I investigate the existence of a displacement effect between expected retirement income and the probability that a household participates in the annuity market. Using Dutch data from the DNB Household Survey, I find that expected retirement income crowds out annuity market participation for the lower part of the replacement rate distribution. Furthermore, the probability that a household participates in the annuity market is positively influenced by age, disposable income, and financial wealth, while it is negatively influenced by net worth. Moreover, I control for other theoretically motivated determinants of annuity market participation, which yield no significant results except for the relevance of minimum purchase requirements and illiquid wealth.