Most Gen X and millennials want employer-sponsored plan annuities; baby boomers eschew them

Different generations have varying levels of concern about running out of money from employer-sponsored plans during retirement, according to Allianz’s 2024 Q2 Quarterly Market Perceptions Study conducted in May. The highest percentage came from Generation X, with 73% saying they were worried.

Adding annuities to their employer-sponsored retirement plans was most appealing to Generation X and millennials, cited by 68% and 67%, respectively. Less than half, 43%, of baby boomers were considering adding an annuity.