The 2021 TIAA Lifetime Income Survey was conducted online from May 12 to May 30, 2021. Over a thousand Americans aged 27-75 years were involved in the study.
“Employers who want to find the best employees for their company should create good working conditions for people. The pandemic has proved that securing the future is a priority now”, says the TIAA President and CEO Thasunda Brown Duckett.
Six out of ten respondents are interested in a lifetime annuity offered as part of their employer's retirement plan. According to employees, a guaranteed lifetime income gives financially security (73%), provides cost flexibility and confidence in basic expenses (72%), makes it easier to understand how much to save for retirement (68%), and provides security in terms of stock market volatility (66%).
According to the study, about half of employees (56%) believe their retirement savings are enough, but when asked how long their savings would last, the number drops significantly. Only 42% of respondents are confident their savings will cover 20 or more years after retirement, and only 32% believe their savings will last for 30 or more years.
Photos are from open sources.