‘Great Retirement’ Brings Succession Planning Into Focus

June 1, 2022

Maybe you’re not yet ready to hang the “gone fishing” sign on your independent insurance agency’s front door. But odds are, if you fit the average demographic of an independent agent, retirement is something you’ve at least considered over the past year or two.

According to estimates released in January by the Federal Reserve Bank of St. Louis, 3.3 million Americans opted to retire between January 2020 and October 2021, during the height of the COVID-19 pandemic. Most of those retirees were age 65 and older.

The average age of the independent insurance agent, depending on what data set you use, is in the mid to upper 50s. That means many independent agents will soon face critical decisions about both their personal future and the longevity of their agencies.

Read the full article, written by Sean Kenny, Vice President of Corporate Development at SIAA, published June 1, 2022 in IA Magazine.