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Retirement income is gaining traction among 401(k) participants in energy and utilities companies
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The TIAA Institute and Nuveen surveyed 100 401(k) participants employed in the energy and utilities sector about their perspectives on generating retirement income from retirement savings, including the value of in-plan fixed annuities. The findings show high levels of interest in guaranteed lifetime income, but limited understanding and confidence about withdrawing money in retirement. Survey insights like these can provide direction to 401(k) plan sponsors in this sector as they innovate plan design options with in-plan retirement income solutions.
Retirement income is in demand
Most 401(k) participants in the energy and utilities sector believe employers should play a role in ensuring employee retirement income security and should provide plan participants with retirement income solutions.
Interest in in-plan annuities
92% of 401(k) participants in the sector think it would be valuable for 401(k) plans to include a fixed annuity. But not only do they view in-plan fixed annuities as a good idea, they’d also likely use them, if available, to earn a guaranteed interest rate while saving for retirement and to provide income that is guaranteed for life in retirement.
The need for guidance
Many 401(k) participants in the energy and utilities sector currently have limited understanding of their options for withdrawing money in retirement. Education and guidance can lead to more informed decision-making and greater confidence about choosing the best way to convert savings to income.
The survey questionnaire was developed by the TIAA Institute in consultation with Nuveen and was fielded by Greenwald Research. More than 2,100 401(k) participants, including 100 in the energy and utilities sector, were surveyed online between October 23 and November 29, 2024.
The full digital tool kit offers further insights on the findings and deeper breakdown by respondent demographics and categories.
About the TIAA Institute
Since 1998, the TIAA Institute has helped advance the ways individuals and institutions plan for financial security and organizational effectiveness. The Institute conducts in-depth research, provides access to a network of thought leaders, and enables those it serves to anticipate trends, plan future strategies and maximize opportunities for success. To learn more, visit tiaainstitute.org.
About Nuveen
Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.3 trillion in assets under management as of June 30, 2025 and operations in over 25 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit nuveen.com.
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Endnotes
This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her financial professionals.
Any guarantees are backed by the claims-paying ability of the issuing company.
Converting some or all of your savings to income benefits (referred to as “annuitization”) is a permanent decision. Once income benefit payments have begun, you are unable to change to another option.
TIAA Institute is a division of Teachers Insurance and Annuity Association of America (TIAA), New York, NY.
Nuveen, LLC provides investment solutions through its investment specialists.
