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Consumers ages 50 to 75 who are still working may not be doing much to insure their retirement income against market risk or longevity risk.

Analysts at LIMRA, a market research consortium with roots in the life insurance industry, raise that possibility in a summary of results from a recent online survey of 1,050 U.S. adults ages 50 through 75.

All of the survey participants were working at least part-time. The LIMRA analysts classified the participants as “pre-retirees.” 

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LIMRA asked the pre-retirees to estimate how much of their post-retirement income they expect to get from Social Security, retirement plan savings, other personal savings and investments, earnings from work, pensions and annuities.

The participants said they expect to get just 3% of their retirement income from annuities. Annuities accounted for a much smaller share of the participants’ anticipated retirement income than any of the other five potential sources of income ranked.

The participants said they expect to get 32% of their retirement income from the top-ranked income source, Social Security.

The more affluent participants were more likely to be counting on annuity income in retirement — but only a little more likely.

The participants with $500,000 to $999,999 in assets said they expect to get 7% of their income from annuities, and just 2% from working. Those participants expect to get 13% of their income from Social Security.

The pre-retirees in the highest asset category, for those with a $1 million or more in assets, said they expect to get 4% of their income from annuities, 6% from Social Security and 6% from working.

— Read Ric Edelman Unveils Novel Social Security Supplement Plan on ThinkAdvisor.