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  • Millennials Are Hungry for Growth and Protection Potential, According to Lincoln Financial Group

    June 7, 2022 by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–According to a recent study from Lincoln Financial Group (NYSE: LNC), millennials under age 40, called “younger investors,” plan to purchase insurance products within the next five years – and in greater numbers than ever before.1 And, thanks to interest rates, market volatility and student loan debt, younger investors are looking to the future, with products like annuities to help ensure protected lifetime income in their retirement.

    Since the start of the Great Recession in 2008, annuity ownership among millennials has increased significantly and has continued to rise.2 Tim Seifert, senior vice president and head of Retirement Solutions Distribution at Lincoln Financial Distributors, said: “The unique life experiences of the millennial generation have led people under age 40 to seek investment options to help protect and grow their income. Additionally, these younger investors are digitally savvy and accustomed to doing their own research, giving Lincoln Financial the opportunity to connect with and educate consumers in new and exciting ways.”

    In recognition of Annuity Awareness Month, Lincoln Financial shares how annuities can offer younger investors the growth potential and downside protection they’re seeking, with optional benefits and riders to custom-fit their unique retirement income goals.

    Ready, Set … Grow!

    Annuities with additional cost benefits offer guaranteed growth potential and provide investors with lifetime income they can use to help maintain their lifestyle in retirement. This growth potential is a key feature of annuities, with different options and benefits to customize the growth that best suits the investor. Like buying a car or house, these options allow them to select the features that are most important and valuable to them.

    A quarter of younger investors surveyed agree that an annuity is a better option for growth opportunities in the current interest rate environment than a savings account.2 Yet, only 12% were aware of the opportunity for tax-deferred growth provided by an annuity.1 With an annuity, the buyer’s money can grow tax-deferred until it is withdrawn, maximizing the investment’s growth potential.

    The Power of Protection

    The majority of millennials surveyed are most concerned about volatility (61%) and market loss (63%).1 Annuities with benefits can help ensure that retirement income is protected even when there are downturns in the market – providing income protection is unlike other insurance products.

    Seifert continued, “Younger investors may have been affected by financial loss first-hand, given the uncertainty of the last few years and, before that, the market volatility during the Great Recession. Through various product features including triggers, annuities offer protection against loss during periods of market uncertainty, and opportunities for growth during rebounds.”

    Visit the Lincoln Financial Newsroom for more educational content throughout Annuity Awareness Month.

    Lincoln Financial offers a broad and innovative portfolio of annuity solutions, which were recognized in 2021 by Barron’s for the fifth consecutive year in its “The 100 Best Annuities for Today’s Market” feature.

    About Lincoln Financial Group

    Lincoln Financial Group provides advice and solutions that help people take charge of their financial lives with confidence and optimism. Today, approximately 16 million customers trust our retirement, insurance and wealth protection expertise to help address their lifestyle, savings and income goals, and guard against long-term care expenses. Headquartered in Radnor, Pennsylvania, Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. The company had $308 billion in end-of-period account values as of March 31, 2022. Lincoln Financial Group is a committed corporate citizen included on major sustainability indices including the Dow Jones Sustainability Index North America and FTSE4Good and ranks among Newsweek’s Most Responsible Companies. Dedicated to diversity, equity and inclusion, we are included on transparency benchmarking tools such as the Corporate Equality Index, the Disability Equality Index and the Bloomberg Gender-Equality Index. Committed to providing our employees with flexible work arrangements, we were named to FlexJobs’ list of the Top 100 Companies to Watch for Remote Jobs in 2022. With a long and rich legacy of acting ethically, telling the truth and speaking up for what is right, Lincoln was recognized as one of Ethisphere’s 2022 World’s Most Ethical Companies®. Learn more at: www.LincolnFinancial.com. Follow us on FacebookTwitterLinkedIn, and Instagram. Sign up for email alerts at http://newsroom.lfg.com.

    Important Information:

    Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.

    Annuities are long-term investment products designed for retirement purposes and are subject to market fluctuation, investment risk, and possible loss of principal.

    Lincoln annuities are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and contracts sold in New York are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY; distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.

    All contract and rider guarantees, including those for optional benefits, fixed subaccount crediting rates, or annuity payout rates, are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer or insurance agency from which this annuity is purchased, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.

    There is no additional tax-deferral benefit for an annuity contract purchased in an IRA or other tax-qualified plan.

    Lincoln Financial Group is the marketing name for Lincoln National Corporation and insurance company affiliates, including The Lincoln National Life Insurance Company, Fort Wayne, IN, and in New York, Lincoln Life & Annuity Company of New York, Syracuse, NY. Variable products distributed by broker-dealer/affiliate Lincoln Financial Distributors, Inc., Radnor, PA. Securities and investment advisory services offered through other affiliates.

    © 2022 Lincoln National Corporation. All rights reserved.

    LCN-4754571-052222

    _______________________
    1 Consumer Insights, Lincoln Financial Group, April 2022.
    2 Understanding the Younger Annuity Buyer & Purchase Experience, Lincoln Financial Group, November 2021.

    Contacts

    Media:
    Sarah Boxler
    Sarah.Boxler@lfg.com

    Originally Posted at BusinessWire on June 1, 2022 by Lincoln Financial Group.

    Categories: Industry Articles
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