People are looking to employers for help
As defined contribution (DC) plans have become the sole employer-sponsored retirement savings plan for most Americans, the need for solutions that help retiring employees convert savings into income continues to gain momentum.
Employees want someone else to handle retirement planning for them
Three in five plan participants wish they could push an easy button when it comes to planning for retirement.1
More retirees than ever are remaining in plan
The number of participants with plan balances three years after retirement has more than doubled since 2009.2
Income strategies make plans more attractive
More than four in five participants (85%) would likely stay in plan if there were a retirement income option.1
Using real-life data to better understand American workers’ behaviors and create more effective retirement income solutions
J.P. Morgan Asset Management's unique access to DC participant data and Chase consumer spending data as well as a research collaboration with the Employee Benefit Research Institute (EBRI) provides the industry's first holistic view of retirees' saving and spending behaviors and how their habits change over time. This view allows us to go beyond conventional industry assumptions to more deeply understand income needs and more effectively design solutions around those needs to help you and your clients meet their goals in retirement.
Comparing retirement income strategies
This guide offers our latest research and insights into the retirement income challenge and an overview of the emerging spectrum of strategies designed to help DC plan participants translate savings into income. It also highlights a range of considerations plan sponsors should consider when determining if a specific retirement income strategy is right for their plan.
1 J.P. Morgan Plan Participant Research, 2021.
2 J.P. Morgan retirement research.
3 In 2020, J.P. Morgan Asset Management formed a research collaboration with the Employee Benefit Research Institute (EBRI). This research draws on their joint database of IRA and 401(k) accounts that is maintained in partnership with the Investment Company Institute (ICI). In an ongoing collaborative effort, EBRI and ICI maintain the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project, which is the largest, most representative repository of information about individual 401(k) plan participant accounts.
4 JPMorgan Chase Bank, N.A. (Chase) is proud to serve nearly half of America’s households with a broad range of financial services. For more information, visit our website: https://www.chase.com/digital/resources/about-chase.
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