Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans.

Equitable’s survey revealed that nearly half of consumers (47%) believe it is unrealistic for them to retire before or at the traditional retirement age of 65. Instead, they expect to retire nearly a decade later at an average age of 74. The top three challenges/obstacles cited were increasing living expenses (68%), fear of not having enough money saved (66%), and a lack of guaranteed income for retirement (39%). This reality contrasts sharply with the 18% of respondents who want to continue working past the age of 65.

“Today’s world is full of uncertainty, and inflation continues to make everything more expensive. This is having a profound impact on Americans’ retirement confidence, causing many to feel they will need to work well beyond age 65 to save enough — not out of choice, but rather necessity,” said Nick Lane, President of Equitable. “While everyone has a different financial situation and vision for retirement, a financial professional can help develop a plan that keeps you on track. The ultimate goal is to retire on your own timetable, when it makes sense personally and professionally.”

Equitable’s survey also found that if given the choice, nearly two-thirds of consumers (64%) would prefer a consistent and guaranteed paycheck in retirement versus having to determine how much to withdraw from their retirement accounts to make their money last throughout their lifetime. This sentiment was generally consistent across all age groups, with millennials expressing the most interest at 70%, followed by Gen X (65%), Gen Z (62%) and baby boomers (59%).

With that said, it is noteworthy that Equitable’s survey found that baby boomers, those closest to retirement, are the least interested in the security of a steady paycheck in retirement compared to younger workers, like millennials. This perhaps can be attributed to the fact that most baby boomers, given their stage of life, are more likely to already have access to reliable sources of retirement income — such as payments from Social Security or a traditional pension. Whereas younger generations face more uncertainty in these areas and will likely need greater support to ensure they don’t outlive their savings in the future.

“Automatic enrollment, automatic escalation and target-date funds have been game changers in helping more Americans accumulate retirement savings. However, what’s often overlooked is how to help workers convert their savings into a reliable stream of income in retirement,” said Lane. “With the disappearance of traditional pension plans, the burden has shifted to individuals — especially younger generations — to seek the education, guidance and solutions to ensure their savings last throughout retirement.”

Equitable’s survey also revealed that nearly six in ten (57%) of Americans view the current economic conditions in the U.S. as highly volatile — reinforcing the need for strategies that offer some level of protection for their investments, in addition to a steady stream of income. This has resulted in a recent boom in demand by U.S. consumers for financial solutions like annuities, which can provide for guaranteed retirement income.

According to LIMRA,1 U.S. annuity sales reached a record high of more than $385 billion in 2023, jumping 23% year over year. This momentum has continued into 2024. U.S. annuity sales hit more than $215 billion in the first half of this year,2 the highest six-month sales figure since the insurance industry trade association LIMRA began tracking such statistics in the 1980s.

About the study:

The survey was conducted by an independent, global consumer and B2B panel provider. Respondents include 1,000 U.S. adults (ages 18 and older), with the total survey population representative of U.S. demographic data. The online survey was fielded from May 22, 2024, through June 1, 2024. Survey participation was anonymous.

About Equitable:

Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 3 million clients across the country. Please visit equitable.com for more information.

Reference to the 1859 founding applies specifically and exclusively to Equitable Financial Life Insurance Company. All guarantees provided within annuities are based solely on the claims-paying ability of the issuing life insurance company. Equitable is the brand name of Equitable Holdings, Inc., and its family of companies, including Equitable Financial Life Insurance Company (NY, NY) and Equitable Financial Life Insurance Company of America, an Arizona stock corporation with an administrative office located in Charlotte, NC, issuers of annuity and life insurance products. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI and TN) GE-6856968.1 (08/24) (exp.08/26).

Annuities are long-term financial products designed for retirement purposes. They are contractual agreements in which payments are made to an insurance company, which agrees to pay out an income or a lump sum amount at a later date. Contract limitations, fees and charges apply. Annuities are not suitable for all investors. Some variable annuities let you partially protect your savings while investing for growth potential. With such partial downside protection, there is a risk of a substantial loss of principal and previously credited interest because the contract holder agrees to absorb all losses to the extent they exceed the downside protection provided. In general, variable annuities are subject to investment risks, including possible loss of principal invested, and generally contain certain exclusions and limitations. Be sure to learn about the rules and potential risk before you invest.

Variable annuities are offered by prospectus, which contains important information about investment objectives, risks, charges, and expenses. For a prospectus, contact your financial professional or the issuing life insurance company and read the prospectus carefully before investing or sending money.

________________________ 1 LIMRA’s U.S. Individual Annuity Sales Survey, January 2024 2 LIMRA’s U.S. Individual Annuity Sales Survey, July 2024

Media: Bill Sutton (315) 373-9685 mediarelations@equitable.com

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