As for the specific approaches to their retirement assets when choosing between managing their own savings and purchasing a product that provides guaranteed income for life, Gen X workers with $100,000 or more in savings (38%) are more likely to say that they would manage their own assets. Those with lower levels of savings are split between the options.
Of those who are confident in living comfortably in retirement, 38% say they would manage their own assets versus 14% saying they would buy a product providing lifetime income.
And while Gen Xers do not believe various workplace education or financial well-being programs such as help with basic budgeting education on how to manage financial priorities would be helpful in preparing for retirement, the level of the workers’ savings and investments does not generally have an impact on the proportion saying they would be helpful, the report pointed out.
Of note, however, is that people with savings of $100,000 or more are less likely to say that student loan debt assistance would be helpful.
The 2019 survey of 2,000 Americans was conducted online January 8 through January 23. All respondents were ages 25 or older. The survey included 1,000 workers and 1,000 retirees. The survey also included an oversample of 307 Gen X workers.