More than a third (35 percent) of all retirees receive income from an annuity, according to new analysis from LIMRA.
Most who draw income from an annuity are older retirees, those above the age of 75.
Jafor Iqbal, a retirement researcher at the financial services consulting firm, says most retirees depend on pensions and Social Security to fund daily expenses, with annuities making up 4 percent of income. But, "In the coming years, we expect to see fewer Americans retiring with pensions and more relying on their personal savings to fund their retirement. Annuities will provide a reliable way to convert that savings into a guaranteed income stream."
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
