[July 30, 2014]

Less Than Half of Plan Participants Over 50 Have Considered a Withdrawal Strategy for Retirement Assets

Forty-three percent of retirement plan participants age 50 or older say they have considered a withdrawal strategy for their retirement assets according to a survey conducted by American United Life Insurance Company® (AUL), a OneAmerica company. Survey respondents over 50 are more likely to have considered how to pay for healthcare after they retire (64 percent).

"We're glad consumers are considering healthcare as a major part of retirement expenses-as they should-but they also need to have a plan for how to withdraw retirement assets and maintain an income throughout their life," said Marsha Whitehead, vice president of marketing for retirement services and employee benefits. "Managing income in retirement is especially important given the additional healthcare expenses and the uncertainty of how long you'll need it."

One example of a post-retirement income strategy is an annuity. This long-term, tax-deferred insurance contract or investment can provide a fixed or variable stream of income during retirement. Of those who have a withdrawal strategy, 51 percent have considered an annuity.

"Participants over 50 (68 percent) said they would welcome assistance with their post-retirement withdrawals and investments," said Whitehead. "We have an opportunity to further engage with and assist these participants in all aspects of building a retirement income strategy."

About the OneAmerica Participant Survey

The companies of OneAmerica surveyed visitors to its retirement plan participant website to better understand their behaviors and to learn which resources might effectively help them prepare for retirement. 7,545 participants responded to the survey; 2,797 were age 51 or older.

OneAmerica's infographic provides survey methodology and additional insights.

About OneAmerica

OneAmerica Financial Partners, Inc. (www.oneamerica.com), headquartered in Indianapolis, Ind., has companies that can trace their solid foundations back more than 135 years in the insurance and financial services marketplace.

OneAmerica's nationwide network of companies offers a variety of products to serve the financial needs of their policyholders and other clients. These products include retirement plan products and services; individual life insurance, annuities, long-term care solutions and employee benefit plan products. The goal of OneAmerica is to blend the strengths of each company to achieve greater collective results.

The products of the OneAmerica companies are distributed through a network of employees, agents, brokers and other distribution sources that are committed to increasing value to our policyholders by helping them prepare to meet their financial goals.

Visit the OneAmerica Newsroom or follow @OneAmericaNews on Twitter (News - Alert) for more information.

[ Back To TMCnet.com's Homepage ]