401(k) Specialist Issue 2 - 2024 - 26
RETIREMENT INCOME:
PARTICIPANT
TRUMP DEMAND
As in earlier solutions like auto features and target date
funds, proactively providing innovations like retirement
income show retirement plan decision makers are thinking
ahead about what participants really need
By Rupa Athreya and Matthew Eickman
S
tion. They eschew survey data and claim no
plan sponsor or participant demand exists.
These disparate positions trigger two
questions: (1) who is right? And (2) is that
even the right question? After all, when
retirement plan decision-makers and policy
experts look to innovate, are they guided
by what participants are specifically asking
for at any given time? Or do they look
to participant needs and then develop and
implement responsive solutions? The answer
26
ISSUE 2 2024 | 401kSpecialist.com
Signs of accelerating interest in retirement income
are everywhere. Headlines, press releases, industry
conference sessions, white papers, boot camps,
and product launches are more likely to reference
retirement income than ever. Demand is apparent
even to the naked eye.
Yet naysayers offer a contradictory posiThere
Is Demand
The rise in demand occurs against a
backdrop of worry. American workers are
concerned about running out of money in
retirement. That concern has risen to the
point that they are less worried about death
than running out of money.
is pretty clear: when making decisions
regarding retirement plan features, products,
and other solutions, participant needs trump
any deference to their stated demands.
Even as American employers have
implemented automatic plan features that
have addressed plan participants' needs to
save more and invest prudently, many of
those participants face uncertainty regarding
access to vehicles that will allow their retirement
savings to last for the rest of their lives.
When asked, participants do demonstrate
a desire for retirement income. In
one recent survey, 83% of plan participants
said their employers should offer in-plan
retirement income options. In another
survey, 89% said having guaranteed
retirement income would positively impact
their current well-being, and 71% said they
would save more if their plan offered them a
guaranteed retirement income solution. Yet
another survey reflected participants' belief
that a steady income stream in retirement
is the most important factor when saving
for retirement, ranking ahead of protection
of principal, growth as markets rise, and a
diversified investment mix.
© Srinivasan J | Dreamstime.com
http://www.401kSpecialist.com
401(k) Specialist Issue 2 - 2024
Table of Contents for the Digital Edition of 401(k) Specialist Issue 2 - 2024
Table of Contents
401(k) Specialist Issue 2 - 2024 - Cover1
401(k) Specialist Issue 2 - 2024 - Cover2
401(k) Specialist Issue 2 - 2024 - Table of Contents
401(k) Specialist Issue 2 - 2024 - 1
401(k) Specialist Issue 2 - 2024 - 2
401(k) Specialist Issue 2 - 2024 - 3
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