Annuity options are growing in 401(k)s, but adoption remains limited

Johner Images | Johner Images Royalty-free | Getty Images Americans are increasingly worried that retirement will be less secure for them than it was for their parents. About 76% of workplace savers surveyed said they believe their generation will have less certainty about retirement income than previous generations, according to a new BlackRock survey. The share of those concerned has steadily climbed since 2021, when it was 67%. The survey also found strong interest from respondents in retirement-plan features designed to provide income in retirement. BlackRock, which commissioned the survey, is among the asset managers that offer annuity products in 401(k)s . The firm, with research company Escalent, polled 1,312 workplace savers between April 15 and May 16. More from Women and Wealth: Women are more concerned than men about outliving their savings and about generating retirement income, according to BlackRock. Yet, they're less likely to adopt guaranteed income solutions, the survey found. "They're living longer. Of anyone who would really need that lifetime income, it would be women, yet they're not asking," said Jaime Magyera, head of retirement and U.S. wealth advisory at BlackRock. Annuities 'a drop in the ocean' of 401(k) assets Annuity options are available in a small number of employer-sponsored retirement plans, typically within target-date funds. These funds hold a mix of assets that becomes more conservative as retirement approaches. …