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June 01, 2009 at 08:00 PM
Many consumers say they want an income stream that will last throughout their retirement years, but they’re not inclined to buy annuities–the one product that could fulfill this all-important objective.
That’s the chief finding of a new retirement income study conducted jointly by LIMRA International, Windsor, Conn., and Northstar Research Partners, New York.
At least three-quarters of consumers said that creating an income stream from their savings was important, LIMRA found Yet only about 20% planned to use annuities for retirement income.
Consumers based their preference for specific products on their stated priorities, but preconceived attitudes about certain retirement income products or features altered consumers’ choices, undermining their goals, LIMRA reports.
When asked, 30% of consumers had a negative attitude towards annuities. Yet the most important criterion for their financial goals was having income payments last throughout their lifetime, which annuities are designed to provide.
