New EBRI data shows both defined contribution and defined benefit plan participants favor cashing out their accrued benefits over purchasing annuities, potentially jeopardizing retirement security.
Tag: longevity risk
They are worried about longevity risk.
According to a T. Rowe Price study, 65% of defined contribution plan sponsors believe achieving the highest retirement income opportunity for participants is their greatest priority.
Forty percent of single retirees overall do not think their savings will be enough if they reach age 90.