Immediate Annuities Market Outlook

According to our latest research, the global Immediate Annuities market size reached USD 110.6 billion in 2024, reflecting robust demand for retirement income solutions worldwide. The market is projected to grow at a CAGR of 6.2% from 2025 to 2033, reaching an estimated USD 190.6 billion by the end of the forecast period. This sustained growth is underpinned by rising longevity, increasing retirement rates among the global population, and an expanding focus on financial security for retirees. The growing awareness of the need for predictable post-retirement income and the volatility of traditional investment vehicles are key factors driving the adoption of immediate annuities across diverse regions.

One of the primary growth drivers for the Immediate Annuities market is the rapid demographic shift toward an aging population, particularly in developed economies. As life expectancy continues to rise and birth rates decline, a significant proportion of the population is entering retirement age, leading to heightened demand for stable and guaranteed income sources. Immediate annuities, which begin payouts almost instantly after a lump sum investment, are increasingly becoming a preferred choice for retirees seeking to mitigate longevity risk and maintain their standard of living. Furthermore, the uncertainty surrounding government pension systems and the transition from defined benefit to defined contribution retirement plans have accelerated the need for personal retirement income solutions, bolstering market growth.

Another significant factor contributing to the expansion of the Immediate Annuities market is the evolving regulatory landscape and innovation in annuity products. Regulatory bodies in several regions have implemented measures to enhance consumer protection, transparency, and product suitability, making immediate annuities more accessible and attractive to a broader customer base. Additionally, insurers are introducing innovative product variants such as inflation-indexed and flexible payout annuities, catering to diverse risk appetites and financial goals. The integration of digital platforms for annuity distribution and servicing is also streamlining customer onboarding, improving transparency, and driving market penetration, especially among tech-savvy pre-retirees and younger investors.

Macroeconomic factors, such as historically low interest rates and market volatility, have also played a pivotal role in shaping the Immediate Annuities market. With traditional fixed-income investments offering limited returns, retirees and near-retirees are increasingly turning to immediate annuities as a means of securing higher, predictable income streams. The search for financial certainty amid global economic uncertainties has reinforced the value proposition of these products. Additionally, the rising prevalence of financial literacy programs and the proliferation of online financial advisory services are educating consumers about the benefits of annuitization, further expanding the addressable market.

Regionally, North America continues to dominate the Immediate Annuities market, accounting for the largest share in 2024, driven by a mature insurance sector, high per capita income, and a large retiree base. However, Asia Pacific is emerging as a high-growth region, fueled by rapidly aging populations in countries like Japan and China, rising disposable incomes, and evolving regulatory frameworks that encourage retirement savings. Europe also remains a significant market, supported by government initiatives promoting private pension solutions and a robust distribution network. Latin America and the Middle East & Africa, while still nascent, are expected to witness accelerated growth as financial inclusion and retirement planning awareness improve.

Indexed Annuities are gaining traction as a versatile option within the broader annuity market. These products offer a unique combination of features that appeal to a diverse range of investors. By linking returns to a specific market index, such as the S&P 500, Indexed Annuities provide the potential for higher earnings compared to traditional fixed annuities, while still offering protection against market downturns. This balance of risk and reward makes them particularly attractive to individuals looking to enhance their ret

Consistent with the directive of earning the actuarial assumed rate of return, as established by the respective pension benefit boards, the State Budget Director, and applicable statutes, along with directives issued by the State of Michigan Investment Board to meet or exceed the actuarial assumption and peer target returns over the long term, the Bureau of Investments strives to meet these objectives across industry-accepted time periods reporting the quarterly rolling 3 and 7 year average returns for the Michigan Public Schools Employees’ Retirement System (MPSERS), the largest component plan of the State of Michigan Retirement System. This metric measures the MPSERS Quarterly rolling 3 year average, actual investment rate of return on pension fund assets for the Michigan Public School Employees' Retirement System vs. Peer Target Rate. Provides comparable medium term investment return and performance data relative to similarly sized and situated public pension plans in the US.

Consistent with the directive of earning the actuarial assumed rate of return, as established by the respective pension benefit boards, the State Budget Director, and applicable statutes, along with directives issued by the State of Michigan Investment Board to meet or exceed the actuarial assumption and peer target returns over the long term, the Bureau of Investments strives to meet these objectives across industry-accepted time periods reporting the quarterly rolling 3 and 7 year average returns for the Michigan Public Schools Employees’ Retirement System (MPSERS), the largest component plan of the State of Michigan Retirement System. This metric measures the MPSERS Quarterly rolling 7 year average return, actual investment rate of return on pension fund assets for the Michigan Public School Employees' Retirement System vs. Actuarial Target Rate. Provides comparable longer term investment return and performance data relative the rate that is used to help measure pension liabilities.

Average Marginal Effects (AME) for trajectory groups in a multinomial logistic regression (with 95% confidence intervals) [Age and retirement age included].

Guaranteed Income Product Market Outlook

According to our latest research, the global guaranteed income product market size reached USD 2.13 trillion in 2024, with a robust compound annual growth rate (CAGR) of 7.4% projected through the forecast period. By 2033, the market is expected to reach USD 4.06 trillion, driven by rising demand for financial security, demographic shifts, and product innovation. The guaranteed income product market is experiencing notable expansion, fueled by increased consumer awareness, evolving regulatory frameworks, and a growing emphasis on retirement planning and wealth protection.

