A LIMRA study has found that 90% of annuity owners are confident about their lifestyle in retirement.
The LIMRA Secure Retirement Institute study found that high confidence is most notable among households categorised as mass-affluent (those with investible assets of $100,000 to $499,000) and affluent (assets of $500,000 to $999,000).
Go deeper with GlobalData
Those two categories accounted for 79 percent of the households in the survey.
According to LIMRA, one third of mass-affluent households own an annuity and 38 percent of affluent households report annuity ownership.
Jafor Iqbal, associate managing director, LIMRA Secure Retirement Institute, said: "These two groups have limited assets at their disposal that they will need to use in their retirement.
"These consumers tell us that owning an annuity gives them confidence about their financial security in retirement."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIqbal added that the LIMRA findings challenge the adage that annuities are sold and not bought.
Iqbal said: "We found that investors know about annuity features and go into the process with a positive attitude which directly influences the purchase decision."
The positive trend is also reflected among households with more than $1 million in assets, as 44 percent of annuity owners in that category say they are "very confident" of a secure retirement compared to 35 percent of non-annuity owners.
The LIMRA survey was conducted among 2,000 consumers age 50 and older with at least $100,000 in investible assets.
