Background: Goldman Sachs Asset Management’s fifth-annual Annuity Industry Survey gathered insights from 100+ industry participants across 31 insurance carriers about current and emerging themes that are shaping the annuity landscape. In this Research Minute, we will take a look at the perspectives of insurers on the future of retirement income.

Findings: Increasing in-plan annuity adoption is no longer just a long-term aspiration – it is a current and strategic focus of many insurers. 64% of respondents stated that in-plan retirement income is a top three priority within their annuity business. Currently, over half of respondents already offer an in-plan annuity solution, while another third are actively exploring product development.

While progress of in-plan adoption has been slow and measured, early adopting plan sponsors begin to show the path forward. For insurers, this opportunity continues to move product development from a long-term goal to a near-term priority. As a result, we may see continued product development and new solutions coming to market in the coming years.

Additionally, beyond an in-plan standalone product, insurers have set their sights on integration into broader solutions such as managed accounts and target date funds. While the largest near-term opportunity continues to be out-of-plan annuity options, over the intermediate term, insurers believe in-plan will be a much more significant opportunity, with 29% marking integration into managed accounts as having the largest opportunity.

Managed accounts that include access to an advisor offer a unique opportunity to illustrate the impact of annuities and other forms of guaranteed income within an

individual’s overall income portfolio. The integration of education and advice may be the missing link to help individuals evaluate these options and determine the best retirement income strategy for their personal situation.

In addition to managed accounts, standalone in-plan annuities (21%) and integration into target date funds/QDIAs (14%) are also areas of focus for product developers.

Source: Goldman Sachs Asset Management

Bottom line: Insurers continue to see positive momentum within in-plan retirement income options. While progress has been slow, this is an important development for the retirement industry broadly. Insurers see in-plan annuities as a critical piece of their business, and higher prioritization of new product development spells a potential expansion of products to consider and evaluate in the future. Integration of annuities into other solutions may also help expand the reach of retirement income products and contribute to a future where annuities are more seamlessly integrated into comprehensive retirement planning.

Read the full report here.

Insights shared by guest contributors are their own and do not represent the views of DCIIA or the RRC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Source: Goldman Sachs Asset Management 2025 Annuity Industry Survey. Views discussed are those of 103 institutional survey respondents, compiled by Goldman Sachs Asset Management between March 24, 2025 – April 22, 2025.

All investing involves risk, including loss of principal.

Annuities are long term investment vehicles used for retirement savings. They are subject to market fluctuations and market risks. Guarantees are backed by the financial strength and claims-paying ability of the issuing insurance company and do not apply to the investment performance or the safety of the underlying investment. Product and feature availability may vary by state and plan.

Target Date Funds are subject to the risks associated with the underlying funds in which they invest. These risks change over time as a fund’s asset allocation strategy adjusts as it approaches it target date.