Despite Facing Greater Obstacles to Retirement Savings, Peak 65 Women Outpace Men in Prioritizing Lifetime Income for Retirement


WASHINGTON – As the largest number of Americans in history turn age 65 next year, more women than men in this group are looking to protected income as a solution to face down the nation’s retirement income crisis, according to the Alliance for Lifetime Income (ALI) and its latest report from the 2023 Protected Income and Planning (PRIP) study.

More than 10,000 Americans turn 65 each day. However, the number will soon surge to over 12,000 in 2024 when the nation reaches its Peak 65TM, a historic demographic event.

The third chapter from the multi-part 2023 Protected Retirement Income and Planning (PRIP) study, Retirement Outlooks Among Peak 65 Women, examines the unique challenges women ages 61 to 65 (the Peak 65 group) navigate.

According to the study, Peak 65 women recognize they have a greater need for protected income that lasts to maintain the lifestyle they want in retirement.

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%).

“Despite deep-seated obstacles and hurdles women face in saving for retirement, women recognize annuities can give them the must-have retirement income they can count on for the peace of mind and freedom to live the retirement they want,” said Jean Statler, CEO of the Alliance for Lifetime Income. “Today, women control a third of total household assets, estimated at more than $10 trillion. Financial professionals who ignore the unique challenges and needs their female clients face better wake up and find ways to protect their income in retirement. Speaking from personal experience, if they don’t, those women will most likely go to another advisor who does.”

Peak 65 Women Are More Interested in Annuities Than Men and Advisors Should Take Note

  • 48% of Peak 65 women are extremely interested in owning an annuity that guarantees steady life􀆟me income compared to 37% of Peak 65 men.
  • 59% of Peak 65 women who work with a financial professional say their advisor doesn’t discuss annui􀆟es with them, or if they do, they’re unaware compared to 44% of Peak 65 men.
  • 43% of Peak 65 women with a financial professional who recommended an annuity bought one compared to 20% of Peak 65 men.
  • Among partnered Peak 65 people (married or living with a partner), 47% of women are extremely interested in owning an annuity compared to 33% of men.
  • For those who are not partnered (never married, separated, divorced, or widowed) Peak 65 women and men have similar interest in owning an annuity (50% of non-partnered women and 48% of non-partnered Peak 65 men).

“It’s no surprise that women are more interested in annuities than men, and yet, many advisors often overlook them during retirement planning conversations,” said Suzanne Norman, Education Fellow at the Retirement Income Institute. “Advisors have a responsibility to present financial strategies that can best meet female clients’ unique needs and goals. For both women and men alike, it is always important to consider how protected income, like annuities, can help clients live out the retirement they want, especially in today’s economic climate.”

Researchers, economists and retirement security experts have warned of a looming retirement income crisis for many years. However, the latest PRIP indicates Peak 65 has activated the perfect storm.

According to a recent Pew Charitable Trusts study, Americans’ insufficient retirement savings could create a combined $1.3 trillion burden for state and federal governments over 20 years due to increased public assistance costs, and decreased tax revenue and household spending.

The 2023 PRIP was conducted among 2,507 American consumers ages 45 to 75, of which 507 are an oversample of Peak 65 consumers, ages 61 to 65, for a total of 845 Peak 65 consumers.

Additionally, the study includes 519 financial professionals who conduct retirement planning for individual clients.

Following the release of the third installment today and further analysis of the study data, ALI will publish additional chapters of the 2023 PRIP in the coming weeks, including a focus on Growing Health-related Concerns in Retirement Among Peak 65ers.

For more information on the 2023 PRIP, visit



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 Alliance for Lifetime Income is a non-profit 501(c)(6) educational organization based in Washington, D.C., that creates awareness and educates Americans about the value and importance of having protected lifetime income in retirement. Our vision is for a country where no American has to face the prospect of running out of money in retirement. The Alliance provides consumers and financial professionals with educational resources, interactive tools, and actionable research and insights to use in building retirement income strategies and plans. We believe annuities – one of only three sources of protected lifetime income – can be an important part of the solution for retirement security in America.


CANNEX Financial Exchanges Ltd. supports the exchange of pricing and data for annuities and bank products, including term deposits and guaranteed interest contracts (GICs). The firm’s data gives financial institutions the ability to evaluate and compare various guarantees associated with savings and retirement products. For more information about CANNEX, visit

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