Americans Embracing Possibility of Living to 100, Many Expecting Over Three Decades of Retirement
New research from Corebridge Financial and The Longevity Project finds
Despite wanting to celebrate a 100th birthday, many do not expect to delay their retirement to fund longer lives, as a plurality still plan to retire between ages 65-69 (
“A longer life presents exciting new opportunities but will require thoughtful planning and purposeful action,” said Bryan Pinsky, President of Individual Retirement at Corebridge Financial. “Balancing the age you want to retire with your financial situation can be challenging. Individuals need the right financial strategies and solutions to help ensure they can pursue quality of life without outliving their money.”
Financial Concerns Tied to Longer Lives
Today’s and tomorrow’s retirees could spend more than 30 years in retirement, but the prospect of living a long life is tempered by financial worries. Two-thirds of Americans (
-
Only
24% think their current retirement investments will provide them with retirement income that lasts more than 30 years, or as long as they need -
Only
27% are very confident or extremely confident that they won’t outlive their retirement savings -
Only
36% are very confident or extremely confident in their ability to manage their retirement savings to provide income for as long as they live
“Living to 100 is an incredible milestone, but getting there should be cause for celebration rather than a source of financial stress,” said Pinsky. “One of the best ways to take action is to work with a financial professional to help prepare for the future you are envisioning. That professional guidance, along with financial education and lifetime income solutions, can help you plan for and enjoy your retirement.”
Individuals who work with financial professionals are much more likely to say their retirement readiness has increased from three years ago, with
Nearly three in four respondents (
Employers Can Play a Key Role
The “Funding Longer Lives” white paper from Corebridge Financial and The Longevity Project outlines action steps that individuals can take through their workplace to help prepare for longevity. That can include refreshing their skillset, contributing to retirement savings plans, taking advantage of retirement education and engagement programs, and, in some cases, accessing financial professionals.
“Regardless of how long an individual decides to work, they should take full advantage of the financial planning opportunities available through their employer,” said Ken Stern, Founder and Chair of The Longevity Project. “At the same time, there are opportunities for flexible work, job sharing and even second-act careers, all of which can help fund longer lives with the added benefit of helping people stay engaged and energized for many more years.”
Helping People Take Action
Last summer, Corebridge launched its Action Planner Series for individuals and financial professionals. The ongoing series provides educational resources, tools and insights to help people take action in specific areas of their financial lives. Topics include longevity, retirement income, Social Security and Medicare, as well as content designed specifically for women.
Corebridge is also the corporate sponsor of Season 5 of the Stanford Center of Longevity’s award-winning longevity podcast, “Century Lives.” This season, “The Retirement Ladder,” tells the stories of eight employees from the same workplace and their very different views on how and when they will retire.
The 2023 Corebridge Financial Survey on Longevity was conducted online May 2-11, 2023, by Morning Consult among a national sample of 2,284
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with a financial professional regarding your situation. For legal, accounting or tax advice, consult the appropriate professional.
Corebridge Financial and The Longevity Project are not affiliated.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than
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Source: Corebridge Financial