The 2019 Protected Lifetime Income Index Study, a Census-balanced survey recently conducted by the Alliance for Lifetime Income finds that women lag men in several key indicators of retirement preparedness, including (1) their likelihood of having a general financial plan for retirement, (2) their use of professional financial advice, and (3) whether or not they have a source of protected lifetime income other than Social Security.
Consequently, women are more concerned than men that their income will not last their lifetime. Approximately six in 10 women versus less than half of men don’t expect their income to last their lifetime. One of the big factors driving this uncertainty is that only 34 percent of women have a source of protected lifetime income, either from a pension or an annuity, and that ratio declines further to 28 percent among non-retired women.
The Alliance’s research suggests that advice and information will help to ease these concerns. Just over half (56 percent) of the women who participated in the survey believe they could get professional guidance on a financial question if they needed it, but a mere 25 percent actually have a financial professional.
*More information can be found in the survey fact sheet.