Cerulli finds no single DC income preference dominates; Guardian cites 64% guaranteed-income confidence

In Cerulli Associates' U.S. Defined Contribution Distribution 2026 report, 46% of surveyed participants said they wanted the flexibility to withdraw money whenever they choose, ahead of the nearly 40% who wanted a personalized and actionable retirement plan and the 39% who wanted guaranteed monthly income. The ability to change investments drew 31%.

Those competing priorities were one of the study's central findings, according to Chris Bailey, a director in Cerulli's retirement practice. "When it comes to retirement income, there's a lot of conversation about how much participants want a guarantee," Bailey said. "But when you put that up against things like planning [and] flexibility, the picture becomes a little bit more blurry. No one of those things really dominates the chart. It speaks to a person-by-person basis."

Guardian Life Insurance's June survey of 2,082 U.S. adults found 64% said guaranteed income would make them more confident about retirement, ahead of a documented financial plan at 57%; 53% cited professional guidance. The two surveys measured different things: Guardian asked what would make respondents more confident, while Cerulli asked which features participants wanted.

Guardian also found a gap by age in income planning. Only 34% of respondents said they had planned for how they would receive income at age 80 and beyond, compared with 48% who had planned for income during their 60s. And 75% worried about how unexpected events could affect their retirement savings.

Bailey said the Cerulli results point to the importance for plan sponsors and advisers of understanding participants' priorities, rather than showing overwhelming demand for any single solution. "Flexibility sounds nice; guarantees sound nice," he said. "They both have trade-offs."

PLANADVISER's report on the research frames participant adoption as depending on advice, education and recordkeeping support as much as on the products themselves. That framing arrives as insurers continue rolling out new income-focused solutions for defined contribution plans.

The Cerulli figures suggest a design risk for a menu built only around annuities: guaranteed monthly income was the smaller of the two leading preferences, at 39% against 46% for withdrawal flexibility. Pairing an income option with planning tools and the ability to change investments addresses the larger stated preference as well as the smaller one.