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Financial Planning Month-October

October is Financial Planning Month

Allianz Life has published new research suggesting that most retirement plan sponsors and participants are interested in products with guaranteed lifetime income options.  

According to the study, the majority of employees surveyed are concerned about their financial stability in retirement. Among participants in employer-sponsored plans, 73% would consider participating in a guaranteed income plan. Additionally, 64% report that economic uncertainty resulting from the COVID-19 pandemic has made a guaranteed income option more appealing. The study also showed that 77% of participants would have a more favorable view of their employer if they were provided a guaranteed income option.   

Similarly, the Allianz study suggests that consensus among plan sponsors also trends toward providing plans with guaranteed lifetime income. 87% of plan sponsors surveyed report that they believe adding a guaranteed lifetime income option would increase participants' satisfaction with their retirement plans. The data also show that 84% of plan sponsors believe such an option would increase financial security in retirement. Finally, 85% of plan sponsors report that they would consider adding a guaranteed lifetime income option within the next two years. With such overwhelming interest, it appears likely that these plans will become more popular in the coming years, an encouraging step toward providing Americans peace of mind in their retirement planning. 

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