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Data & Research October 21, 2011
Younger Americans Interested in Guaranteed Retirement Income
American workers ages 18-36 are more interested in having a
guaranteed retirement income feature in their retirement plan than those
45 years of age and older, a recent poll by Prudential Retirement finds.
Reported by PLANADVISER staff
Overall, more than 50% of the poll respondents were “very” interested in a guaranteed retirement income feature, while 23% were “somewhat” interested.
“We know that many Americans are struggling with substantial retirement income challenges today,” said James McInnes, Senior Vice President of Product Management and Development, Prudential 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.”
The poll, which was conducted on LinkedIn, also revealed 46% of Americans did not change their long-term retirement strategy due to uncertain market conditions. Twenty five percent, however, said they moved to a “more conservative” strategy, while 14% moved to a “more aggressive” strategy.
More than 1.5 million impressions of the poll have been served to-date, and more than 1,400 American workers have responded. The survey is available on LinkedIn through October 31. It was developed to identify potential challenges the general public perceives about retirement planning. The questions focus on the importance of guaranteed income, saving strategies against volatile markets, employees’ satisfaction with their retirement plans, and with their employer’s commitment to helping them save for retirement.