The guaranteed income product market is witnessing significant growth due to the heightened need for financial stability in an increasingly volatile global economic environment. As individuals and organizations seek to mitigate risks associated with market fluctuations and uncertain income streams, demand for products like annuities, structured settlements, and pension plans has surged. Furthermore, the ongoing shift from defined benefit to defined contribution retirement schemes has placed greater responsibility on individuals to secure their post-retirement income, amplifying the appeal of guaranteed income solutions. The market is also benefiting from the proliferation of product options that cater to diverse risk profiles and financial goals, making guaranteed income products more accessible and customizable than ever before.

Another key growth factor for the guaranteed income product market is the rapid digital transformation within the financial services sector. The integration of advanced technologies such as artificial intelligence, machine learning, and blockchain has streamlined the product distribution process, enhanced customer engagement, and improved the transparency and efficiency of transactions. Online platforms are playing a pivotal role in educating consumers, offering tailored advice, and simplifying the purchase journey. This digital evolution has not only broadened the reach of guaranteed income products but has also enabled providers to develop innovative solutions that address the unique needs of a diverse clientele, including younger demographics who are increasingly prioritizing long-term financial planning.

Demographic trends, particularly the aging global population, are significantly influencing the guaranteed income product market. As life expectancy rises and birth rates decline in many developed and emerging economies, the proportion of retirees seeking stable income streams is increasing rapidly. Governments and employers are also encouraging private retirement savings, further boosting the adoption of guaranteed income products. Additionally, heightened awareness of longevity risk—the risk of outliving one’s savings—has prompted both individuals and institutions to explore these products as a means of securing predictable, lifelong income. This demographic shift is particularly pronounced in regions such as North America, Europe, and parts of Asia Pacific, where pension reforms and social security limitations are reinforcing the importance of personal retirement planning.

Regionally, the guaranteed income product market exhibits strong growth potential across Asia Pacific, North America, and Europe, with each region displaying unique drivers and challenges. North America remains the largest market, supported by a mature insurance and pension landscape, while Asia Pacific is witnessing the fastest growth due to rapid urbanization, rising middle-class affluence, and proactive government initiatives to promote retirement savings. Europe, on the other hand, is characterized by a sophisticated regulatory environment and high levels of consumer awareness. Latin America and the Middle East & Africa are emerging markets, gradually increasing their market shares as financial literacy improves and new distribution channels are developed. The global marketÂ’s expansion is thus underpinned by both mature and emerging economies, each contributing to the sectorÂ’s dynamic growth trajectory.

Annuities, as a financial instrument, have long been a cornerstone of retirement planning, offering individuals a reliable means to secure a steady income stream during their post-worki

Association of changes in sleep duration status with risk of incident depression symptoms.

The department of Health and Welfare sponsored a Retirement Survey to study the retirement patterns and expectations of Canadians who are presently retired and help define the conditions which will enhance the quality of life for those who will soon retire or for those who are contemplating retirement within the next 10 years, possibly before age 65. Topics of interest include: income expectations, awareness and knowledge of CPP and OAS, quality of life, and retirement age. Respondents were also grouped according to demographic variables. The Retirement Survey was a supplement to the February 1975 Labour Force Survey, but applied only to households rotating out in February. The target population was all persons 55 years of age and over who were either still working (pre-retired) or who had retired at the time of the interview (retired). Screening questions (Form RS 2) were asked to determine whether the respondent should receive a Pre-retired questionnaire (Form RS 1A) or a Retired questionnaire (Form RS 1).

Number and percentage of the changes in sleep duration status.

Baseline characteristics of participants for baseline sleep duration status analyses, expressed as n (%).

BackgroundAlthough insufficient sleep is a known risk factor for depressive symptoms among middle-aged and older adults, prior studies have mostly focused on baseline sleep duration. This study investigates the association between changes in sleep duration and the risk of incident depressive symptoms in this population.MethodsThis study utilized data from the China Health and Retirement Longitudinal Survey (CHARLS), covering waves from 2011 to 2018. Sleep duration was assessed through self-report and categorized as short ( 8 h/day). Changes in sleep duration were determined based on measurements at baseline and the 2-year follow-up. Depressive symptoms were evaluated using the 10-item Center for Epidemiological Studies Depression Scale (CESD-10). Hazard ratios (HRs) and 95% confidence intervals (CIs) were estimated using Cox proportional hazards models after adjusting for potential confounders, and sensitivity analyses were conducted to assess the robustness of the associations by applying alternative cut-off values for sleep duration classification and by conducting stratified subgroup analyses.ResultsA total of 5,636 participants (female: 44.7%, mean age: 58.1 ± 8.8 years) were included. During a median follow-up of 4.14 years, 1,656 participants developed depressive symptoms. Short sleep at baseline was associated with a higher risk of depressive symptoms (HR = 1.33, 95% CI: 1.22–1.45). A change from normal to short sleep further increased the risk (HR = 1.48, 95% CI: 1.24–1.76), suggesting a greater hazard than baseline short sleep alone. A change from long to short sleep also elevated the risk (HR = 1.49, 95% CI: 1.16–1.91). These associations remained robust in sensitivity analyses.ConclusionAmong Chinese adults aged 45 years and older, maintaining a normal sleep duration and avoiding a shift to short sleep may help prevent the onset of depression. Individuals who experience a marked decline in sleep duration should be considered a key target population for the prevention of depressive symptoms.

Association of baseline sleep duration status with risk of incident depression symptoms.