Education and longevity solutions are two of the biggest opportunities available to 401(k) providers, according to a study by String Financial.

And despite conventional wisdom that annuities and other mortality contingent products cannot succeed on a meaningful scale in 401(k) plans, 30% of investors said they would “definitely” and 40% said the would “probably” be willing to give up leaving a greater inheritance if they could have a greater amount of lifetime income.

In addition, 71% said they were concerned about having enough income to meet their standard of living in retirement.

Thirty-four percent of respondents said that educational materials offered by their 401(k) plan didn’t properly explain concepts, and 41% said the materials could be easily found elsewhere. Only 18% said the materials prompted them to make changes in their retirement plans.

While insurers are better positioned than mutual fund companies to offer longevity solutions, they will have to “make a critical shift to becoming solution-oriented organizations, as opposed to product-oriented business units,” according to String Financial.

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