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Retirement Insights Survey

The pandemic led to half of sponsors increasing their interest in offering in-plan Guaranteed Lifetime Income (GLI) annuities. A similar share of participants say they are more interested in these investments since the pandemic began.

See how we can help you apply these insights to your retirement plan.

Call us at 888-842-7782.

The pandemic's impact on plan sponsors

Sponsors are highly concerned about participants not saving enough and outliving their savings. After dipping in 2020, sponsors are more concerned about the state of participant savings and planning for retirement.

Sponsors' retirement concerns

 

% concerned

Sponsors are more concerned than in 2020 that participants aren’t saving enough, will outlive savings, and are insufficiently diversified.

The pandemic's impact on participants

A majority of participants continue to report an increase in their overall stress since the start of the pandemic. They are more anxious about being able to afford healthcare and being able to retire when they want.

Participants' concerns

65% of participants have more overall stress since the pandemic started and half are more anxious about being able to afford to retire.

Participants also report increased appreciation for their employer benefits since the start of the pandemic, particularly for their employer's health insurance and retirement plans. 68% would like more education on retirement-related advice and financial wellness.

Participants are interested in Guaranteed Lifetime Income (GLI)

72% of participants consider "ways to obtain guaranteed lifetime income" as an extremely/very valuable benefit. Over half are very/extremely interested in investing in a GLI annuity within their employer's retirement plan.

Participants' level of interest in GLI options

GLI annuities
% extremely/very interested

39% of participants who weren’t familiar with GLI annuities now have a high interest. Interest increases to 54% when GLI is offered in plan.

In-plan GLI annuities
% extremely/very interested

Interest in in-plan GLI annuities jumps from 54% to 73% when cost is lower than retail. 48% report that interest in GLI is due to the pandemic.
Target date options

Confidence in standard target date options has dropped

There has been a drop in how well plan sponsors think their standard Target Date Funds (TDFs) are helping participants save in an age- and risk-appropriate way. (75% in 2022 v. 87% in 2020)

Interest in next generation target date options has increased

A new type of TDF allocates assets toward an investment that provides the option to receive guaranteed lifetime income at any time. Over seven in 10 sponsors are interested in this type of next generation TDF that allocates towards GLI as participants near retirement.

Sponsors' interest in TDFs with a GLI option

72% of sponsors are very or extremely interested in offering a target date fund with a guaranteed lifetime income annuity option.
Secure act

Sponsors should re-familiarize themselves with SECURE Act provisions which include new retirement savings tools

The SECURE Act seeks to improve Americans' retirement security.

Learn more
Take the next step

Help your participants by offering an in-plan guaranteed lifetime income option

Call your TIAA relationship manager or the Administrator Telephone Center, 888-842-7782, weekdays, 8 a.m. – 8 p.m. (ET)

Request contact

TIAA Retirement Insights Survey conducted by Greenwald Research on behalf of TIAA. Download the full report and put the insights to work for you and your employees.Opens pdf

Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

This material is for informational or educational purposes only and does not constitute investment advice under ERISA. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on the investor's own objectives and circumstances.

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