TIAA Perspectives

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.
Call us at 888-842-7782.
Key Insights

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:

86%

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.

80%

of employees with guaranteed lifetime income in retirement feel confident about their progress toward long-term goals.
Pandemic Engagement

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.
Participant actions taken in 2020 77% checked account balance, 61% visited plan provider site, 31% increased contribution amount, while 14% decreased. Top motivators for increasing contribution: retirement income calculator, plan statement info & advice.
* 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.
Chart shows resources participants & sponsors believe would be highly valuable to employees. 77% of sponsors said guidance on how to save each year for retirement & 67% of participants said programs offering ways to obtain guaranteed income in retirement.
** % extremely/very valuable; response text has been abridged
Take the next step

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

Get more insights
Download the full report and put the insights to work for you and your employees.
We can help.
We're here to help
Call your TIAA relationship manager or the Administrator Telephone Center,
888-842-7782,
weekdays, 8 a.m. – 8
p.m. (ET).
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.
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