When asked to name the most important products or features
they wanted in an income plan, 60% of respondents to the “Finding the Right Mix: Retirement Income
Attitudes and Preferences” study from the LIMRA Secure Retirement Institute selected the potential for investment growth. Flexibility in changing the amount of income
was chosen by 55% of those surveyed, and just more than half say income
that is guaranteed for life is most important to them. When asked to rank their
top five plan features in terms of priority, guaranteed lifetime income
received the highest average score.
As to why these features were chosen, the expectation of living a long time in retirement was the top reason respondents indicated they chose income growth. The top reasons for choosing income flexibility were
the uncertainty of future expenses and having money for emergencies. Workers
and retirees who prefer a guaranteed lifetime income say they chose this
feature for peace of mind.
Fewer than half of respondents said controlling how
their investments are managed or allocated is a top income feature. Since 2009,
LIMRA find that workers and retirees have put less emphasis on the control of
how investments are managed in favor of securing an income for life.
LIMRA members can learn more about retirement income
preferences by visiting the “Finding the Right Mix: Retirement Attitudes and
page. Inquiries from non-LIMRA members can be emailed to