ING U.S. Research Highlights Importance of Securing Reliable Income in Retirement
Recent research conducted by ING U.S. underscores the growing role that retirement income planning continues to play in the readiness levels of working Americans. The study, Retirement Income Redefined1 pinpoints some potential discrepancies in retirement planning ideologies and practices, and reinforces how retirement is being fundamentally redefined. Among the results, key findings included the following:
- One-third (33%) of retirees confirmed they are experiencing a lower standard of living in retirement than in their working years, based on the monthly income they have to live on.
- Meanwhile, less than one-in-ten (8%) of pre-retirees expected to have a lower standard of living when they stop working and enter retirement.
- Separately, an overwhelming majority (80%) said they would be willing to make a financial trade-off and give up some spending money today in order to secure a level of guaranteed retirement income in the future.
- However, nearly four-in-ten (37%) expected to run out of money needed to support their desired lifestyle in retirement.
- Finally, more than one-third (34%) believed that $500,000 or less in retirement savings would be enough to provide a comfortable income in retirement – or had no idea how much would be needed.
To put these findings into broader context, ING U.S. recently hosted a web-based presentation, which it has also made available on its public website. The presentation features perspectives, trends and forecasts from three ING U.S. Retirement Solutions leaders on important aspects of the retirement income landscape, as well as opportunities that exist to help individuals better prepare for their eventual retirement security:
- Dave Bedard, president of Annuities, addresses the evolution taking place with annuities, focusing specifically on the growth of fixed index solutions and why they are appealing to customers in this environment.
- Rich Linton, president of Individual Markets, addresses best practices that financial advisors must adopt to meet the evolving needs of their clients, including holistic planning that addresses retirement income.
- Rick Mason, president of Corporate Markets, addresses how employers are evolving their benefits offerings with the emergence of retirement income options inside workplace savings plans.
As individuals shoulder more responsibility to prepare for their retirement, ING U.S. provides a comprehensive suite of products and services to help Americans and the financial professionals who serve them become retirement ready. These include investment and planning strategies that address the need for retirement income, such as a deferred fixed annuity product for retirees, a retirement income practice management program for financial advisors in the ING Financial Partners network and an in-plan guaranteed income solution for 401(k) plan participants.
More information about these programs, along with a copy of the web-based presentation and an executive summary of its recent research, can be accessed at http://ing.us/about-ing/newsroom/media-kits/retirement-income.
1. Findings are from both a phone-based survey and online poll. The phone-based survey was conducted during the period of June 6 – 9, 2013. Respondents were 850 adults age 30+. The online poll of 2,400 consumers was conducted June 24 – July 16, 2013. Data was weighted to make the results representative of the overall U.S. population.
About ING U.S.
ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company's vision is to be America's Retirement Company and its guiding principle is centered on solving the most daunting financial challenge facing Americans today — retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible — one person, one family and one institution at a time. For more information, visit http://ing.us
SOURCE ING U.S.