A dependable retirement

New study shows retirees value guaranteed income most of all

By Michael Pramik, Ohio Public Employees Retirement System

Oct. 22, 2026 – A new national study from The Harris Poll, conducted for Transamerica, offers a clear message about retirement in America: people want stability. In a world of market swings, rising prices, and longer lifespans, Americans say the most important ingredient for a confident retirement is guaranteed monthly income.

The study, titled Life and Money: Retirement Security in the USA, surveyed thousands of adults across the country. Its findings are encouraging for anyone who participates in a pension plan or supports public employees who rely on one. It’s also a timely read, because October is National Retirement Security Month.

First, the research shows that guaranteed income is the number‑one feature Americans want in retirement. More than investment choice, more than account balances, more than flexibility — people value predictability. They want to know that each month a payment will arrive that covers the basics. Defined-benefit pensions, as well as annuitized defined-contribution pensions, deliver that assurance.

The Harris Poll also found that retirement confidence rises sharply among those who expect lifetime income. Respondents with pensions or annuities were far more likely to say they feel prepared for retirement, even when facing economic uncertainty. This information aligns with other national research showing that retirees with guaranteed income maintain steadier spending, preserve more of their savings and experience less financial stress.

Another important insight from the study is the desire for simplicity. Many Americans report feeling overwhelmed by managing investments, monitoring markets, and planning withdrawals. Pensions eliminate that burden. They provide automatic, professionally managed lifetime income — a feature that becomes increasingly valuable as people age and financial decision‑making becomes more complex.

The study also highlights growing concerns about longevity. Americans know they’re living longer, and many worry about outliving their savings. Defined benefit pensions directly address this challenge by providing income that lasts as long as the retiree does, no matter how many years that may be.

Taken together, the findings from the study reinforce a powerful message: guaranteed income works. It provides confidence, stability, and peace of mind — qualities that retirees value more than ever.

For public employees and retirees who participate in defined benefit plans, this research is a reminder that their pension remains one of the most effective tools for achieving long‑term financial security. And for policymakers and employers, it underscores the importance of preserving and strengthening these systems for the future.