MetLife Retirement & Income Solutions
2022 Paycheck or Pot of Gold Study
MetLife's study looks at the Great Retirement Decision.
In this study:
- Do pre-retirees and retirees think it's valuable to have guaranteed retirement income?
- Do retirees' experiences with taking a lump sum meet with their expectations?
- How quickly do retirees deplete their lump sums?
Looking at the state of today’s workplace, many employers are focused on the “great resignation” (a mass exodus from the workforce), or the “great reshuffle” (job or career moves that better align with workers’ values). However, there is another workplace priority that needs attention now: the “great retirement decision.”
The “great retirement decision” is whether to take one’s accumulated savings as a paycheck (i.e., monthly annuity payments) or a perceived “pot of gold” (i.e., a lump sum) – or some combination of the two.
WidespreadPraise
Not All Retirement Income Options Created Equally
Income annuities purchased at the point of retirement, such as an immediate annuity or a longevity annuity with an income benefit paid later in life, are among the most efficient ways for workers to access guaranteed monthly income from a DC plan.
Did you know?
More women (43%) than men (29%) have already depleted their lump sums in retirement
Conclusion
By expanding access to guaranteed lifetime income solutions, employers can empower plan participants to confidently transition into retirement – and help ensure their retirement savings lasts.
Want more insights from the 2022 Paycheck or Pot of Gold Study?
DownloadLifetime Income Solutions
Empower employees to confidently retire knowing they will never outlive their savings with guaranteed lifetime income solutions designed to enhance defined contribution retirement plans.