In the US, more than 686,000 defined contribution (DC) plans are in place helping over 109 million workers save for retirement. In contrast, nearly 34 million people participate in 47,000 defined benefit (DB) plans.* This transition from DB to DC has shifted greater responsibility for ensuring adequate income in retirement from employers to individuals, and plan sponsors have a significant opportunity to help participants of all ages along their planning journey. To help plan sponsors evolve their respective plans, this report explores how DC participants think about retirement income in general, what type of in-plan solutions are most attractive to them (and why), and which communications efforts would best resonate across a range of participant demographics. Download the report which includes an action checklist to help advisors, employers and their employees

• Participants lack confidence and fear running out of money in retirement 
• Positive views of guaranteed and non-guaranteed income solutions, including the concept of auto-enrollment
• The best communication strategies around retirement income
• The high value of online tools

* DOL Employee Benefits Security Administration, Private Pension Plan Bulletin, Abstract of 2019 Form 5500 Annual Reports, September 2021.

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Cited research is based on Invesco’s work with Greenwald Research. Invesco is not affiliated with Greenwald Research or BenefitsPro.

All material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This is being provided for informational purposes only, is not to be construed as an offer to buy or sell any financial instruments and should not be relied upon as the sole factor in any investment making decision. This should not be considered a recommendation to purchase any investment product. As with all investments there are associated inherent risks.

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