Annuity owners are more likely to feel...
Confident
that they will be able to retire at their anticipated retirement age (96% for annuity owners vs 68% of non-annuity owners).
Empowered
about their finances (annuity owners are twice as likely than their non-annuity owning peeres).
Prepared
for retirement (Annuity owners are three times more likely to feel prepared for retirement than non-annuity owners).
Comforted
that retirement savings will last the rest of their lives (78% of owners say very/somewhat confident vs 61% of non-annuity owners).1
Annuity owners who receive guaranteed lifetime income worry less and spend more freely…
92%
say it helps them worry less about day to day expenses in retirement.
85%
say it helps them budget more effectively.
Over 2/3
say it allows them to spend more on discretionary items than they would otherwise.
Over 2/3
say it allows them to take greater investment risks with other assets than they otherwise would.2
Not all retirees feel they're on solid financial ground...
Only 1/3
of retirees are very confident that they will have enough money to live comfortably in retirement (33%).
Only 1 in 4
are very confident that they know how much to withdraw from their retirement savings and investments (28%).
Over 1/2
of workers claim a product that guarantees monthly income for life will be a source of in retirement.
Nearly 3 in 5
workers agree that preparing for retirement makes them feel stressed (58%).3
See how our annuities can help your clients feel better about their retirement.
Sources
1. New York Life Wealth Watch
2. Guaranteed Lifetime Income Study, Greenwald & Associates 2020
3. EBRI Retirement Confidence Study, 2022