Retirement planning is getting a rethink as new research questions the old 4% withdrawal rule and points more attention toward guaranteed income and flexible payout options. That shift in thinking is putting fresh focus on companies tied to annuities, insurance, and retirement solutions that help manage longevity risk and market swings. For investors, an important opportunity is to understand which stocks are most exposed to this trend and how they might fit, or not fit, into a long-term income plan. This article breaks down three stocks from our screener that are closely linked to this news and theme.

Lincoln National (LNC)

Overview: Lincoln National is a US insurer and retirement services provider that helps individuals and employers manage life insurance, annuities, workplace benefits, and defined contribution retirement plans. Its products are aimed at turning savings into predictable income and protecting households against health, disability, and longevity risks.

Operations: Lincoln National generates about US$18.8b in revenue, with roughly US$6.3b from Life Insurance, US$6.1b from Group Protection, US$5.0b from Annuities, US$1.4b from Retirement Plan Services, and a small contribution from Other Operations, almost entirely in the United States.

Market Cap: US$7.9b

Lincoln National sits at the center of the ongoing rethinking of retirement income, with a large annuities and retirement franchise that could benefit if more retirees opt for partial annuitization and steady income instead of relying solely on a fixed withdrawal rate such as the 4% rule. Analysts see value in the stock, and its current P/E is well below both the US insurance sector and peers. However, recent earnings have been mixed, and the business still carries legacy variable annuity and reinsurance complexities that can pressure capital in weak markets. The company is focusing more on spread based annuities and supplemental health products, and there is active debate on the outlook for future buybacks, the quality of earnings, and how much of the apparent discount reflects the risks shareholders are taking on.

Lincoln National’s low P/E and refocus on simpler, spread based annuities could be masking a very different risk reward profile. Get the full picture with the 3 key rewards and 2 important warning signs

Prudential Financial (PRU)

Overview: Prudential Financial is a global insurer and asset manager that offers life insurance, annuities, retirement plans, and investment products to help individuals and institutions build savings and convert them into predictable income. The company operates across the US, Japan and other international markets, aiming to support customers through all stages of retirement planning.

Operations: Prudential Financial generates revenue across several segments, including about US$18.2b from International Businesses, US$6.8b from US Group Insurance, US$6.1b from US Individual Life, and US$4.3b from PGIM, alongside corporate items and segment adjustments.

Market Cap: US$42.3b

Prudential Financial sits at the center of the current rethink of retirement income, with a broad annuity and retirement product suite that aligns with rising interest in partial annuitization and lifetime income. Its PGIM asset management arm and international insurance businesses provide diversified revenue streams, while a high dividend yield and current valuation signals suggest the stock may be pricing in a fair amount of caution already. At the same time, investors need to weigh headwinds such as runoff in legacy variable annuities, debt that is not well covered by operating cash flow, and heavy reliance on external funding. The combination of demographic tailwinds and these structural risks may make Prudential a company that some investors choose to research more deeply.

Prudential Financial’s mix of global insurance, annuities and asset management could mean investors are missing how its cautionary valuation and income focus fit together. See how the story changes in the 4 key rewards and 2 important warning signs (1 is major!)

MetLife (MET)

Overview: MetLife is a global financial services company that offers life and health insurance, annuities, workplace benefits, and asset management products that help households and employers protect income and convert savings into long term retirement cash flows.

Operations: MetLife generates most of its revenue in the U.S. through Group Benefits at about US$27.0b and Retirement and Income Solutions at about US$21.0b, alongside sizable contributions from Asia at about US$12.3b, Latin America at about US$8.7b and EMEA at about US$3.3b, plus smaller items and unallocated adjustments.

Market Cap: US$61.2b

MetLife stands out in this retirement income theme because it combines a large US$61.2b global insurance and annuity franchise with growing fee based and reinsurance businesses that are tightly aligned with rising demand for guaranteed income and pension risk transfers. The company is leaning into long term trends like aging populations and pension de risking and is using AI, bancassurance partnerships and digital distribution to reach more customers and improve efficiency. At the same time, investors need to weigh a high debt load, earnings that have recently come under pressure and slower revenue growth than the broader US market. With the stock trading well below one DCF based estimate of fair value, the balance between long term tailwinds and these financial risks is what makes MetLife a company worth closer attention for retirement focused portfolios.

MetLife’s mix of pension risk transfers, annuities and fee based businesses could be masking a far more interesting story than the headline numbers suggest. See how the thesis changes once you factor in the 3 key rewards and 1 important warning sign

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Seeking Alternatives Beyond Retirement Giants

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.