It’s no secret that securing retirement income for life is a top financial goal for boomers. Now, new research sponsored by AIG SunAmerica and conducted by Harris Interactive suggests that boomers would sacrifice a significant amount of investment return to get that guarantee.
Conducted in June 2007 with more than 1,000 boomers (ages 45-60) and retirement-age adults (ages 61 and over) with investable assets between $100,000 and $2 million, America Speaks Out on Retirement found that two-thirds of boomers are interested in allocating a portion of their qualified plan into a variable annuity that offers guaranteed income for life. Furthermore, 66% are willing to give up 2% in return annually to ensure that their retirement income is guaranteed for life. The survey also found that half of boomers would be interested in rolling over assets from their existing retirement plan into a variable annuity.