The younger the employee, the more they will want a guaranteed income after retirement is the first takeaway for insurers from a Prudential survey about retirement planning.
Respondents aged 18-36 are more interested in having a guaranteed retirement income feature in their retirement savings plans than those 45 years of age and older. Overall, more than 50% of respondents were “very” interested in a guaranteed retirement income feature, while 23% were “somewhat” interested.
The second takeaway is that almost half of the respondents (46%) did not change their retirement strategies in any way as a result of market uncertainties.
This could indicate apathetic or hesitant employees; Prudential contends it’s a nod of confidence to the industry and a levelheaded, patient approach to retirement.
“These results signal that while many workers are frustrated with the recent market turmoil, they are viewing the markets with a long-term perspective and sticking with retirement planning strategies that involve a guaranteed retirement income feature,” says James McInnes, SVP of product management and development, Prudential Retirement.
Twenty-five percent said they moved to a “more conservative” strategy because of the uncertain market, while 14% moved to a “more aggressive” strategy.
Prudential has been conducting its poll via LinkedIn in tandem with National Save for Retirement Week — with more than 1,400 respondents participating. The survey will continue through the end of October.
Justin Stephani writes for Insurance Networking News, a SourceMedia publication.
