Despite understanding the importance of having a secure source of retirement income, majority of Americans lack access to guaranteed income in retirement plans, reveals the 2017 TIAA Lifetime Income Survey.

Over half (56%) of Americans, who are not retired, responded that the most important goal for a retirement plan is to guarantee money every month to cover living expenses.

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If they will be provided options to choose between receiving a $500,000 lump sum at retirement or getting $2,700 per month for life, 62% would choose the monthly income.

Even though Americans want steady income throughout their retirement, just 32% say their retirement plan includes access to products that provide monthly income in retirement.

TIAA Institutional Financial Services CEO Ron Pressman said: “A steady stream of income in retirement helps cover your expenses, no matter how long your retirement lasts.

“Lifetime income helps ensure Americans have the financial security they need in their retired years – it’s not a ‘nice-to-have,’ it’s an absolute necessity.”

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The survey points out that the majority of American adults who are not retired, are willing to support legislative changes which will enable to get more information about, and access to, lifetime income within their workplace retirement plans.

Almost 71% respondents support legislation to make it easier for employer-based retirement plans to inculcate lifetime income products, such as annuities, as investment options.

About 67% wants legislation that requires retirement account statements to include an estimate of monthly income in retirement.