Marvin OnumonuGen X faces a retirement readiness gap, with two-thirds (66%) of people aged 45 to 49 saying they feel unprepared for retirement, according to research from LV=.
Half (50%) of Gen X were unsure about which income option they would choose when they retire.
Only 7% of Gen X said they would consider a fixed term annuity for their retirement income, compared to 18% who would go for a lifetime annuity.
Nearly a third (28%) of Gen X adults said they were confused by the financial information they found.
Gwen Haggo, savings and retirement sales director at LV=, said: “As Generation X approaches retirement, it’s clear that confidence remains low and their awareness and understanding of available options is limited.
“Education has never been more important, and this is a critical time for advisers to engage with clients and help them to better understand how solutions like Fixed Term Annuities can provide both flexibility and security.
“Retirement planning is not a one-size-fits-all strategy. By offering a combination of stability and adaptability, as well as access to member benefits, Fixed Term Annuities can support a smoother transition into retirement and help people to live financially confident lives.”
