Peak 65 women face outsized retirement risks, says the Alliance for Lifetime Income

investmentnews.com:

Study after study has shown how women seem to be always at risk financially – and according to new research by the Alliance for Lifetime Income, it’s no different for women entering their peak retirement years.

The 2024 Protected Retirement Income and Planning (PRIP) annual study, now in its sixth year, reveals that 51 percent of women aged 61 to 65 have less than $100,000 in assets, including 67 percent of single women in the same age group.

With more than 4.1 million Americans set to turn 65 this year, the study underscores a growing financial crisis among women on the brink of retirement.

“The long-running effects of women earning less and saving less during their working years are now becoming magnified and felt by millions of Peak 65 women entering retirement,” Jean Statler, CEO of the Alliance for Lifetime Income, said in a statement Tuesday.

The PRIP study’s findings highlight the precarious financial situation of Peak 65 women, 58 percent of whom are married or living with a partner while 42 percent are single, divorced, separated, or widowed. Among single, divorced, or widowed women, 67 percent have less than $100,000 in household assets, making them especially vulnerable.

In yet another demonstration of the gender gap, women showed less confidence than men in their ability to create a sustainable retirement income. Notably, three-quarters (76 percent) of women, compared to two-thirds (67 percent) of men, consider “protection” a crucial aspect of retirement planning.

“It’s no wonder that this year’s study shows that women overwhelmingly say protection is very important to them when planning for retirement,” Statler said.

Ironically, just two-fifths (39 percent) of women said they understand how annuities should