Pre-Retirees Open to Retirement Income Products

As a result, these investors consisting mainly of First-Wave Boomers ages 55 to 64, are more open to retirement income products than older investors and current retirees.  

Cogent’s “In-Retirement Income” report reveals that only one in five (22%) Silent Generation investors are open to products specifically geared for producing retirement income. By contrast, 35% of First-Wave Boomers express interest in these same types of products.   

A major contributing factor to this generational divide is the fact that Boomers are twice as likely as Silent Generation investors to be willing to “give up control of principal in exchange for guaranteed regular income payments” (31% First-Wave Boomers vs. 17% Silent Generation), the research found.   

Despite a general heightened acceptance of retirement income products among Boomers and pre-retirees, providers still face formidable challenges in their efforts to increase use. Topping the list is a perception among four in ten (42%) current and pre-retirees that they can effectively manage their retirement income on their own. Almost as many, 39%, cite a desire to maintain control and access to their principal. A third (34%) want unfettered access to funds at all times; and 27% say they simply lack trust in the idea of “guaranteed income.”