As a result, there are several opportunities for employers to consider when it comes to helping their workforce create a path to a comfortable retirement, regardless of what that might look like.

Offer early engagement

One of the keys to a secure retirement is ensuring one has enough income to support their desired lifestyle for the duration of those years.

Not only is turning one's paycheck into future retirement income a concern for many, but things like understanding how to invest, managing Social Security and covering health care expenses are also top of mind — and with many individuals anticipating working in retirement, the need for educational resources has never been greater.

One opportunity that employers can offer their workforce is engagement through a professionally managed account service that provides individual investment advice, retirement income planning and payout strategies that include things like Social Security.

Unlike target-date funds (which we'll discuss as well), these accounts can be personalized to an individual's age, time horizon, risk profile, outside assets and overall financial situation.

Managed accounts also come with another valuable benefit: the support of a financial professional who can provide guidance and tools such as a pre-retiree checklist so those nearing retirement have a better idea of daily spending decisions, health care costs and other living expenses well in advance of their retirement.

Voya's research also found that more than half (55%) of individuals would prefer to save enough to last through retirement versus being completely debt-free, and this is even higher among individuals currently receiving investment guidance through a financial professional or managed account (67%).

The need for financial advice has become even more apparent during the COVID-19 pandemic — and for good reason. When it comes to finding these type of services in the workplace, managed accounts can provide advice and one-to-one discussions as well as education and outreach, which are all critical engagement activities for successful retirement planning, increased savings and income strategies.

Perhaps even more important is the financial confidence and sense of security that comes with ensuring one's hard-earned life's income will support them throughout their retirement years.

Greater support for pre-retirees

While retirement income planning is no easy feat at any age, one opportunity to help ensure employees are saving — and saving enough — within a retirement plan comes in the form of plan design.

Automatic features such as auto-enrollment, auto-increase and escalation features have been successful in helping overcome employee inertia in both getting individuals into a retirement plan and increasing savings rates.

However, historically these features have been supported through target-date funds (TDFs), which are typically more beneficial for those younger savers with a longer retirement horizon, and less attention has been paid to automatic features for those transitioning to retirement through a managed account.

While asset accumulation is key to saving for retirement, "decumulation" is equally as critical for pre-retirees who need to consider additional complexities — such as how to incorporate all sources of household retirement income in developing a retirement income plan and payout strategy.

One solution to help? Adopting a "dual QDIA," a hybrid solution that begins with a default investment in a professionally managed TDF that transitions to a default investment at a set time inside a managed account.

Shifting individuals from TDFs to a managed account service around retirement age offers potential advantages to both employers and their employees.

Employers can take advantage of the QDIA safe harbor regulations, which include managed accounts, while providing their employees a "higher touch" and personalized approach to retirement planning. Employees also reap the benefits of receiving personalized, professional advice on how much to save, how to invest and how to draw down their savings.

Lifetime income visibility

The challenges and opportunities for lifetime income solutions for pre-retirees are certainly going to become more visible in the coming months for several reasons:

• Baby boomers will continue to retire at a rapid pace.
• The Setting Every Community Up for Retirement Enhancement (SECURE) Act is giving more prominence to lifetime income projections.
• The definition of "retirement" is evolving and will continue to evolve as a result of COVID-19.

As these challenges remain, innovations such as dynamic QDIAs and managed accounts are important considerations to support the needs of those workers nearing retirement.

But regardless of the approach employers take, transitioning from accumulation to asset protection and retirement income strategies is not simple. Helping pre-retirees understand how savings can translate to income in retirement is critically important when considering ways to help impact the financial wellness of all plan participants.

Products and services offered through the Voya family of companies. Registered Representative of Voya Financial Partners, LLC (member SIPC). This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. Please consult an independent legal or financial advisor for specific advice about your individual situation.

Jeff Cimini is SVP, Retirement Product Management, with Voya Financial.