TIAA-CREF 2015 Lifetime Income Survey Summary of Results

Gen Y is guarded about their retirement outlook (more so than Gen X and other generations in many respects):
1. When it comes to retirement savings, how many years are you planning for your retirement savings to allow you to live comfortably?
2. If you could set one primary goal for your retirement plan, what would it be?
Gen Y is more confident than other generations about retirement prospects and open to products that can generate lifetime income:
3. How concerned are you that you will run out of money in retirement?
4. How willing would you be to commit a portion of your retirement savings to a choice that will allow you to receive a monthly payment for life?
5. How familiar are you with annuities?
6. Have you purchased an annuity or do you plan to in the future?
But Gen Y is still falling short on some key areas:
7. What percentage of your current annual income are you currently saving for retirement, including all savings, such as employer contributions?

Survey Methodology

The survey was conducted by KRC Research by phone among a national random sample of 1,000 adults, age 18 years and older, from Jan. 7 to 13, 2015, using a combination of landline and cell phone interviews. The margin of error for the entire sample is plus or minus 3.1 percentage points.


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