A new study from The Hartford shows that while many American workers find it appealing to have a guaranteed income in retirement, the younger the employee, the greater the attraction.
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. Buy a large margin, those respondents say they would welcome the opportunity:
- 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.
- 95% of workers younger than age 30 say the same, the highest of any age group.
- The same sentiment was expressed by 90% of those ages 30-39, 89% of ages 40-49, 88% of ages 50-59, and 77% of age 60 and older.
"Our research shows that Americans, regardless of age, want the ability to create a guaranteed income for their retirement as traditional pension plans vanish from the scene," Patricia Harris, assistant vice president of product management for The Hartford's Retirement Plans Group, said in a statement. "Surprisingly, we also found that the farther retirement appears on the horizon, the greater the appeal of guaranteed income."
The Hartford's study surveyed 2,500 Americans ages 18 and older earlier this spring.
