The younger the customer, the more they will want a guaranteed income after retirement is the first takeaway for insurers from a
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 percent of respondents were “very” interested in a guaranteed retirement income feature, while 23 percent were “somewhat” interested.
The second takeaway is that almost half of the respondents (46 percent) did not change their retirement strategies in any way as a result of market uncertainties.
This could indicate apathetic or hesitant consumers; 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,” said 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 percent 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.
