We worked with our partners at the Alliance for Lifetime Income and CANNEX on the most recently released installment of the Protected Retirement Income and Planning [PRIP] Study, a joint research effort focused on both investors and financial professionals, designed to better understand and forecast retirement income trends. This is the third chapter of a multi-part 2023 study that builds on studies conducted in the three previous years. This piece focuses on retirement outlooks among Peak 65 women.
Notably, the study found that, despite facing greater obstacles to retirement savings, Peak 65 women outpace men in prioritizing lifetime income for retirement. (Peak 65 is the term for the historic event in 2024 when more 12,000 Americans will be turning 65 each day.)
Key findings among Peak 65 women include the following:
- 53% do not think their retirement savings and sources of income will last their lifetime, compared to 36% of Peak 65 men.
- 61% report they are extremely interested in a financial product that guarantees lifetime income, compared to 53% of Peak 65 men.
- Though more Peak 65 women want a financial product that guarantees lifetime income, they are less familiar with annuities. Peak 65 men are twice (20%) as likely to be extremely familiar with annuities as Peak 65 women (10%).
An important takeaway is that advisors should take note of Peak 65 women’s interest in annuities and, in general, work to present financial strategies that can best meet female clients’ unique needs and goals.
Learn more at the PRIP landing page or by downloading the Chapter 3 report [PDF] and press release [PDF]. Earlier this summer, we published results of a study on annuities as a key retirement solution.