Alliance Research
Here, you’ll find some key research from the Alliance and CANNEX, the Protected Retirement Income and Planning Study (PRIP), designed to better understand and forecast retirement income trends; Peak65 – a call to action as the retirement system will be tested like never before in 2024 when we will see the greatest surge of Americans turning 65; and the Alliance and HerMoney that focuses on female financial independence.
PROTECTED RETIREMENT INCOME
AND PLANNING STUDY: Chapter 4
The 2024 Protected Retirement Income and Planning (PRIP) annual study, now in its sixth year, examines the attitudes and behaviors toward retirement savings of Americans ages 61 to 65, known as Peak 65 consumers. PRIP is the only research of its kind that simultaneously surveys both consumers and financial advisors. Key Findings from the third chapter of the PRIP study highlight several critical gaps in how investors and financial professionals’ approach, communicate, and consider protected income and annuities in retirement planning conversations.
Nearly half of America’s retirees (46%) say spending their savings creates anxiety and is having an emotional toll on them and nearly a third (32%) are spending money faster than they expected, according to the most recent chapter of the Alliance for Lifetime Income’s 2024 Protected Retirement Income and Planning (PRIP) Study.
Not having a clear plan for drawing-down savings and knowing how to generate income in retirement are major contributing factors to people’s anxiety. Alarmingly, fewer than a third of respondents (32%) said they have a specific income plan in place for retirement. 41% said they don’t know how to stage withdrawals from their accounts, and fewer than half (49%) know how to handle required minimum distributions (RMDs) or minimize taxes, both essential pieces to sound retirement income planning.
Respondents with investments said these three tasks are nearly equally difficult or confusing when it comes to planning:
#1 – Prioritizing which things to spend money on;
#2 – Estimating how much money to set aside for healthcare costs;
#3 – Determining how to sequence withdrawals from their accounts.
Compounding people’s anxiety is the lack of confidence in the long-term solvency of Social Security, which 90% say is important to their retirement income needs.
ABOUT THE SURVEY
The 2,516 consumers surveyed are aged 45 to 75, of which 567 are investors aged 45 to 72 with $150k+ in investable assets and work with a financial professional. Data is weighted to align with the population on age, income by gender, race/Hispanic ethnicity, region, work and retirement status, assets, and education. From February 12 to March 4, 2024, PRIP 2024 also surveyed 508 financial professionals who conduct retirement planning for individual clients.
PRIP 2024 Chapter 4
To learn more about the findings from the last installment of the Protected Retirement and Income Planning 2024 study, visit the links below:
PRIP 2024 Chapter 3
To learn more about the findings from the third installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2024 Chapter 2
To learn more about the findings from the second installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2024 Chapter 1
To learn more about the findings from the first installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2023 Chapter 1
To learn more about the findings from the first cut of the fourth installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2023 Chapter 2
To learn more about the findings from the second cut of the fourth installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2023 Chapter 3
To learn more about the findings from the third cut of the fourth installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2023 Chapter 4
To learn more about the findings from the fourth cut of the fourth installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2022 chapter 1
To learn more about the findings from the third installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2022 Chapter 2
To learn more about the findings from the second cut of the third installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2021 Chapter 1
To learn more about the findings from the first installment of the Protected Retirement and Income Planning study, visit the links below:
PRIP 2021 chapter 2
To learn more about the findings from the second installment of the Protected Retirement and Income Planning study, visit the links below:
THE STATE OF WOMEN 2022
In partnership with HerMoney, a digital media company, founded by personal finance expert Jean Chatzky, focused on improving the relationships women have with money, the Alliance released The State of Women 2022 study, that focuses on female financial independence.
After years of making progress on closing gaps, climbing ladders and shattering ceilings, we’re learning (and hearing) how the pandemic has set women back. That’s why the Alliance and HerMoney went straight to the source.
The State of Women 2022 study, launched in March 2022, is an ongoing series of surveys of the HerMoney community.
Chapter 1
Women are taking control of their finances, investments and retirement planning
April 12th, 2022
To learn more about the findings from chapter 1, visit the links below:
Chapter 2
Nearly 3 out of 5 of women worry about money several times a month or more
April 28th, 2022
To learn more about the findings from Chapter 2, visit the links below:
Chapter 3
Less than half of women know how to make their money last in retirement
May 18th, 2022
To learn more about the findings from Chapter 3, visit the links below:
Chapter 4
Inflation Risk is the Top Financial Concern for Nearly Three in Four Women
August 3rd, 2022
To learn more about the findings from Chapter 4, visit the links below:
Chapter 5
Two-Thirds of women see a U.S. Recession Ahead, But Plan to double down on retirement savings
November 14th, 2022
To learn more about the findings from Chapter 5, visit the links below:
Peak 65
Peak 65™
Let’s Meet the Challenge of America’s Historic Peak 65 Moment With A New Approach to Retirement Security
The greatest surge of new retirees in the nation’s history is fast approaching. In a mere two years, the US will have more 65-year-olds than ever before. With more than 10,000 people turning 65 every day, it’s a number that will increase to more than 12,000 a day until the nation reaches its Peak 65™ moment in 2024.1 Our nation’s retirement system will be tested like never before.
To meet this challenge, we have issued a collective call to action—based on research—to those with important roles to play in providing retirement security for Americans, including employers, public policymakers and financial professionals.