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Job seekers prefer companies that offer guaranteed lifetime income in retirement

New TIAA survey shows how employers can stand out in a competitive job market

(PRNewsfoto/TIAA)

News provided by

TIAA

Sep 28, 2021, 09:27 ET

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NEW YORK, Sept. 28, 2021 /PRNewswire/ -- More than 70% of workers say they would choose to work for or stay with a company that offers access to guaranteed lifetime income in retirement over one that does not, TIAA's 2021 Lifetime Income Survey reveals.

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"So many people are considering career changes, and they are telling us that benefits that extend beyond traditional compensation measures, including access to enhanced retirement savings programs, are critical factors in their searches and decision making," said TIAA President and CEO Thasunda Brown Duckett. "To attract and retain talent employers should ensure they are offering lifetime income solutions in their retirement plans and communicating the benefits they provide."

New TIAA survey shows how employers can stand out in a competitive job market

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The 2021 TIAA Lifetime Income Survey was fielded online from May 12 to May 30, 2021 and received responses from 1,001 Americans aged 27-75.

Six in 10 say they are highly interested in guaranteed lifetime income annuities offered through their employer's retirement plan. Employees say having guaranteed lifetime income offers a sense of financial security (73%), provides spending flexibility and certainty around essential expenses (72%), makes knowing how much to save for retirement easier (68%), and creates security around market volatility (66%).

Yet confusion exists around the sources of guaranteed lifetime income. Almost half of respondents incorrectly identified non-lifetime income producing investment options as a source of guaranteed, ongoing income, such as mutual funds and certificates of deposits.

Improving employee retirement confidence

The survey found that about half of employees (56%) think their retirement savings are on track, but when asked about the longevity of their savings, the numbers drop significantly. Only 42% think their savings will last 20 years or more in retirement and only 32% believe their savings will last 30 or more years.

Among those who already have guaranteed lifetime income, 64% say they believe their retirement savings will last 30+ years. Having guaranteed lifetime income also decreased retirement concerns around stock market declines and low-interest rates for about one-third of respondents.

Given these findings, employers today have an opportunity to improve their employees' retirement confidence while enhancing their efforts to recruit and retain employees by providing access to guaranteed lifetime income in their retirement plan design and communicating its benefits to their employees.

Additional findings from the TIAA 2021 Lifetime Income Survey can be found here.

About TIAA

TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions.  It is the #1 not-for-profit retirement market provider,i paid more than $3.6 billion to retired clients in 2020 and has $1.3 trillion in assets under management (as of 6/30/2021).ii

You should consider the investment objectives, risks, charges and expenses carefully before investing. Please call 877-518-9161 or go to www.TIAA.org/prospectuses for current product and fund prospectuses that contain this and other information. Please read the prospectuses carefully before investing.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

Any guarantees under annuities issued by TIAA are subject to TIAA's claims-paying ability.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA, distributes securities products. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each is solely responsible for its own financial condition and contractual obligations.

 ©2021 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017

i Based on data from 56 providers in PLANSPONSOR magazine's 2019 DC Recordkeeping Survey, combined 457, 403(b) and money purchase plan data as of December 31, 2018.

ii Based on approximately $1.3 trillion of assets under management across Nuveen affiliates and TIAA investment management teams as of 6/30/2021.

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