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The Protected Retirement Income and Planning (PRIP) study is the Alliance’s landmark annual study that examines the rapidly changing retirement planning landscape, behavioral shifts and attitudes towards retirement income and planning strategies, and the emerging role of annuities to protect retirement portfolios. In its fourth year, PRIP is the only research of its kind that surveys both consumers and financial professionals simultaneously.

As the largest number of Americans in history turn age 65 next year, many Americans dangerously underestimate the impact healthcare costs and health challenges, like cognitive decline, may have on their retirement plans.

Peak 65 is a historic demographic phenomenon that occurs in 2024, when more Americans will turn 65 than at any time in history. The fourth chapter of the multi-part study, Growing Health-related Concerns in Retirement, examines the connections between physical, cognitive and financial health as consumers prepare for and live in retirement. This chapter also offers recommendations for financial professionals, consumers and caregivers to help ensure people have the financial resources and income needed to cover healthcare costs, long-term care needs and other health-related expenses in retirement. It also notes relevant third-party research on the confluence of aging and health, elder care, and finances.

Key findings include the following:

1 in 3 Americans say a focus on healthy living is one of their top retirement “bucket list” items.

38% of retirees are more concerned about health issues for self or a loved one than they expected to be before retirement.

62% of financial professionals who discuss cognitive decline with clients believe their clients could spend more money if they add an annuity to their retirement plan.

“It is incredibly hard for people to wrap their heads around what could happen to their health 10, 20 or more years into retirement,” said Jean Statler, CEO of the Alliance for Lifetime Income. “From cognitive decline to medical emergencies, we can all benefit from putting our financial decision-making on autopilot as much as possible. One of the best ways to do that is to ensure at least part of our retirement income is protected with an annuity to supplement Social Security. Knowing you’ll always have those two monthly paychecks to cover basic expenses for life can give people tremendous peace of mind when planning for healthcare costs as we age.”

According to the National Council on Aging, a 65-year-old today can expect to live at least another 20 years. Unfortunately, nearly 95% of people 65 or older suffer from at least one chronic condition, like heart disease, diabetes, arthritis and Alzheimer’s.

However, the 2023 PRIP study notes that while many Americans are more concerned about health and want to better understand the healthcare process as they age, they often underestimate the impacts these health challenges will have on their finances and retirement planning.

To view or download findings from the PRIP 2023 Chapter 1, Chapter 2, Chapter 3 & Chapter 4 visit the links below:

Chapter 1: Americans Change Retirement Savings Strategies:

Chapter 2: Financial Professionals Change Approaches to Planning and Investment Allocations:

Chapter 3: Retirement Outlooks among Peak 65 Women :

Chapter 4: Growing Health-related Concerns in Retirement

To view the full findings from PRIP 2022 Chapter 2 and Chapter 3, visit the links below:

To view the full findings from PRIP 2021 Chapter 2, visit the links below:

To learn more about the findings from the first Protected Retirement and Income Planning study 2021 Chapter 1, visit the links below:

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