Independence and retirement security

New industry survey highlights growing demand for guaranteed lifetime income

By Michael Pramik, Ohio Public Employees Retirement System

July 2, 2026 – As Americans prepare to celebrate Independence Day this weekend, many will spend time with family, enjoy cookouts and watch fireworks. The holiday also offers an opportunity to reflect on another kind of independence: having the financial confidence to enjoy retirement.

A recent Retirement Confidence Survey from the Employee Benefit Research Institute and Greenwald Research found that retirement confidence declined this year as Americans continue to grapple with inflation, debt, rising housing and health care costs, and uncertainty surrounding Social Security and Medicare. Overall, 64% of Americans said they are confident they will have enough money to live comfortably throughout retirement, down from last year.

One finding stands out for OPERS members.

More than four in five workers surveyed said they are interested in using their retirement savings to purchase a guaranteed monthly income stream in retirement. In addition, two-thirds expressed interest in a Social Security bridge annuity that would provide income until age 70.

Those findings reinforce something retirement professionals have long understood: Dependable monthly income can provide confidence during retirement, regardless of market conditions.

For OPERS members, guaranteed lifetime income is already part of the retirement conversation. The Traditional Pension Plan provides a lifetime monthly pension benefit, while members of the Defined Contribution and Combined plans have options to convert retirement savings into guaranteed monthly income through annuities at retirement.

The survey found that concern about the nation’s retirement system remains high. Four in five workers and seven in 10 retirees worry the government could make changes affecting retirement benefits. Workers also reported increasing concern about debt, emergency savings, housing costs and health care expenses.

Against that backdrop, having a dependable source of monthly retirement income can provide an important foundation for financial confidence. While no retirement plan eliminates every financial challenge, predictable lifetime income helps retirees build a budget, make long-term decisions and focus more on enjoying retirement than worrying about market swings.

This Independence Day, it’s worth remembering that financial independence isn’t just about building savings. It’s also about having dependable income that gives you confidence—and the freedom to enjoy whatever retirement brings.