The State of Retirement in America: Facing the Peak of Peak 65
In 2025, America has reached the “peak of Peak 65®” moment — an unprecedented milestone where more Americans will turn 65 than at any other time in history.
The State of Retirement in America 2025
On April 10th, the Bipartisan Policy Center has invited the Alliance for Lifetime Income to brief Members of Congress and senior staff on retirement insecurity in America, sharing unique research and insights from the country’s leading retirement income experts — including ALI’s Protected Retirement Income and Planning (PRIP) studies and the landmark Peak 65 Research Paper. The event will also explore how annuities and lifetime income can help close the retirement income gap and improve retirement outcomes for millions of Americans.
While people are living longer, fewer have access to traditional pensions, and many lack protected lifetime income to cover basic expenses for the rest of their lives. Nearly 50% of Peak 65 households (ages 61-65) are at risk of not maintaining their standard of living in retirement.
Understanding Protected Income
With longer lifespans and shifting retirement landscapes, how can you be sure your savings will last? Annuities offer a powerful solution—providing guaranteed lifetime income that protects you from outliving your money.
Over half of Americans admit they don’t fully understand how annuities work or how they can secure their financial future.
The Alliance for Lifetime Income is a non-profit organization committed to educating consumers about the value and importance of protected lifetime income through annuities. Part of our commitment includes making the language of annuities simpler and more transparent.
We realize that annuities, like most other financial products, can be difficult to understand, which is why we’ve created a Language Glossary. Simplifying language will help you make better decisions about annuities, which can lead to better outcomes in your retirement planning.
Important Resources for Understanding Retirement
America’s Peak 65® Zone
2025 marks the “peak of the peak” of ‘America’s Peak 65® Zone’, a four-year period that began last year and runs through 2027. This year’s record-breaking peak (the Peak 65® Zone) will hold for the next 20 years, until the larger Millennial generation starts reaching retirement age, with higher numbers of Americans turning 65.
Learn More About Peak 65 Download Peak 65 Research
The Peak Boomers Impact Study
In a definitive study commissioned by the ALI Retirement Income Institute examining the economic impact of the greatest surge of retirement age Americans in U.S. history, the former Under Secretary of Commerce for Economic Affairs, Robert J. Shapiro, finds that a majority of Americans who will turn age 65 between 2024 and 2030 are not financially prepared for retirement.
Read the executive summary
Based on their assets and their likelihood of living up to 20+ years in retirement, two-thirds of Peak Boomers will be challenged to maintain their lifestyles. More than half (52.5%) have assets of $250,000 or less, suggesting use their savings and have to rely mainly on Social Security for income. Another 14.6% have assets of $500,000 or less, so nearly two-thirds will strain to meet their needs. On average, Social Security may about 40% of a person’s annual pre-retirement income, according to the Social Security Administration.
WATCH Peak65 Economic Impact forum
2024 Protected Retirement Income and Planning (PRIP) study
As the youngest Baby Boomers reach retirement age, the 2024 Protected Retirement Income and Planning (PRIP) study by the Alliance for Lifetime Income reveals a troubling portrait of retirement readiness. Half of Americans aged 61 to 65, referred to as “Peak 65” consumers, have already retired—at an average age of 57.7—and nearly half are already claiming Social Security. Yet, 66% of those drawing Social Security have less than $100,000 in investable assets, and 43% cite disability or inability to work as the reason for early benefits. The emotional outlook is mixed: one-third feel confident about their finances, while an equal number are worried, and 42% remain cautiously optimistic.
The study highlights significant financial pressures: 28% of Peak 65s are still supporting adult relatives, and nearly half (48%) don’t believe their savings will last throughout retirement. With pensions mostly gone and Social Security designed to replace only about 40% of pre-retirement income, experts warn of a looming gap in retirement security. The Alliance is urging greater consumer education on annuities, noting their growing role as personal pensions. Federal Reserve data shows annuity owners had a median income of $76,000 in 2022, suggesting these products may help middle-class retirees close the income gap and achieve greater financial stability.
