Seventy-three percent of retirees who own an annuity believe they will be able to live the retirement lifestyle they want, compared to 64% of retirees who do not own an annuity, the LIMRA Secure Retirement Institute found through a survey of 2,025 retirees.
Sixty-nine percent of retirees who own an annuity think their savings will last them through age 90, compared to 57% of those who do not own an annuity.
The study also found that 56% of retirees who work with an adviser own an annuity, compared to 28% of retirees who do not work with an adviser.
The research also found that retirees and pre-retirees who have a formal retirement plan are three times as likely to feel they are very prepared for retirement and twice as likely to have estimated how long their savings will last.
LIMRA also learned that advisers have completed formal retirement income plans for only 35% of their retired clients and that 50% of affluent and high-net-worth clients, i.e. those with assets of $500,000 or more, do not have formal plans.