Employers looking to “wow” current and prospective employees should consider offering a guaranteed income option within their retirement plan, according to new research from Lincoln Financial Group.
Workers indicate a strong preference for employers that offer a guaranteed income option in their retirement plan, with two-thirds of survey respondents saying they would see it as a “wow factor” when considering a job offer. And in their ideal world, 71 percent say all employers would offer the benefit as an option.
Most respondents say they are concerned about their finances during retirement: 60 percent are worried about running out of money after they retire; 63 percent think they will have difficulty managing their finances without a monthly paycheck; and 66 percent worry they won’t be able to cover medical expenses in retirement.
However, the vast majority believe an in-plan guaranteed income investment option would help, with 71 percent saying it would make it easier to budget their money in retirement and 68 percent noting that preparing for retirement would be less confusing with the benefit.
Lincoln Financial Group used the Qualtrics survey platform to gather responses from 1043 U.S. adults from Sept. 3-14, 2020. The sample included quotas to be representative of the total U.S. adult population.
Source: Lincoln Financial Group