LIMRA points out annuities are an attractive means of providing investment growth and security for retirement income, especially in light of fears individuals may have about unfavorable market conditions (e.g., a drop in stock values) negatively impacting their retirement savings. The study found 71% of respondents want to have enough savings for lifetime income, and 64% want to remain financially independent throughout their retirement.
Other factors that make individuals confident about their retirement planning include:
- Confidence in their ability to manage their finances (62%);
- Expecting to live modestly in retirement (59%); or
- Saving enough for retirement (53%).