How Gen X women seek retirement peace of mind

Women are increasingly at the center of the retirement income conversation, and for good reason. Women often encounter distinct financial hurdles such as living longer, lower lifetime earnings, and workforce interruptions for caregiving responsibilities. These factors often lead to reduced retirement savings and a greater risk of outliving savings. And women are taking on more financial responsibility than ever before, yet they feel significantly less confident about what their retirement will look like.

According to the 2025 LIMRA Retirement Investors Study of U.S. workers and retirees aged 40 to 85 with at least $100,000 in household investable assets, only 64% of Generation X women feel confident about achieving their desired retirement lifestyle, compared with 68% of Gen X men.

Gender gaps in retirement readiness

LIMRA research finds that preretiree women are generally less prepared than men for retirement. For example, only 51% of Gen X women have calculated the amount of assets they will have available to spend in retirement, compared to 54% of Gen X men. 

However, the gap between genders is not solely attributed to how they think about retirement but also represents differences in the source of retirement income. Preretiree women tend to own fewer investments or financial products from which to draw retirement income. LIMRA finds that among retired, unmarried men and women, men are more likely to receive retirement income from personal savings, traditional defined benefit plans, individual retirement accounts and other sources. 

According to the 2024 Protected Retirement Income and Planning Study  survey of more than 2,500 Americans aged 45 to 75, 76% of women strongly believe in the importance of protected lifetime income for retirement planning, while only 67% of men feel the same way. However, even with nearly half of women aged 61 to 65 expressing interest in annuities, only 39% say they understand the role annuities play in a retirement plan, compared with 52% of men. 

Women want advice

Women expect to receive financial guidance through partners who communicate clearly and supportively while providing relevant advice to assist them in reaching their financial goals. LIMRA data reveals that female workers are more comfortable than male workers are with trusting their investment decisions to a financial professional. In fact, 43% of Gen X women want a paid professional to manage their investments with minimal input or want suggestions from a financial professional and will go along with their recommendations most of the time, compared with 32% of Gen X men. 

For women, seeking advice is intentional. Women are now being more proactive in both planning for retirement and searching for financial professionals who will take the time to hear their goals, are willing to communicate with them before making any decisions and are able to lead them toward achieving financial goals. This is especially critical for married women, who need to be actively included in planning discussions to address specific concerns like securing retirement income after the loss of a spouse. 

According to LIMRA research, 52% of Gen X women strongly agree that having lifetime guaranteed income gives people peace of mind in retirement, compared to 39% of Gen X men. There are clear signs that women’s retirement challenges aren’t due to the lack of interest in protected lifetime income but due to a lack of alignment between the solutions they value and how the solutions are presented. Annuities, when integrated into retirement income plans, can help close that gap and help them retire with confidence. 

The financial retirement landscape for women is changing. With that, so too must the financial services industry change. Women have clearly defined their needs for protected lifetime income and guidance. Financial professionals have an opportunity to provide women with the knowledge they need to achieve a financially secure and confident retirement.

Tina Beckwith is chief marketing officer, LIMRA and LOMA. Contact her at [email protected].