eligible Traditional Pension Plan Participants," Employee Benefits Research Institute, February 2007.

³2008 Retirement Confidence Survey, Employee Benefits Research Institute. (Not including primary residence or defined benefit plans).

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