More than half say they would prefer guaranteed income of $660 a month over a $120,000 lump sum, LIMRA SRI found in a survey.
One option is through a profit sharing plan that invests the money in an annuity once a participant retires.
The objective is to educate Americans about the importance of protected lifetime income solutions.
Three-quarters of advisers believe they understand annuities well, yet of that number, 62% say their clients do not.
“OnePension is a good fit at the workplace for plan sponsors wanting to provide participants an annuity (guaranteed lifetime income) to ensure that employees, once their working career is finished, have retirement income,” says Pete Welsh, vice president and managing principal, OneAmerica Retirement Services.
Forty percent of single retirees overall do not think their savings will be enough if they reach age 90.
Seventy percent believe their advisers have a responsibility to discuss guaranteed lifetime income products with them.