Lifetime income survey: People with guaranteed lifetime income savings feel more optimistic about retirement
Over 1,000 Americans weighed in on how they feel about their savings. The survey revealed uncertainty about how long their nest eggs would last in retirement and opportunities to help ease these concerns.
68% are unsure whether their savings will last throughout retirement
Many are not aware that guaranteed lifetime income through an annuity can offer a sense of financial security, provide spending flexibility, help ensure essential expenses are covered, and can help provide security around market volatility.
Guaranteed lifetime income gives participants more confidence
Many feel on track with their retirement, but awareness of all guaranteed income sources is low.
of all respondents feel on track to retire when they want.
can name Social Security, pensions and annuities as the sources of guaranteed lifetime income.
of those with a guaranteed lifetime income annuity feel highly confident their savings will last for 30 years in retirement.
Income In Retirement
45% believe that assistance with budgeting can help them save more for retirement and a majority also said guaranteed lifetime income is the number one goal of participating in their employer’s retirement plan.
Read the full survey results here .
1 Greenwald Research conducted the 2021 TIAA Lifetime Income Survey using an online survey of 1,001 Americans age 27-75 living in the United States. The study was fielded between May 12 to May 30, 2021. Data was weighted by gender, education,income, working status, race, and generation.
This material is for informational or educational purposes only and does not constitute fiduciary investment advice under ERISA, a securities recommendation under all securities laws, or an insurance product recommendation under state insurance laws or regulations. This material does not take into account any specific objectives or circumstances of any particular inve sto r, or suggest any specific course of action. Investment decisions should be made based on the investor’s own objectives and circumstances.
Any guarantees are backed by the claims paying ability of the issuing company.