RETIREES SPEND LIFETIME INCOME, NOT SAVINGS
New research reveals that retirees are far more likely to spend income than tap into their savings—underspending by nearly half from available resources. The study finds that guaranteed lifetime income sources like Social Security, pensions, and annuities drive significantly higher spending than savings or capital income. Converting assets into income streams could boost retirement consumption by up to 100% for married households. These findings offer powerful insights for policymakers, financial professionals, and retirees seeking to turn savings into sustainable lifetime income.
annuity myths
There’s a lot of confusion about annuities. The Alliance has prepared two guides —one addressing common myths and another focused specifically on fees and commissions.
Debunking Annuity Myths
This quick-read guide tackles the most common misconceptions about annuities—like the idea that they’re too expensive, too complicated, or only for retirees. It explains how annuities can offer guaranteed income, flexible options, and financial security at various life stages.
DOWNLOAD Debunking Annuity Myths Guide
Annuity Myths: Fees & Commissions
Worried annuities come with hidden costs? This resource breaks down the truth about fees, transparency, and how financial professionals are compensated. It helps consumers understand the real value behind annuities and how to have informed conversations with advisors.
Institute Leadership
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Jean Statler
CEO, Alliance for Lifetime IncomeJean Statler
Over the course of her long Washington, DC career, Jean Statler has earned experience in every aspect of strategic campaign management. Once noted by the Wall Street Journal as the “image expert” behind many of America’s most successful marketing campaigns, Jean has led numerous programs for clients including the American Heart Association, the Robert Wood Johnson Foundation and the American Petroleum Institute.
For the 11 years preceding her partnership with Tom Nagle, Jean was a Senior Vice President and business leader for Harris Interactive, formerly Wirthlin Worldwide. Here she honed her expertise in values-based communications and led the market research team that established strategies for several award-winning national campaigns. From 1988 to 1995, Jean served as vice president of communications at the American Plastics Council (APC) and was architect for the campaign “Plastics Make it Possible” – one of the first industry campaigns to both change consumer behavior and inoculate an industry against legislative threats.
Jean’s subtle but unmistakable savvy earns her respect and lasting loyalty from colleagues and clients alike. She serves as a Trustee on the Board of Illinois College, the oldest liberal arts college in Illinois, and is a member of the Civilian Public Affairs Advisory Committee for West Point.
And she’s got game…The March 2008 issue of Golf for Women recognized Jean as one of the Top 50 most powerful women who play — and in June 2011, Golf Digest ranked Jean #43 of the top 100 golfers (both men and women) inside the beltway
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Jason Fichtner
Executive Director, Retirement Income Institute; Chief Economist, Bipartisan Policy CenterJason Fichtner
Jason Fichtner is Executive Director of the Retirement Income Institute, Alliance for Lifetime Income. His research focuses on Social Security, federal tax policy, federal budget policy, retirement security, and policy proposals to increase saving and investment. Fichtner served in several positions at the Social Security Administration, including Deputy Commissioner of Social Security (acting), Chief Economist, and Associate Commissioner for Retirement Policy. He previously served as Chief Economist at the Bipartisan Policy Center, a Senior Research Fellow with the Mercatus Center at George Mason University, Senior Economist with the Joint Economic Committee of the U.S. Congress, Economist with the Internal Revenue Service, and as a Senior Consultant with the Office of Federal Tax Services at Arthur Andersen, LLP. Fichtner was also Senior Lecturer of International Economics and Associate Director of the International Economics and Finance (MIEF) program at Johns Hopkins University School of Advanced International Studies (SAIS). Fichtner earned his BA from the University of Michigan, his MPP from Georgetown University, and his Ph.D. from Virginia Tech.
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Cyrus E. Bamji
Chief Strategy & Communications Officer, Alliance for Lifetime IncomeCyrus E. Bamji
Recognized as one of the foremost innovators on disrupting and modernizing our concept of retirement, Cyrus has spent over thirty years working or consulting with corporate and nonprofit organizations such as AARP, Jackson National Life Insurance, Chase, American Bankers Association, and United Healthcare. He is currently Chief Strategy & Communications Officer at the Alliance for Lifetime Income, a nonprofit consumer education association based in Washington, DC, where he leads financial education, communications and outreach strategies focused on educating consumers about retirement security and wellbeing.
