The largest number of Americans in history is primed to turn 65 next year, leaving many concerned about financial readiness. Fifty-three percent of Peak 65 women — those aged 61 to 65 — do not think their retirement savings and sources of income will last their lifetime, compared with 36% of Peak 65 men, according to the results of a new study from the Alliance for Lifetime Income.
“We’re about to hit Peak 65 next year, a historic demographic event when the largest number of Americans ever will reach 65, and far too many people still don’t have the protected income they need to retire comfortably,” stated Jean Statler, CEO of the Alliance for Lifetime Income. “The retirement savings crisis is about to become a retirement income crisis, so we have to continue to do everything we can to help people better prepare, especially those close to retirement.”
The alliance believes that annuities are one way for retirees to protect their income. The survey found, however, that Peak 65 men are twice as likely to be extremely familiar with annuities as Peak 65 women (20% versus 10%). It’s time for financial advisers to “wake up” to this reality, Statler said, and advise women accordingly.
Fifty-nine percent of Peak 65 women who said they work with a financial professional said that their advisers don’t discuss annuities with them, or if they do, they’re unaware. That’s compared with 44% of Peak 65 men who said that their advisers have spoken about annuities.
The 2023 Protected Income and Planning Study included a sample of 845 Peak 65 consumers.
