Alliance Research: PRIP 2023
2023 PRIP Research Delivers Key Insights on Retirement Today
tHe 2023 Protected Retirement Income and Planning (PRIP) study, conducted by the Alliance for Lifetime Income and CANNEX, provides a comprehensive look at how Americans and financial professionals are approaching retirement planning. The research reveals growing concern about outliving savings, especially among Peak 65 women and those facing health-related retirement risks. While most consumers value the stability of guaranteed lifetime income, many say their advisors fail to present annuities as an option. At the same time, financial professionals are adapting strategies to address market volatility—though a clear disconnect remains between consumer interest in annuities and advisor awareness.
Chapter 1: Americans Look to Annuities as Key Solution to Avert Retirement Income Crisis
The 2023 PRIP study finds that more than half of Americans aged 45–75 worry their retirement savings won’t last their lifetime, with many expressing doubts about covering even basic expenses. These concerns are amplified by market uncertainty, inflation, and a decline in traditional pensions. In response, interest in protected income solutions is growing—97% of consumers value guaranteed lifetime income alongside Social Security, and 93% of those who added annuities in 2022 report satisfaction with their decision. Still, most retirees continue to rely heavily on income sources they perceive as predictable, reinforcing the need for broader education around financial tools like annuities.
Chapter 2: Financial Professionals Look to Annuities to Protect Clients, as Industry Shifts Retirement Investing Strategies
The 2023 PRIP study highlights that 8 in 10 financial professionals have recently adjusted their retirement planning strategies, with many incorporating annuities to address market volatility and client concerns. Despite this shift, a disconnect persists: while nearly half of investors express strong interest in annuities, only 19% of advisors actively encourage annuities. This gap suggests an opportunity for improved advisor education and communication to better align retirement solutions with evolving client priorities.
Chapter 3: Despite Facing Greater Obstacles to Retirement Savings, Peak 65 Women Outpace Men in Prioritizing Lifetime Income for Retirement
The 2023 PRIP study reveals that Peak 65 women—those nearing or entering retirement—are significantly more likely than men to worry about outliving their savings, with 53% expressing concern compared to 36% of men. Despite facing greater financial insecurity and caregiving responsibilities, women show higher interest in annuities and guaranteed income. However, many say their financial advisors aren’t presenting these options, highlighting a missed opportunity to close the gender gap in retirement preparedness through better guidance and education.
Chapter 4: Americans Underestimate the Impact of Health in Retirement Planning; Advisors Prioritize Protected Income When Addressing Peak 65 Challenges
The 2023 PRIP study highlights that while many Americans aged 45–75 are increasingly concerned about health in retirement, they often underestimate its financial impact. Notably, 84% of working individuals don’t anticipate health as a top reason for retirement, yet 38% of retirees cite health issues as a primary factor, underscoring the need for protected income strategies like annuities to manage unforeseen healthcare costs.
ABOUT THE SURVEY
The 2023 PRIP (Protected Retirement Income and Planning) study is a nationally representative survey conducted by the Alliance for Lifetime Income and CANNEX. It includes insights from more than 2,500 U.S. adults aged 45–75 and over 500 financial professionals. The research explores retirement readiness, income planning, health and cognitive concerns, and attitudes toward annuities—offering a detailed view of the evolving landscape of retirement in America.