According to a poll sponsored by AIG Sun America and conducted by Harris Interactive, 97% of Baby Boomers believe guaranteed income for life is their top retirement goal, followed by protection against investment losses and enough income to meet rising healthcare costs.
Three-quarters said they would be interested in a product that could provide guaranteed income for life, and two-thirds said they would be willing to pay up to 2% of investment returns for such a product.
“Baby Boomers have changed the retirement conversation in this country,” said Jana Waring Greer, president of AIG SunAmerica Retirement Markets. “They are no longer talking about building a retirement portfolio; they are asking for help in investing it, protecting it, managing it and stretching it across the remainder of their lives.” This is creating a “sweet spot” and an “enormous opportunity” for insurance companies that offer annuities, she said.
“Variable annuities offered by today’s leading insurance companies provide the solution: a combination of investment options and insurance guarantees that have evolved in anticipation of society’s changing needs,” Greer added.