African-American consumers seem to be more interested than the general population as a whole in converting retirement savings into lifetime income.
LIMRA, Windsor, Conn., has published that conclusion in a summary of results from a survey of 2,220 members of the U.S. general population and 681 U.S. residents who are African Americans.
The participants were household financial decision makers ages 25 to 74, with household incomes of at least $35,000.
About 69% of the African American participants said they are interested in converting some of their savings into guaranteed lifetime income, compared with 56% of the participants in the general-population sample.
LIMRA also found that about 33% of the African American participants are optimistic about their income improving in the next 3 years, compared with just 23% of the general-population participants.