Building more secure financial futures
For the past five years, Black Rock’s DC Pulse survey has helped identify trends in retirement and highlight the needs and concerns of savers. As we come out of COVID-19, it’s a timely lens into the mindset of savers and what’s needed going forward.
A key focus of the 2021 DC Pulse survey was retirement income. Survey results indicate that workers have a strong desire for a retirement savings vehicle that can produce a predictable income stream throughout their retirement years. In fact, 81% of participants said it would be helpful if their employer provided secure income-generating options in their workplace plan.
- Eighty-six percent of participants find a well- diversified fund with a balance that is automatically converted to a guaranteed income stream as they near retirement appealing.
- Eighty-nine percent of participants agree that having guaranteed income in retirement would have a positive impact on their current well-being.
How do your plan sponsor peers feel about retirement income? Ninety-six percent of sponsors surveyed feel responsible for helping participants generate and/or manage their income in retirement. In addition, 86% agree their plan participants would benefit from a target date fund that has a feature that generates guaranteed retirement income. And while 82% of sponsors do not currently offer a specific retirement income product, they are likely to add one in the next 12 months.
You can view the results of the entire 2021 Black Rock DC Pulse survey here.