How workers’ need for lifetime-guaranteed income may drive more Americans to consider annuities

The goal of a successful retirement is to have enough guaranteed income to cover basic living expenses and not have to worry about running out of money for the rest of your life. According to recent LIMRA research, workers today do not feel that their households will receive enough lifetime-guaranteed income to cover basic living expenses throughout retirement.

Even before the COVID-19 pandemic, unpaid caregivers struggled with the demands of work and saving for the future. The pandemic brought on additional work/life disruptions with stay-at-home orders, school closures, and reduced ability to outsource caregiving. The challenges also affect workers’ future retirement security since retirement income is often dependent on one’s ability to work and, through that work, accumulate savings.

A new Secure Retirement Institute^® (SRI^®) study, Staying the Course: Navigating Unpaid Caregiving Obstacles to Retirement Security, explored the impact of caregiving on workers’ retirement savings, as well as the actions and employer benefits that may help caregivers plan for a secure retirement.