As Participants Shun Annuities, Some Are Depleting Savings Quickly

March 1, 2022 by Rebecca Moore

Asked what they will do with the money in their employer-sponsored retirement account when they retire, nearly one-quarter (23%) of participants surveyed by AllianceBernstein said they would rollover their funds to an individual retirement account, while 18% said they would leave their money in the plan. Five percent indicated they would take a lump-sum distribution.

Only 11% reported they would buy an annuity, even though one-third selected a “steady stream of income in retirement” as the quality most important about saving for retirement, according to AllianceBernstein’s “Inside the Minds of Plan Participants” report.

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Originally Posted at PLANADVISER on February 24, 2022 by Rebecca Moore.