Allianz Life recently found that the majority of Americans are searching for guaranteed income in retirement, but don’t know how to find it. According to a company press release, Allianz Life Insurance Company of North America conducted a survey showing that 86% of non-retired Americans want to have a guaranteed income stream in their retirement. That was the most popular choice for having a secure retirement; next was having a 401k plan, selected by 71% of those surveyed. Transferring to a 401k annuity is an excellent way for those who already have 401k plans to receive the guaranteed income benefits of annuities.
Close to half of those surveyed said that obtaining this guaranteed retirement income stream was the most important retirement need that they had yet to meet. They found it much more important than finding a job that offers a 401k or getting a diversified portfolio of investments. The President and CEO of Allianz is not surprised to find so many Americans looking for a guaranteed income stream in retirement, but worries that Americans aren’t informed enough about the annuity products that can make this retirement income stream available to them.
Annuities pool risk, and they are the only retirement income products to do that, therefore annuities are the product to guarantee retirement income over your entire lifetime. Of the non-retirees surveyed, only 8% currently have an annuity. Shockingly, 40% don’t have any retirement investments at all and 26% don’t have a plan to get them through retirement. Allianz Life is dedicated to working with consumers to educate them about the benefits of annuity products and help them make a secure retirement with a guaranteed income stream.
Written by Rachel Summit