02.26.20
IRI Study: Most Consumers Want Guaranteed Lifetime Income
by: Tracey Longo
Three-in-four consumers say they would be very interested in a financial product providing guaranteed lifetime income, even if they were unable to access the principal investment, according to a new report from the Insured Retirement Institute (IRI). Investor concerns over longevity risk, fears about Social Security insolvency, uncertainty about how to create lifetime income and SECURE Act annuity provisions will all drive projected growth in annuities, IRI said. The study also found that as many as 95 percent of consumers are very or somewhat interested in guaranteed lifetime income in an annuity. The most important traits consumers want in an annuity are “guaranteed income each month” and “will not lose principal.”
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