Goldman Sachs Research Highlights the Rise of In-Plan Annuities 

The Next Frontier: In-Plan Annuities Gain Momentum 

When it comes to the evolution of retirement income, the story is shifting from products sold outside retirement plans to solutions embedded within them. According to the 2025 Goldman Sachs Asset Management Annuity Industry Survey, a growing number of insurers view in-plan annuities as the next major frontier — a move that could change how millions of Americans generate guaranteed income in retirement. 

With volatility, inflation, and longevity risk still top of mind, insurers are positioning for a world where 401(k) participants can choose (or default into) investments that include lifetime income features. For advisors, this shift could reshape both the accumulation and decumulation sides of the conversation. 

From RILAs to In-Plan Integration 

For now, Registered Index-Linked Annuities (RILAs) remain the industry’s leading growth driver — cited by nearly 60% of survey respondents as the top trend for the year ahead. But looking three years out, in-plan annuity adoption overtakes RILAs as the dominant theme. 

The reason is simple: RILAs have already reshaped product shelves, and insurers are now setting their sights on longer-term structural change. Nearly eight in ten carriers rank in-plan retirement income as a top-three business priority, with 56% already in market and another one-third exploring options. 

What’s emerging is not a one-size-fits-all solution, but rather a growing menu of in-plan designs — from standalone annuity options to integrated features within Target Date Funds (TDFs) and Managed Accounts. Half of insurers say they’re already offering or considering integration within Managed Accounts, and almost 40% within TDFs or Qualified Default Investment Alternatives (QDIAs). 

Why the Momentum Matters 

The survey’s respondents point to both demand and design as catalysts. Retirees’ top priority, they say, is a consistent stream of income throughout retirement — not just asset growth or downside protection. And when asked what could most improve adoption, insurers overwhelmingly cited automatic plan defaults, better education, and product innovation that simplifies guaranteed income access. 

This aligns with what many advisors already see: participants often want stability, but need help understanding the trade-offs. Advisors who can translate the mechanics of in-plan guarantees — and compare them to traditional out-of-plan solutions — will be invaluable as the defined contribution landscape evolves. 

Insurers, meanwhile, are choosing partners carefully. Their top considerations include recordkeeper relationships, brand recognition, consultant access, and technology for personalized managed advice. As these partnerships deepen, advisors may soon find lifetime income options appearing more naturally within the plan menus they already help clients navigate. 

A Bridge Between Accumulation and Income 

For years, advisors have managed the tension between growing assets and preserving income. In-plan annuities may help narrow that gap — embedding guarantees directly into the investment process rather than bolting them on at retirement. 

While adoption will take time, the direction is clear: the retirement system is moving toward solutions that integrate accumulation, protection, and income in one framework. Advisors who engage early can guide plan sponsors and participants through this transition — and strengthen their own role as retirement income educators in the process. 

Takeaways 

• Shift underway: RILAs still dominate, but in-plan annuities are set to define the next phase of retirement income innovation. 
• Integration is key: Expect growing use of guaranteed income features within Target Date Funds and Managed Accounts. 
• Advisor opportunity: Educating clients and plan sponsors on how in-plan options compare with out-of-plan annuities will be crucial as the landscape matures.