More than 4 in 10 (43 percent) of retirement plan participants age 50 or older say they have considered a withdrawal strategy for their retirement assets, new research reveals.
American United Life Insurance Company (AUL), a OneAmerica company, unveils this finding in a survey of 7,545 visitors (among them 2,797 individuals ages 51 or older) to OneAmerica’s retirement plan participant website. AUL spearheaded the survey to better understand plan participants’ behaviors and to learn which resources might effectively help them prepare for retirement.
“We’re glad consumers are considering health care as a major part of retirement expenses — as they should — but they also need to have a plan for how to withdraw retirement assets and maintain an income throughout their life,” says Marsha Whitehead, vice president of marketing for retirement services and employee benefits. “Managing income in retirement is especially important given the additional health care expenses and the uncertainty of how long you’ll need it.”
Of those who have a withdrawal strategy, the research shows, 51 percent have considered a tax-deferred, fixed or variable annuity.
OneAmerica’s infographic provides survey methodology and additional insights.