Retirement Insights Survey
The purpose of retirement plans is shifting: Plan sponsors are 3x more likely to think of them as providing secure income in retirement and no longer just as a vehicle for accumulation. Employees agree with this mindset.
See how we can help you apply these insights to your retirement plan.
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Guaranteed lifetime income is enticing
We polled 500 plan sponsors in the 403(b) and 401(k) space, and 1,000 participants between the ages of 25 and 70. Here’s what we found:
of plan sponsors consider their guaranteed lifetime income offering to be highly valuable.
7 in 10
participants consider programs with guaranteed lifetime income offerings to be highly valuable.
of employees with guaranteed lifetime income in retirement feel confident about their progress toward long-term goals.
Driven by volatility, employees and sponsors stayed committed to making progress toward retirement goals
3 in 4 sponsors actively worked to help employees improve their retirement savings, and 3 in 10 employees increased their plan contribution in 2020.
* Among those who increased their contribution and who said something motivated them to do it
What you can do
Education is key, and your participants are looking for it
Participants see the greatest value in resources that offer ways to obtain guaranteed income in retirement. 75% of participants are very interested in education about their plan or retirement savings in general. Over 50% want more personalization.
** % extremely/very valuable; response text has been abridged
Take the next step
Help your participants by offering an in-plan guaranteed lifetime income option
TIAA Retirement Insights Survey conducted by Greenwald Research on behalf of TIAA.
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.