Three out of five Americans (64%) say their employer’s 401(k) or other retirement plan does not allow them to turn their savings into guaranteed income in retirement or they are unsure if it does, The Hartford’s Guaranteed Retirement Income study found. Overall, 87% of respondents of all ages say they find it “very” or “somewhat” appealing to be able to turn at least a portion of their retirement savings into a guaranteed income.
Ninety-five percent of workers younger than 30 say the same, as did 90% of respondents ages 30 to 39, 89% of those ages 40 to 49, 88% of those ages 50 to 59, and 77% of respondents age 60 and older.
The Hartford’s study found some differences related to gender and income. Women (89%) have a greater preference for guaranteed retirement income than men (84%).
The concept of guaranteed retirement income appeals most to those with a combined annual household income of $50,000 to $74,000. A total of 92% in that demographic would like their employer to offer a guaranteed income option compared with 87% of those earning $30,000 to $49,000, 86% earning less than $30,000, and 84% earning $75,000 or more.
The Hartford’s study surveyed 2,500 Americans ages 18 and older.