The Hartford’s Guaranteed Retirement Income study finds that 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. 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 to 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.