More people are turning 65 this year than ever before. That has sparked a gold rush for the retirement industry

An average of 11,200 Americans will reach retirement age each day in 2024, according to a recent report by the Alliance for Lifetime Income. The report found that the largest number of Americans are set to turn 65 in US history this year—and that number is set to creep higher for the next three years.

More Americans are turning 65 this year than ever before, and that number is set to creep even higher over the next few years. It’s fueling a huge rollout of new retirement products — but they’re not all golden tickets. An average of 11,200 Americans will reach that traditional retirement age each day in 2024, according to a recent report by the Alliance for Lifetime Income. This surge, along with new legislation that took effect recently, has led to a growing number of financial products that promise paychecks for life, no matter how long you live. But some options are difficult to reverse and, since some plans are so new, the benefits and shortfalls have not been thoroughly researched. Although she plans to stop working in about a decade, Jennifer Messina, a 51-year-old administrative assistant in Nutley, New Jersey, said she isn’t worried about retirement because her husband’s job affords them a union-sponsored annuity (an insurance product that pays out income) and a pension plan. With defined benefit pensions, the burden of saving and investing for retirement falls on the employer, not on employees. These plans generally offer employees payments for life, depending on that person’s salary and how long they were with the company. “I’m really fortunate,” Messina said. “We didn’t really save much of anything.”