Previously, he spent 12 years with AARP, most recently as Vice President of Marketing Alliances & Communications for Life Reimagined, at the time a new subsidiary of AARP. He led a team that launched the world’s first digital learning and live coaching platform to help Americans nearing retirement navigate transitions and find new purpose in retirement and was responsible for developing successful partnerships with financial services, healthcare, and consumer organizations such as United Healthcare, Waddell & Reed Financial, and Uber. Prior to this, he led efforts in re-positioning the AARP brand to better communicate, reach, and serve retiring Baby Boomers and multicultural audiences.
Over the years, Cyrus has held various other executive positions, including Chief Marketing Officer with Universal Access Inc.; co-founder & Chief Marketing Officer at CityNet Telecommunications, a tech startup; and Fleishman-Hillard International, where he was senior vice president and helped start its first worldwide technology practice. He holds a Master of Mass Communication & Marketing and Bachelor of International Relations degree, both from the University of South Carolina/Columbia.
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Suzanne Norman
Retirement Income Institute, Director of External Relationships and Executive CoachSuzanne Norman
Suzanne is a certified coach, writer, speaker, financial literacy expert who follows the motto, “Scientia potentia est.” And when you have self-knowledge – who you are and what you want – you are much more likely to get it.
Suzanne serves as an Education Fellow and Director of External Relations for the Retirement Income Institute, is a Senior Education Advisor for the Alliance for Lifetime Income (501c6), and as an Advisor for the Grossman School of Business’ Women in Leadership Program at the University of Vermont.
Suzanne is committed to helping strengthen the financial lives of women. With over three decades in the investment management industry as a consultant and leader at Milliman Financial Risk Management, AllianceBernstein, Merrill Lynch, and Wells Fargo Securities, she harnessed many of her best practices to start her coaching and consulting business in order to help women, and their male allies, attain strong financial skills. Her belief- women are only truly empowered when they have confidence in this aspect of their lives. For this reason, she created her “Whealthy Woman” series to teach these skills.
Suzanne holds a BA in Psychology and is a Certified Professional Co-Active Coach (CPCC) and Positive Intelligence Coach®. She also holds a Certificate in Women in Leadership from Cornell and is a Certified Investment Management Analyst® (CIMA®).
To greater serve her community, Suzanne serves on the Boards of Junior Achievement of Greater Boston and The Vincent Memorial Hospital Foundation. She is Co-Chair of CFA Society Boston’s Financial Literacy Initiative, and an active volunteer with Up With Women and the Anaya Tipnis Foundation.
When she’s not helping clients with their mental fitness and financial well-being, she enjoys pursuing her love of travel (closing in on 50 countries!), the outdoors, photography, and her vacation home on Cape Cod.
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Jean Statler
Over the course of her long Washington, DC career, Jean Statler has earned experience in every aspect of strategic campaign management. Once noted by the Wall Street Journal as the “image expert” behind many of America’s most successful marketing campaigns, Jean has led numerous programs for clients including the American Heart Association, the Robert Wood Johnson Foundation and the American Petroleum Institute.
For the 11 years preceding her partnership with Tom Nagle, Jean was a Senior Vice President and business leader for Harris Interactive, formerly Wirthlin Worldwide. Here she honed her expertise in values-based communications and led the market research team that established strategies for several award-winning national campaigns. From 1988 to 1995, Jean served as vice president of communications at the American Plastics Council (APC) and was architect for the campaign “Plastics Make it Possible” – one of the first industry campaigns to both change consumer behavior and inoculate an industry against legislative threats.
Jean’s subtle but unmistakable savvy earns her respect and lasting loyalty from colleagues and clients alike. She serves as a Trustee on the Board of Illinois College, the oldest liberal arts college in Illinois, and is a member of the Civilian Public Affairs Advisory Committee for West Point.
