Here, you’ll find some key research from the last two years including research from the Alliance and HerMoney that focuses on female financial independence, Peak65 – a call to action as the retirement system will be tested like never before in 2024 when we will see the greatest surge of Americans turning 65, and the Alliance and CANNEX’s research, the Protected Retirement Income and Planning Study, designed to better understand and forecast retirement income trends.
THE STATE OF WOMEN 2022
In partnership with HerMoney, a digital media company, founded by personal finance expert Jean Chatzky, focused on improving the relationships women have with money, the Alliance released The State of Women 2022 study, that focuses on female financial independence.
After years of making progress on closing gaps, climbing ladders and shattering ceilings, we’re learning (and hearing) how the pandemic has set women back. That’s why the Alliance and HerMoney went straight to the source.
The State of Women 2022 study, launched in March 2022, is an ongoing series of surveys of the HerMoney community.
Let’s Meet the Challenge of America’s Historic Peak 65 Moment With A New Approach to Retirement Security
The greatest surge of new retirees in the nation’s history is fast approaching. In a mere two years, the US will have more 65-year-olds than ever before. With more than 10,000 people turning 65 every day, it’s a number that will increase to more than 12,000 a day until the nation reaches its Peak 65™ moment in 2024.1 Our nation’s retirement system will be tested like never before.
To meet this challenge, we have issued a collective call to action—based on research—to those with important roles to play in providing retirement security for Americans, including employers, public policymakers and financial professionals.
PROTECTED RETIREMENT INCOME
AND PLANNING STUDY
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.
The latest PRIP Study found that 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.
38% of retirees are more concerned about health issues for self or a loved one than they expected to be before retirement.
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.
ABOUT THE SURVEY
The 2023 Protected Retirement Income and Planning study was created by the Alliance for Lifetime Income and CANNEX. It was conducted online by Artemis Strategy Group in February and March 2023 among 2,507 American Consumers, of which 507 are an oversample of Peak 65 consumers, ages 61 to 65, for a total of 845 Peak 65 consumers. The study also includes 519 financial professionals who conduct retirement planning for individual clients.
The PRIP studies are an outgrowth of the Protected Lifetime Income Study, an annual, Census-balanced survey of U.S. adults the Alliance sponsored in 2018 and 2020 to gauge consumers’ attitudes and behaviors around retirement-income planning.