CNBC’s Sharon Epperson joins ‘Closing Bell’ to discuss annuities as workers demand guaranteed retirement income.

Many workers are increasingly concerned about retirement security, with a recent BlackRock survey indicating that 89% of 401k plan participants want a product that guarantees monthly income for life. Annuities, which provide such guaranteed income, are becoming more accessible due to legislative changes like the Secure Act of 2019, which allows 401k plans to offer them as an option.

For those approaching retirement, annuities can convert accumulated savings into steady paychecks. Online calculators can help estimate potential payouts, and women may receive higher monthly income from annuities within a 401k plan compared to purchasing them independently, due to standardized payment structures in employer-sponsored plans.

Workers looking for guaranteed retirement income

Our senior personal finance correspondent Sharon Epperson joins us now with more on one tool that can help them do that, Sharon, annuities. That's right, Sarah. You know, retirement security is a top concern of many workers, and a new BlackRock survey finds 89% of defined contribution plan or 401k plan participants want to own a product that guarantees monthly income for life. Workers start to get closer to retirement and, you know, heightened also with the pandemic. They're worried about outliving their savings and they would like to see some form of guaranteed savings provided by their employer in their 401k. That's where annuities come in. An annuity is a contract between you and an insurer. You make an investment now for guaranteed monthly income in the future. You can buy it on your own and the Secure Act of 2019 has made it easier for 401k plans to offer annuities as an option too, ideally for those close to retirement. That's when you want to say, hey, listen, I want to start thinking about all of this accumulation that I've done through these decades of working. How do I begin to think about turning what I've saved and what I've accumulated into paychecks after I retire? A 65 year old man who buys an immediate annuity for $100,000 could get paid about $500 a month for the rest of his life. Monthly income for a woman of the same age would be slightly lower based on a longer life expectancy. Now, online calculators like the one I used on Schwab.com can help you estimate your annuity income. And here's a bonus tip. Financial advisor Lee Baker points out that the income payment on an annuity inside a 401k plan is the same for both of them. So a woman may get a higher monthly income from an annuity in a 401k than they would buying it on their own. Back to you.

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