And she’s got game…The March 2008 issue of Golf for Women recognized Jean as one of the Top 50 most powerful women who play — and in June 2011, Golf Digest ranked Jean #43 of the top 100 golfers (both men and women) inside the beltway
-
Jason Fichtner
Jason Fichtner is Executive Director of the Retirement Income Institute, Alliance for Lifetime Income. His research focuses on Social Security, federal tax policy, federal budget policy, retirement security, and policy proposals to increase saving and investment. Fichtner served in several positions at the Social Security Administration, including Deputy Commissioner of Social Security (acting), Chief Economist, and Associate Commissioner for Retirement Policy. He previously served as Chief Economist at the Bipartisan Policy Center, a Senior Research Fellow with the Mercatus Center at George Mason University, Senior Economist with the Joint Economic Committee of the U.S. Congress, Economist with the Internal Revenue Service, and as a Senior Consultant with the Office of Federal Tax Services at Arthur Andersen, LLP. Fichtner was also Senior Lecturer of International Economics and Associate Director of the International Economics and Finance (MIEF) program at Johns Hopkins University School of Advanced International Studies (SAIS). Fichtner earned his BA from the University of Michigan, his MPP from Georgetown University, and his Ph.D. from Virginia Tech.
-
Cyrus E. Bamji
Recognized as one of the foremost innovators on disrupting and modernizing our concept of retirement, Cyrus has spent over thirty years working or consulting with corporate and nonprofit organizations such as AARP, Jackson National Life Insurance, Chase, American Bankers Association, and United Healthcare. He is currently Chief Strategy & Communications Officer at the Alliance for Lifetime Income, a nonprofit consumer education association based in Washington, DC, where he leads financial education, communications and outreach strategies focused on educating consumers about retirement security and wellbeing.
Previously, he spent 12 years with AARP, most recently as Vice President of Marketing Alliances & Communications for Life Reimagined, at the time a new subsidiary of AARP. He led a team that launched the world’s first digital learning and live coaching platform to help Americans nearing retirement navigate transitions and find new purpose in retirement and was responsible for developing successful partnerships with financial services, healthcare, and consumer organizations such as United Healthcare, Waddell & Reed Financial, and Uber. Prior to this, he led efforts in re-positioning the AARP brand to better communicate, reach, and serve retiring Baby Boomers and multicultural audiences.
Over the years, Cyrus has held various other executive positions, including Chief Marketing Officer with Universal Access Inc.; co-founder & Chief Marketing Officer at CityNet Telecommunications, a tech startup; and Fleishman-Hillard International, where he was senior vice president and helped start its first worldwide technology practice. He holds a Master of Mass Communication & Marketing and Bachelor of International Relations degree, both from the University of South Carolina/Columbia.
-
Suzanne Norman
Suzanne is a certified coach, writer, speaker, financial literacy expert who follows the motto, “Scientia potentia est.” And when you have self-knowledge – who you are and what you want – you are much more likely to get it.
Suzanne serves as an Education Fellow and Director of External Relations for the Retirement Income Institute, is a Senior Education Advisor for the Alliance for Lifetime Income (501c6), and as an Advisor for the Grossman School of Business’ Women in Leadership Program at the University of Vermont.
Suzanne is committed to helping strengthen the financial lives of women. With over three decades in the investment management industry as a consultant and leader at Milliman Financial Risk Management, AllianceBernstein, Merrill Lynch, and Wells Fargo Securities, she harnessed many of her best practices to start her coaching and consulting business in order to help women, and their male allies, attain strong financial skills. Her belief- women are only truly empowered when they have confidence in this aspect of their lives. For this reason, she created her “Whealthy Woman” series to teach these skills.
Suzanne holds a BA in Psychology and is a Certified Professional Co-Active Coach (CPCC) and Positive Intelligence Coach®. She also holds a Certificate in Women in Leadership from Cornell and is a Certified Investment Management Analyst® (CIMA®).
To greater serve her community, Suzanne serves on the Boards of Junior Achievement of Greater Boston and The Vincent Memorial Hospital Foundation. She is Co-Chair of CFA Society Boston’s Financial Literacy Initiative, and an active volunteer with Up With Women and the Anaya Tipnis Foundation.
When she’s not helping clients with their mental fitness and financial well-being, she enjoys pursuing her love of travel (closing in on 50 countries!), the outdoors, photography, and her vacation home on Cape Cod.