New Year — consider new retirement options

The new year marks a time of celebration for many Americans, regardless of age. As you look toward the future, take time to think about your retirement journey and the savings vehicles that can help set you on the path to a secure financial future. One of these options, an annuity, comes in many different packages, some that specialize in helping create a “retirement paycheck” for yourself in the years to come. 

To better understand Americans’ attitudes toward annuities and their retirement readiness heading into 2024, Athene conducted a study that gathered insights from American adults ages 18 and older on their current retirement savings strategies and their thoughts on the current market environment.* The study found that just 3 percent of those surveyed are relying on annuities as their primary retirement savings vehicle. What does that reveal? Many people are leaving the benefits annuities can offer on the table as they plan for their financial futures. 

Considerations for the new year 

Based on Athene’s 2023 data, more than a quarter (26 percent) of Americans rely on employer-sponsored plans as their biggest source of retirement savings. For nearly a quarter (21 percent) of respondents, annuities remain highly misunderstood with the same group indicating they don’t know what an annuity is. As you consider the options available to you on your retirement savings journey, annuities can offer a wide range of benefits including:

• creating a guaranteed “retirement paycheck”
• pursuing growth potential with protection from market loss
• helping reduce the effects of low interest rates and inflation on savings
• helping cover unforeseen expenses in retirement 

With volatile market conditions expected to persist, more than two-thirds (69 percent) of Americans polled in Athene’s survey agree the current economy has caused them to rethink their retirement savings strategy. 

How professionals can help

Planning for retirement can be stressful and confusing, so it’s crucial for you to have a trusted source of guidance to provide education on all your retirement options. Despite uncertainty around retirement planning, Athene’s data revealed that roughly one-third (34 percent) of Americans are currently working with a financial professional. Further, more than one-half (51 percent) indicated they have never used a financial professional.

“The new year is a great time to set yourself up for future financial success,” said Mike Downing, Chief Operating Officer at Athene. “The value of working with a trusted financial professional to guide you on your retirement journey cannot be overstated.”

In addition to putting you on the path to retirement in the new year, financial professionals may offer a wide suite of services that can help prepare you for your financial future at any stage of life, such as:

• general advice on budgeting and saving
• tax planning
• asset allocation
• investment management
• debt management 
• estate planning

The myriad of options available to retirees coupled with the ever-evolving economic climate can make it difficult to know what options are best for your financial situation. Working with a financial professional can help give you confidence that you are making the best decisions on your retirement journey. 

There’s no time like the new year to evaluate your plan for your financial future. Not sure which annuity is the right option for you? A financial professional can help (Don’t have one? Here are five tips for finding the best option for you!). 

Want the most from your retirement? Get smarter with Smart Strategies from Athene. Your source for tips, tools and financial solutions that can help you live your best life.

*Survey Method
This survey was conducted online within the United States by The Harris Poll on behalf of Athene from September 5-7, 2023, among 2,057 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.7 percentage points using a 95% confidence level.