Impact and Interest in Annuities in 2021
As Annuity Alliance closes out another year, we wanted to talk about how retirement planning has been impacted in 2021 by the different factors ranging from a fluctuating economy to COVID-19’s effect on our world. Are annuities still a part of retirement planning for consumers? Of course they are!!!
- Today, SRI estimates that 12% of Americans own a deferred income annuity. One in five retirees own an annuity and about 10% of non-retirees own one.
- Annuity ownership is linked to retirees’ confidence — 73% of retirees who own an annuity say they are confident they will be able to live their desired lifestyle, compared with 46% who do not own an annuity.
- Around 4 in 10 pre-retirees (41%) say they would be willing to convert a portion of their assets into annuity income. Men are more interested than women (48% versus 39%).
- Six in 10 adults under age 40 — who are least likely to have access to a pension/DB plan – say they would be willing to convert a portion of their assets into annuity income.
- Having a formal written retirement plan (66%) and working with an advisor (51%) increases the likelihood that a consumer would be interested in buying an annuity.
Have you thought about purchasing an annuity? Are you looking for a financial professional or advisor to help you in determining what annuity best fits within your retirement strategy? Contact Annuity Alliance if you want some options and answers for these questions as we can connect you with a local financial professional in your area.
This article is distributed by the Secure Retirement Institute.