Consumers ages 50 to 75 who are still working may not be doing much to insure their retirement income against market risk or longevity risk.
Analysts at LIMRA, a market research consortium with roots in the life insurance industry, raise that possibility in a summary of results from a recent online survey of 1,050 U.S. adults ages 50 through 75.
All of the survey participants were working at least part-time. The LIMRA analysts classified the participants as "pre-retirees."
LIMRA asked the pre-retirees to estimate how much of their post-retirement income they expect to get from Social Security, retirement plan savings, other personal savings and investments, earnings from work, pensions and annuities.
The participants said they expect to get just 3% of their retirement income from annuities. Annuities accounted for a much smaller share of the participants' anticipated retirement income than any of the other five potential sources of income ranked.
