--- title: You're Probably Wrong About How You'll Pay for Retirement description: As pension plans disappear, fewer pre-retirees expect to have enough lifetime income from their investable assets, according to LIMRA. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former Money reporter specializing in Social Security and retirement coverage, with a focus on making complex policy accessible to readers. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Retirement - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Housing - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Shopping - Taxes former_staff: true published: '2023-02-14T20:46:33.000Z' modified: '2023-02-15T14:52:19.000Z' section: Retirement tags: - News word_count: 374 canonical: https://money.com/retirement-income-sources/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![Old Couple Calculating for their retirement](https://img.money.com/2023/02/News-Money-for-Retirement.jpg) Think your [investments](https://money.com/best-long-term-investments/) will carry you through [retirement](https://money.com/retirement-savings-for-20s/)? New research says that’s not the reality for the majority of workers in their pre-retirement years. In a [recent survey](https://www.limra.com/en/newsroom/industry-trends/2023/its-no-longer-your-parents-retirement/) of Americans aged 40 to 85 with at least $100,000 in household investable assets, research trade association LIMRA [found](https://www.limra.com/en/newsroom/industry-trends/2023/its-no-longer-your-parents-retirement/) that fewer and fewer respondents are confident about their future retirement income. What's more, when it comes to income sources, workers have very different expectations for funding their futures compared to where retirees get their money today. ## Make sure your hard-earned money is protected with a Gold IRA ### Gold IRAs help you protect your investments by providing the asset diversification and stability you need. Click on your state to get started. [Invest in Gold](https://money.com/pr/u9a88dda8240?ap_referrer=%2Fretirement-income-sources%2F) ## What the data says - LIMRA says workers don’t expect to receive enough retirement income from their investment plans. Fewer than half (44%) of pre-retirees anticipate that [Social Security](https://money.com/social-security-scam-cola/) payments, pensions and lifetime-guaranteed annuities will cover their basic cost of living. - Data shows that current retirees get most of their retirement funding from Social Security, pensions and personal savings. - Pre-retirees expect to rely mostly on Social Security and savings, too, but they're also banking on defined contribution plans and [IRAs](https://money.com/best-roth-ira/) as opposed to pensions, which are drying up for younger generations. According to LIMRA, fewer than 25% of workers under 50 will have pensions when they retire. ## What's going on “The ongoing decline in pensions could partly explain why workers feel they will not have enough income, but other factors like uncertainty about Social Security benefits, [market volatility](https://money.com/tips-for-managing-stock-market-volatility/) and the rising cost of living are undoubtedly playing a role,” Matt Drinkwater, corporate vice president of annuity and retirement income research at LIMRA, said in a news release. ## This IRA is as good as gold! ### Unlike traditional retirement accounts, Gold IRAs are backed with precious metals. Sound good? Click below now to learn more. [Start Investing](https://money.com/pr/udb194432d87?ap_referrer=%2Fretirement-income-sources%2F) ## The takeaway LIMRA says workers who don’t expect to [have enough retirement funding](https://money.com/social-security-medicare-myth-retirement-income/) need to figure out other strategies, like delaying Social Security benefits until age 70 as opposed to claiming them upon becoming eligible at 62. (Social Security benefits increase by a certain percentage every month retirees [delay claiming them](https://money.com/wait-collect-social-security-extra-benefits/) beyond full retirement age up to 70 years old.) Individual annuities, which are retirement savings accounts that earn tax-deferred interest, are another way LIMRA says workers can bolster their retirement income. ```json { "@context": "https://schema.org", "@graph": [ { "@type": "BreadcrumbList", "@id": "https://money.com/retirement-income-sources/#breadcrumb", "itemListElement": [ { "@type": "ListItem", "position": 1, "name": "Home", "item": "https://money.com" }, { "@type": "ListItem", "position": 2, "name": "Retirement", "item": "https://money.com/retirement/" }, { "@type": "ListItem", "position": 3, "name": "Retirement Planning", "item": "https://money.com/retirement-planning/" }, { "@type": "ListItem", "position": 4, "name": "You're Probably Wrong About How You'll Pay for Retirement" } ] }, { "@type": "WebSite", "@id": "https://money.com/#website", "url": "https://money.com", "name": "Money", "publisher": { "@id": "https://money.com/#organization" } }, { "@type": "WebPage", "@id": "https://money.com/retirement-income-sources/#webpage", "url": "https://money.com/retirement-income-sources/", "name": "You're Probably Wrong About How You'll Pay for Retirement", "isPartOf": { "@id": "https://money.com/#website" }, "datePublished": "2023-02-14T20:46:33.000Z", "mainEntity": { "@id": "https://money.com/retirement-income-sources/" }, "inLanguage": "en-US", "breadcrumb": { "@id": "https://money.com/retirement-income-sources/#breadcrumb" }, "dateModified": "2023-02-15T14:52:19.000Z" }, { "@type": "NewsArticle", "headline": "You're Probably Wrong About How You'll Pay for Retirement", "articleSection": "Retirement", "image": [ { "@type": "ImageObject", "url": "https://img.money.com/2023/02/News-Money-for-Retirement.jpg", "width": 2880, "height": 1920, "caption": "News-Money-for-Retirement" } ], "author": [ { "@type": "Person", "name": "Mary Ellen Cagnassola", "url": "https://money.com/author/mary-ellen-cagnassola/", "@id": "https://money.com/author/mary-ellen-cagnassola/#author", "description": "Mary Ellen (M.E.) 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