Younger Americans are more interested in having a guaranteed retirement income feature in their retirement savings plans than those 45 years of age or older, according to a LinkedIn poll conducted by Prudential Retirement.
The poll was designed to gauge Americans’ perceptions of workplace retirement plans. More than 50 percent of respondents said they were very interested in a guaranteed retirement income feature, while 23 percent said they were somewhat interested.
“We know that many Americans are struggling with substantial retirement income challenges today,” said James McInnes, senior vice president of product management and development for Prudential 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.”
The poll also revealed that 46 percent of Americans did not change their long-term retirement strategy due to uncertain market conditions. Twenty-five percent said they moved to a more conservative strategy while 14 percent moved to a more aggressive strategy.
“This effort really speaks to how Prudential Retirement is using emerging technologies and social media to directly engage American workers,” says Kara Segreto, chief marketing officer for Prudential Retirement. “Additionally, this survey data keeps us closely aligned with the wants and needs of retirement plan participants so that we can meet the challenge of creating retirement security for American workers.”
More than 1,400 American workers have responded to the poll to date. The survey will be available on LinkedIn through Oct. 31. It was developed to identify potential challenges the general public perceives about retirement planning. The questions focus on the importance of guaranteed income, saving strategies against volatile markets, employees’ satisfaction with their retirement plans and with their employer’s commitment to helping them save for retirement.
Prudential Retirement delivers retirement plan solutions for public, private and nonprofit organizations. Services include record keeping, administrative services, investment management, comprehensive employee investment education and communications and trustee services.