The COVID-19 pandemic has increased demand among retirees for retirement income solutions, according to BlackRock’s annual “DC Pulse” survey, which also found that nearly half of defined contribution (DC) plan participants’ finances were negatively impacted by the pandemic.

“Workers saving for retirement today are concerned that they are going to outlive their savings, or that they may not enjoy the same kind of comfortable retirement previous generations did,” the report stated. “Plan participants, plan sponsors, and retirees alike all emerge from the pandemic with a sharpened focus on retirement security and the importance of retirement income.”

The survey is a research study of 225 large DC plan sponsors, as well as more than 1,000 plan participants and 300 retired participants in the US. It was conducted by independent research company Escalent Inc. All plan participants polled were employed full-time and had access to a workplace retirement plan at the time of the survey.

According to the survey, 77% of participants are looking for financial help not just on reaching retirement, but on getting through it, and 81% said it would be helpful if their employer provided secure income-generating options as part of their workplace retirement plan. The survey also found that, because of the pandemic, 37% of participants are more interested in owning a product designed specifically to generate income in retirement.

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