Four out of Five Americans Cite Inflation and Recession Anxieties as Top Retirement Income Concerns

The Alliance for Lifetime Income and CANNEX’s Protected Retirement Income and Planning Study finds nearly 80% of financial professionals have changed their approach to retirement planning this year

WASHINGTON, July 11, 2022 — As high inflation persists into the second half of the year, most Americans ages 45 to 75 are worried about the dual risks of high inflation reducing spending power in retirement (81%) or a recession driving the economy down and impacting retirement income (79%). That anxiety is manifesting in real-world behavior as six out of 10 consumers (60%) reported reducing their spending because of inflation.

The corollary study of financial professionals revealed registered investment advisors and broker-dealers are even more concerned than consumers about inflation, market volatility and chances of a recession. Their concerns include:

  • Increasing inflation reducing retirees spending power (92% vs. 81% of consumers)
  • Stock and bond market trends reducing retirees’ potential retirement income (87% vs. 68% of consumers)
  • Recession driving the economy down and impacting retirement income (84% vs. 79% of consumers)

The third Protected Retirement Income and Planning Study from the Alliance for Lifetime Income and CANNEX, released today, is a survey of both individuals and financial professionals, designed to better understand and forecast retirement income trends.

“The chasm between consumers and financial professionals when it comes to protecting and spending money in retirement continues to confound in this latest survey,” said Jean Statler, CEO of the Alliance for Lifetime Income. “Against the backdrop of record inflation, a bear market and global economic uncertainty, the misalignment in what financial professionals are relying on to create retirement income, and what clients are looking for, is a problem. Ninety-two percent of financial professionals are worried about inflation reducing client spending power, and so it’s good that many of them have changed their retirement planning approach this past year. But for those financial professionals who tell their clients to simply ride out the risks and are not considering protected income options like annuities, don’t be surprised if you find them going elsewhere for advice.”

Nearly four out of five financial professionals (78%) have changed their approach to retirement planning in the last year. This significant shift is largely in response to inflation—cited by 82 percent as a factor in the decision to make a change, compared to roughly half who cited other top factors, including bond returns (52%) and interest rates (48%).

“Last year’s study saw nearly two-thirds of financial professionals (65%) changing their approach to retirement planning,” added Gary Baker, President of CANNEX USA. “Fast forward to today and we see that this trend has accelerated, with a third of financial professionals more likely to recommend an annuity due to the current climate of rising interest rates, inflation and growing anxiety. Our data shows that clients are searching for an alternative to traditional asset allocation strategies, and we’re encouraged to see advisors responding to that demand.”

Anyone interested in learning more about the role of protected income in a retirement portfolio—and how to acquire it—should visit for free educational resources and interactive tools. Financial professionals looking to understand how the certainty of annuities can give your clients peace of mind during uncertain times, are encouraged to utilize the Alliance’s dedicated resource center at

About the Survey
The 2022 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 April and May 2022 among 2,025 American consumers ages 45 to 75, and 514 financial professionals who conduct retirement planning for individual clients.

About the Alliance for Lifetime Income
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 advisors with educational resources, interactive tools, and actionable research and insights to use in building retirement income strategies and plans. We believe focusing attention and conversations on retirement income that lasts throughout life leads to greater retirement security for millions of Americans. Learn more at

CANNEX Financial Exchanges Ltd. supports the exchange of pricing information for annuity and bank products in North America. The firm provides financial institutions with the ability to evaluate and compare various guarantees associated with retirement savings and retirement income products. In the U.S. this includes the evaluation of annuity guarantees (Income Annuities, Variable Annuities, Indexed Annuities, and Fixed Rate Annuities) and consulting services supporting the optimization and allocation of retirement income portfolios.


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