In an odd generational turn of events, it appears that young workers are seeking the kind of benefits their grandparents took for granted – and their parents saw largely disappear during their working lives.
They've written off Social Security as an option in their own retirement future and are looking for something more substantial as they get into their working years, as well.
A new study from The Hartford suggests that 20-somethings are increasingly seeking out employers who offer guaranteed retirement income programs, even more so than their older working counterparts.
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The company's Guaranteed Retirement Income study indicates that 64 percent of those surveyed say that their employer's existing 401(k) or other retirement plans don't quite offer the security they desire, especially when it comes to turning their savings into guaranteed income in retirement.
The biggest support for an opportunity to convert those retirement savings into guaranteed income products came from respondents aged 30 and younger, though they realize that defined benefit plans in the workplace are most likely going to be few and far between.
"Although the economy and the financial markets are on the mend, many younger employees are seeking sources of greater long-term financial security," said Patricia Harris, vice president of product management for the Hartford's Retirement Plans Group, in a release.
"Few younger workers have access to traditional pension plans and many wonder whether Social Security will continue in its current form. They are clearly saying they want the ability to create a guaranteed income for themselves in retirement."
The Hartford completed its study in the wake of the release of its own, new lifetime income product, which does indeed allow participants to morph their 401(k) savings into a pension-like income stream in retirement.
"We see broad acceptance of lifetime income among 401(k) participants of all ages, even younger workers who are decades from retiring," Harris added.
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